Posted on Feb 7, 2017

Outsourcing Combines with Automation

Most outsourced services employ some type of online or automated product to perform the work and make data easily accessible. In 2016, the top billing and invoicing software for business included FreshBooks, QuickBooks and Zoho Invoice. These solutions were chosen for their ease of use, expense tracking, automated invoicing, online payment options, customized reports and customer support. Zoho is also integrated with a larger suite of business software, including CRM and accounting software.

There are programs designed specifically for an industry such as Clio, a time and billing software for law firms that is cloud-based and purchased by subscription. However, decisions about automation and outsourcing shouldn’t be made according to the features of a software package alone. They should be made    foremost from the perspective of being efficient. If you won’t have time to train staff properly on a new software solution, the move toward outsourcing may be more cost-effective in the long run.

We addressed this in an earlier article, but it bears repeating. Key considerations for outsourcing accounting and payroll are as follows:

  • How much experience does the outsourcing provider have in payroll administration or accounting — and is there a dedicated team?
  • Will the team walk you through data collection and set-up or are you on your own?
  • Who is your go-to contact to ask questions about liabilities or deadlines?
  • Is the provider NACHA compliant for ACH direct deposits?
  • Can you arrange for tax payments on a schedule that supports cash flow along with compliance?

accounting firms dallas, be more billable, outsource payroll administration, professional service accountingThis last question is an important business consideration that most companies don’t know about. Some payroll services withdraw all funds from the business account for payroll transfers and taxes all at once, even if taxes aren’t due for a few weeks. If your receivables come in the first week of the month and payroll taxes are due on the 15th of the month, you can schedule payments in a way that supports cash flow while still being compliant. Some payroll services may not provide guidance on industry-specific issues like law firm shareholder bonuses, for example. Consider carefully the level of industry expertise before selecting a provider.

Automating Finance is a Long-term Strategy

Determining the right automation solutions for your firm can’t be done overnight. It seems that new providers and products are coming to the market all the time, and it’s hard to compare apples to apples beyond price.

Successful transitions to outsourced and automated processes and solutions have three things in common:

There must be a clear business case for the automation.

Before selecting a solution, firms should review their current accounting and payroll processes to cut out any redundant or outdated steps. It doesn’t make sense to automate a process if it’s outdated. A CPA can help you review accounting processes and procedures to identify best practices before seeking automation.

Integration with existing systems makes adoption easier.

You may already have some solutions in place that are working well. Future automation should integrate with those solutions for efficient management and reporting. For example, you may already use a time and billing or workflow system you really like. New accounting or payroll tools should play well with those solutions. Your goal is an end-to-end process that reduces manual work and errors while improving the sophisticated of data.

IT staff should meet with operations and finance staff to understand the goals.

Whether you have internal or outsourced IT staff, one of the biggest mistakes with technology adoption is that IT doesn’t speak enough to operations to make sure the solution is actually going to solve problems and enhance the business. In the same way, IT needs to be in the business loop to determine if a chosen solution can be easily supported and maintained. In the industry, this collaboration is called “DevOps,” and it’s not yet foolproof. Some experts predict that movement toward cloud-based technologies will make developers happier because they can update solutions without having to check in with Ops. Meanwhile, the operations staff can get what they need without worrying about costs or slow adoption by staff.

If we just look at automating the invoicing process, firms could improve efficiency dramatically. About 84 percent of invoices enter processing in formats that include paper, fax and email attachments, according to a study by Paystream Advisors. We’ve seen estimates that the average cost of automated invoice processing is $4 versus $20 for manual processing.

Automated payroll processing reduces costs even further. The American Payroll Association (APA) estimates that automation reduces payroll processing costs by as much as 80 percent, much of that from reducing errors in invoices and paychecks…which also reduces the risk of payroll penalties.

Cornwell Jackson’s Business Services Department offers a wide range of outsourced financial services to serve professional services — including outsourced payroll processing and solutions to improve cash flow and productivity.  Contact us for a consultation.

Download the Whitepaper: Be More Billable: How to Add More Automation to Professional Service Accounting

Mike Rizkal, CPA is a partner in Cornwell Jackson’s Audit and Attest Service Group. In addition to providing advisory services to privately held, middle-market businesses, Mike oversees the firm’s assurance practice and works directly with many professional services firms in the metroplex. Contact him at mike.rizkal@cornwelljackson.com or 972-202-8031.

