Clinic saved from paying $2,750 in late fees.
Angie M Grainger
Running a thriving multiple-location clinic, this busy officer manager was responsible for so much more than just paying bills, collecting fees, bookkeeping, staffing, reporting and legal filings in their day-to-day work!
Successful clinics such as these are often held in separate legal entities based on their location. This was the case here. The clinics' business activities were held in separate S-Corps and the real estate for each clinic was held in separate LLCs for each property—which means the filing requirements can easily get out of control.
Not only do they have to file a separate tax return for each entity every year, they also have to keep up their filings with the Secretary of State.
These are easily forgotten amongst the hustle and bustle of a fast-paced clinic.
Because the LLCs have to file biennially and the S-Corps have to file annually with the Secretary of State, it's easy for things to slip through the cracks, especially since you can’t rely on the Secretary of State to send out reminder notices for you.
When this client came on board, we took inventory of all their required filings and determined that, if they didn't act quickly, 11 entities were about to get a $250 penalty for filing late.
The office manager was grateful for having a second set of eyes looking out for them and quickly filed the reports, saving a total of $2,750 in late filing penalties!
Want to see how we did this?
(this is the technical side of things that accountants love. Don‘t worry if it‘s not for you—we’re with you!)