Posted on Jan 24, 2017

Professional service firms offer their services in a variety of ways, and this fact adds complexity to time and billing processes. If time and billing are complex, then accounting and payroll also have many moving parts. By automating some of the steps that go into accurate time and billing — and closing the gap between time and billing and accounts receivables — professional service firms improve cash flow and profits. Outsourcing is one solution to achieve automation without the costs of purchasing technology and training in-house staff.

Firms that use an in-house team for payroll, time and attendance and benefits administration spend 20 percent more than organizations that outsource those functions, according to UK-based global market research company, Technavio. The analysis, from 2016 through 2020, found that payroll outsourcing is the fastest growing segment in the human resource outsourcing market. It projects a compound annual growth rate of 4.4 percent. Just tally up the salary and benefits of a full-time equivalent employee to do the job correctly as well as the cost of system upgrades, training, supplies and office space. Then look at the rate a vetted payroll or accounting service will charge to do the function for you.

This growth rate also makes sense due to the sensitive information in payroll as well as the increasing complexity of compliance for withholdings, benefits elections and tax reporting. Payroll outsource services specialize in this area, bringing efficiencies through automation and increasing employee access to pay stubs and tax information.

Segregating payroll and accounting from internal staff serves two purposes: efficiency and oversight.

An effective outsourced provider reduces non-billable time for professionals and also delivers timely reports and financials to make proactive decisions. In addition, the outsourced provider can take a more holistic view of the organization and implement processes and systems that support compliance and organization.

Even in an accounting firm where the professionals are more than capable of doing their own bookkeeping and payroll, keeping these functions in-house can lead to a lack of internal controls and objectivity — not to mention confidentiality.

 A report by KPMG and HfS Research predicted that accounting and business process outsourcing overall would grow at an annual compound rate of 8 percent through 2017.

When firms select the right fit for outsourced payroll or accounting services, the service becomes an extension of the enterprise rather than a substitute. CPA firms that offer outsourced accounting or payroll services can help clients beyond their back-office in areas such as strategic planning, forecasting and compliance.

With a central clearinghouse to view financials and billing information, firms will have up-to-date data to proactively support business decisions rather than relying on historic data from several months ago.

In fact, integrative technology has advanced to allow time and billing systems to “communicate” with accounting software. Accounts can age out of the time and billing system rather than the accounting system to keep books cleaner and make forecasting easier throughout the year.

Continue Reading: Automating Finance is a Long-term Strategy

 

Cornwell Jackson’s Business Services Department offers a wide range of outsourced financial services to serve professional services — including outsourced payroll processing and solutions to improve cash flow and productivity.  Contact us for a consultation.

Mike Rizkal, CPA is a partner in Cornwell Jackson’s Audit and Attest Service Group. In addition to providing advisory services to privately held, middle-market businesses, Mike oversees the firm’s assurance practice and works directly with many professional services firms in the metroplex. Contact him at mike.rizkal@cornwelljackson.com or 972-202-8031.

Posted on Jan 10, 2017

One of the primary challenges — and in some ways advantages — of professional services is that the person billing the work is frequently the person doing the work. Professionals know what it takes to complete a project or manage an ongoing retainer, and it should be reflected in the final invoice with a percentage of profit figured in.

Ideally, that’s how time and billing should work, but each professional service firm — and client — is different. Quotes can vary. Payment arrangements can vary. Timelines can vary. Clients of successful firms also tend to engage more than one service, which makes time tracking and invoicing an adventure in cross-departmental emails.

At the end of the day, the goal of every professional is to bill a larger percentage of client work than the time they spent on non-client work. Their compensation and profits depend on that billable percentage. The only way to increase time for billable work is to do less nonbillable work. To solve this challenge, more firms are adopting automated processes and outsourcing services.

There are many areas in a business to automate and outsource today, but for the purposes of this article we’ll cover time and billing, accounting and payroll functions. Inefficiency in these areas has the biggest impact on productivity, cash flow and profits. We will cover tips for outsourcing and how automation can enhance that relationship.

What Keeps You From Putting Your Business First?

First, let’s talk about the reasons professional services firms experience inefficiency. Because professionals sell their time, which is tied to their expertise, they must be expert time managers. Time management skills, however, are not always immediate. They must be learned and practiced.

Using Dwight D. Eisenhower’s Principle of Time Management, imagine placing all of your tasks into the four quadrants of Important/Urgent; Important/Not Urgent; Not Important/Urgent and Not Important/Not Urgent. Once you organize your tasks, you will quickly see that many things in your day fall into the Not Important/Urgent and Not Important/Not Urgent categories. Those items should be delegated, outsourced or eliminated.

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Most of your time and energy should be spent in the Important/Not Urgent quadrant of activities because these activities result in productive and profitable results. Some examples of Important/Not Urgent activities include:

  • Client consulting
  • Business development and strategy
  • Networking
  • Delivery of high-level client work
  • Process and systems improvements
  • Planning and forecasting
  • Relationship building

The items that keep professionals from these important activities are in the other quadrants. A lack of capacity or unrealistic deadlines may place their activities too often in the Important/Urgent quadrant, leading to stress and burnout. It may also be that they treat every activity as important and urgent when it really belongs in the other quadrants.

Not Important/Not Urgent tasks are wasteful distractions like web surfing and idle conversation that aren’t tied to relationship building or clients. Eliminate these activities from your work day. It would be better to take a walk or run errands as a mental break when necessary.

Not Important/Urgent tasks are those that can often be outsourced or automated  (or delegated to staff with less experience). This is the quadrant that, when managed, can truly ramp up productivity in a professional service firm.

Here are some Not Important/Urgent activities (for experienced professionals) that adapt well to delegation.

  • Preliminary or follow-up meetings
  • Emails that require someone else’s information
  • Mail sorting
  • Reports/Summaries
  • Research
  • Vendor calls
  • Reading industry journals
  • Scheduling social posts
  • Scheduling appointments

When it comes to outsourcing or automating processes such as time and billing, accounting or payroll processes, one could argue that these functions are very important and urgent for a professional service firm. We agree, and that’s why these decisions should fall into the Important/Not Urgent quadrant first. When a proper solution is found through careful research and focus, these activities are off your plate so that you can focus more on billable client work.

Continue Reading: Tips to Outsource Accounting and Payroll Functions

 

Cornwell Jackson’s Business Services Department offers a wide range of outsourced financial services to serve professional services — including outsourced payroll processing and solutions to improve cash flow and productivity.  Contact us for a consultation.

Mike Rizkal, CPA is a partner in Cornwell Jackson’s Audit and Attest Service Group. In addition to providing advisory services to privately held, middle-market businesses, Mike oversees the firm’s assurance practice and works directly with many professional services firms in the metroplex. Contact him at mike.rizkal@cornwelljackson.com or 972-202-8031.

Posted on Dec 27, 2016

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Of course, medical practices are also in business to provide a living for the doctors and staff.  Small practices are especially burdened by administration and compliance reporting. It’s important to look for solutions that streamline data collection, but also methods to automate or outsource analysis and reporting.

What we typically see in smaller independent medical practices — on average with 20 or fewer practitioners — is no different than what occurs in other small businesses. The physicians wear many hats to oversee the business and to serve patients. They will hire part-time staff in scheduling and bookkeeping to book-end the practice delivery. A patient gets scheduled, treated and sent a bill.

Well, it used to be that easy.

Federal law and insurance companies have made the business of physician compensation very complex. In order to get paid, practices must jump through many hoops to be considered a preferred provider, agreeing to reduced fees for service, adopting specific systems to monitor patient outcomes and reporting on those outcomes. One of the more recent laws, the Medicare Access and CHIP Reauthorization Act (MACRA), has analysts questioning whether the requirements will lead to more small medical practices selling to large hospital systems in the coming years.

The Centers for Medicare & Medicaid Services (CMS) has been fairly responsive to easing the transition of small practices into the system by 2018. Their vision, however, is for as many as 125,000 physicians to participate in Alternative Payment Models (APMs) by 2018. Medical groups that have half-heartedly adopted EHRs or used them inconsistently to report on quality measures may be challenged to adjust to certified EHRs and updated quality measures.

The bottom line is that practices can no longer rely on a few staff internally to run their practices efficiently and comply with external forces. Practice management systems can help to streamline insurance submissions, accounting, billing, payroll and reporting. There are many practice management software solutions available to practices today, and it’s important that these systems are cost-effective, user friendly and compatible with other systems in the practice.

Several back office functions can also be outsourced to professionals who specialize in them, including human resources, payroll administration, performance management and even recruitment. Also, there is IT support, legal expertise and medical billing. The right vendors will be efficient and pass along savings through fewer errors, a third-party perspective on best practices and healthier accounts receivables.

Take payroll. Keeping up with changes in payroll compliance and customized employee elections can be a time-consuming and costly undertaking in-house. The best outsource payroll providers will identify opportunities for greater security and efficiency such as employee self-serve online portals to download pay stubs or personal tax information.

Perform a cost-benefit analysis of any function you are considering for outsourcing. Tally up the salary and benefits of a full-time equivalent employee to do the job correctly as well as the cost of system upgrades, training, supplies and office space. Then look at the percentage a vendor will charge to do the function for you. A good billing company, for example, can reduce accounts receivable of more than three months old below national benchmarks provided by the Medical Group Management Association. Compare accounts receivable in your practice now to national benchmarks to determine if outsourced bookkeeping could be a hidden source of cash flow — especially if the billing company chosen uses certified medical coders to appropriately code the practice’s work.

What other technologies increase health practice productivity?

Although it’s not usually what most practitioners prefer to focus on, the business bottom line is a huge concern — whether practices remain independent or have M&A as part of their growth or succession plans.

The right key performance indicators (KPIs) may vary by practice, but in general a dashboard program that outlines KPIs can be very effective for practice owners to get a baseline of health for their practice and to discuss areas for improvement.

The best dashboards offer:

  • 12-24 critical core performance indicators that match top organizational goals
  • Information organized for quick and easy comprehension
  • Integration with daily practice management and culture, so that individual physicians get into the habit of monitoring KPIs.

According to a presentation by QHR Learning Institute, one of the biggest sources of practice loss is productivity levels vs. compensation — accounting for 59% of practice losses.

Therefore, it’s not a surprise that the majority of KPIs will fall into the revenue cycle. As measurable indicators, KPIs can include, but are not limited to:

  • Gross charges
  • Net charges
  • Gross/Net collection percentages
  • Work Relative Value Unit per provider (wRVU)
  • Charges per wRVU
  • Collections per wRVU
  • Accounts receivable aging overall and over120 days
  • Charge entry lag
  • Days in accounts receivable by payor
  • Denial rate by payor
  • Self pay balances
  • Bad debt write-off
  • Patient encounters per day
  • No show rates
  • New patients as a percentage of total visits

KPIs like these will ultimately answer the question: Is this a profitable practice?  If the answer is no, there are certainly areas for improvement that can be monitored and measured through a focus on KPIs. For example, a focus on wRVUs per provider will show true work output of each provider and create an opportunity for setting productivity goals. It can also pinpoint real barriers to productivity. Without the baseline measurement, however, physicians won’t know if they need to boost productivity or if perhaps the practice is underpricing services.

Tracking wRVUs can also tie into appropriate physician compensation measured against national benchmarks, and if the practice needs to hire more staff.

KPIs can also bring to light operational inefficiencies that make a big difference on cash flow. Tracking “charge entry lag” can show how soon charges are entered into the system after the date of service. The management team will quickly see that a lag of 3 days can lead to a lag on A/R and cash flow over time.

Best practices dictate that KPIs are reviewed weekly to help practices make improvements over the short-term. This diligence avoids long-term impact on profits. By the time quarterly financial reports come out, it is too late to make adjustments and you have little more than a historical record to file under “missed opportunities.”

Physician Shortages Tied to Cost vs. Compensation

It is no secret that the cost and time to obtain a medical license is less attractive than it used to be. The guarantee of a healthy salary to offset college expenses just isn’t there anymore. The American Association of Medical Colleges projects a 17 percent increase in demand for physicians through 2025, despite higher use of non-physician clinicians, greater use of alternate care settings, delayed physician retirement and changes in payment and delivery systems. Addressing the shortage, AAMC advocated for greater use of technology and more efficient use of physicians and care teams.

Current and future physicians and dentists overall need to recognize the increasing impact of the business of medicine on their practice, but also on their own health and wellbeing. Alarming rates of physician burnout are only adding to the challenges in the industry. It doesn’t necessarily mean that medical students should add more business and finance courses to their demanding curriculum. Like any smart professional, they can leverage technological and outsourced support.

Cornwell Jackson’s Business Services Department offers a wide range of outsourced financial services to serve small medical and dental practices — including outsource payroll processing and solutions to improve cash flow and productivity. While you focus on care outcomes of your patients, we can address the business side of a healthy practice. Contact us for a consultation.

Scott Bates, CPA, is a partner in the audit practice and leads Cornwell Jackson’s Business Services Department, which includes a dedicated team for outsourced accounting, bookkeeping and payroll services. He provides consulting to clients in auto, healthcare, real estate, transportation, technology, service, retail and manufacturing and distribution. Contact Scott at scott.bates@cornwelljackson.com or 972-202-8000.

Posted on Dec 12, 2016

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Everyone has an opinion on improvements in health care, but not everyone witnesses the day-to-day realities of running a health care practice. Particularly for independent practitioners, the vision is to provide a positive patient experience, comply with the newest outcome-based payment programs and leverage technology to reduce expenses. Although patient care may be their strong suit, practitioners who lack support on compliance and technology investments are the least likely to succeed. The future of independents may rest on this three-legged stool, but they don’t have to balance it alone. In this article, we’ll review the trends in patient experience, compliance and technology investments to help health care practices improve their overall business structure.

What is a great patient experience?

According to the International Consortium for Health Outcomes Measurement (ICHOM), there are three tiers of outcome measures that patients truly care about when rating their experience with any health care provider.

  1. Health Status is Achieved or Maintained: Did the patient survive and sustain a degree of health and recovery?
  2. Process of Recovery: How long was the duration of recovery or time to return to other activities? Were there errors, complications or adverse effects during recovery?
  3. Sustainability of Health: Were there recurrences of illness or care-induced illnesses that affected long-term health?

When the outcomes that patients truly care about are reported back into the health care system and used to communicate potential outcomes with new patients, it results in a more informed patient experience as well as an opportunity for health care providers to support improvements in care, according to ICHOM.

Admittedly, these specified outcome measures are very individualized. A patient with diabetes is very different from a patient with poor oral health. However, both patients have the same expectations of recovery and sustained health. They also expect that the physicians they see are communicating with each other to integrate care. The best solution ties to data collection — tracking the patient experience from the start of the encounter through recovery and follow-up care.

Practitioners want the collection of data to be easy and efficient. A primary tool has been adoption of Electronic Health Records (EHR) systems. According to the Office of the National Coordinator for Health IT, adoption rates among physicians are progressing rapidly. That’s due in part to government incentives. However, dental practices have been slow to adopt due to less historic eligibility for cash incentives, cumbersome EHR options and no penalties.

Most EHR systems are not designed to fit dental practice models despite the fact that dentists are open to technology that can make their practices more efficient and profitable. But there are some champions of EHR for dentists such as vendors who are integrating popular electronic dental records systems with secure information transport services. These systems can allow dentists to securely send patient dental data electronically to other medical specialists.

Aside from investing in EHR, practices can implement other low-tech tools to measure the patient experience:

  • Bedside Manner – Ask questions such as, “Is there anything I didn’t ask that you’d like to talk about?” This dialogue helps patients feel more comfortable sharing other details about their health.
  • Surveys – Electronic or paper surveys can collect data on perceived quality of care, accessibility and courtesy of staff. Some of these surveys are provided for practices as part of affordable care organization models. A survey is only as good as its follow-up analysis and tracking of improved outcomes.
  • Phone Calls – Patient advocates or support staff can check in with patients for a quick interview on their experience and to identify any needs that require follow-up appointments.

Two of the main challenges of these tools are (1) to collect enough data to provide a representative sample of the patient population and (2) to analyze the data gathered into an accurate summary of satisfaction. At minimum, practices should explore some measure of patient satisfaction that can give practitioners and staff a guide to understand where they rank among other care providers and to make tangible improvements.

A great patient experience is a competitive advantage. Small medical groups can’t afford frequent no-shows or disputed bills. Patient satisfaction tools can improve communication between patients and other specialists while enhancing feedback to improve care.

Continue Reading: Which technologies can support compliance as well as practice management?

Cornwell Jackson’s Business Services Department offers a wide range of outsourced financial services to serve small medical and dental practices — including outsource payroll processing and solutions to improve cash flow and productivity. While you focus on care outcomes of your patients, we can address the business side of a healthy practice. Contact us for a consultation.

Scott Bates, CPA, is a partner in the audit practice and leads Cornwell Jackson’s Business Services Department, which includes a dedicated team for outsourced accounting, bookkeeping and payroll services. He provides consulting to clients in auto, healthcare, real estate, transportation, technology, service, retail and manufacturing and distribution. Contact Scott at scott.bates@cornwelljackson.com or 972-202-8000.

Posted on Jul 5, 2016

Individual Tax Breaks from PATH ActNumerous tax breaks have been retroactively expanded for 2015 and beyond — or, in some cases, been made permanent — under the Protecting Americans from Tax Hikes (PATH) Act of 2015. Now that the dust from the new law has settled, individuals can plan ahead with these 5 mid-year tax strategies inspired by the recent legislation.

5 Tax Breaks for Individuals

1. Consider tax breaks for college students. If you have a child in college this year, you may be eligible for tax benefits. The PATH Act makes the American Opportunity credit permanent and extends the tuition and fees deduction through 2016. Both of these breaks are subject to phaseouts based on income level. For each student, you may claim either the American Opportunity credit or the tuition and fees deduction, but not both. Thus, while it is possible to claim the credit and the deduction in the same year, you may not claim both for the same student. If your income is too high to take one of these breaks, your child might be eligible.

The PATH Act also permanently treats computers, computer equipment, software and Internet service as qualified expenses for Section 529 savings plans, so distributions for this purpose are tax-free. Summer planning can help maximize your tax benefits for costs incurred for the fall semester.

2. Shop for a new car. If you itemize deductions on your federal income tax return, you can generally deduct state and local income taxes paid for the year. As an alternative, however, you may claim a deduction for state and local sales taxes. This option — which has been permanently extended by the PATH Act — is generally beneficial to taxpayers in locales with low or no state or local income taxes. But it can also benefit taxpayers who make large purchases during the year, regardless of where they live.

The sales tax deduction is determined based on actual receipts or an IRS table that lists amounts for each state. If you opt to use the IRS table, you can add on the actual sales tax paid for certain “big-ticket items,” such as cars or boats. If you’re in the market for a new vehicle, remember this alternate tax deduction.

3. Transfer IRA funds directly to charity. After you turn age 70½, you must take required minimum distributions (RMDs) from your traditional IRAs, whether you want to or not. These RMDs are taxable in the tax year they’re received.

Under a provision made permanent by the PATH Act, if you’re age 70½ or older, you may transfer up to $100,000 directly from your IRA to a charity without any tax consequences. In other words, you can’t claim a charitable deduction for these transfers, but the payouts aren’t taxable either — even if they’re used to satisfy your RMD. Act sooner rather than later to avoid year-end scrambling. Keep in mind that this is a per person benefit. Although both spouses may individually transfer up to $100,000 from an IRA to a charity, one spouse cannot “borrow” the other spouse’s $100,000 to make a $200,000 transfer.

4. Gift property to a charity. Real estate owners can deduct the value of “conservation easements” made to a charity that preserve the property in its original condition. Charitable deductions for long-term capital gains property (appreciated property that’s been held more than one year) are generally limited to 30% of the taxpayer’s adjusted gross income (AGI). Any excess may be carried forward for up to 15 years.

Under enhancements made permanent by the PATH Act, the deduction threshold is raised to 50% of AGI (100% for farmers and ranchers) for conservation easements. Any excess may still be carried forward for up to 15 years. One catch, however, is that all such conservation donations must be made in perpetuity.

5. Install energy-saving equipment. Are you dreading the summer heat? It may be time to install a central air conditioning system. There are various requirements to qualify for the credit. First, the home must be your main home. Also, while the credit is generally equal to 10% of the cost of qualified energy-saving improvements, there is a lifetime credit limit of $500. Thus, if you’ve claimed the credit in a prior year, your current-year credit will be reduced accordingly. Other special dollar limits may apply. It’s available for a wide range of items from central air to insulation.

The PATH Act extended the residential energy credit only through 2016. So, it’s important to act before this tax-saving opportunity expires. (It may be extended again, but there are no guarantees.)

Midyear Individual Tax Planning Meeting

We’re almost half way through the tax year. Summer is a great time for individuals to get a jump start on tax planning. Contact your Cornwell Jackson tax adviser to estimate your expected tax liability based on year-to-date taxable income and devise ways to reduce your tax bill in 2016 and beyond.