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Veterinary Medicine Edition

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IRS Tax Audit Manual for Veterinary Medicine

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 As a veterinarian, you spend your days (and often your nights) providing comprehensive and quality care to your patients. You are busy ensuring that you are offering a complete and professional service, and you are determined to get the education you need to keep up with medical advances in the field of veterinary medicine. You should be commended for your dedication to your patients.
When patient treatment makes up 10-12 hours of your day, six days a week, that doesn’t leave time for much of anything else. Most veterinarians do not have a business manager dedicated to the business end of their practice and many times the business side of your practice does not receive as much attention as you’d like or that it needs.When you receive notice that the IRS is auditing you, is NOT the time to start to be concerned with your record-keeping practices.

  1. Do you keep trip sheets or trip tickets for care not delivered in your office?
  2. Do you provide a discount to high-volume clients?
  3. Do you accept veterinary pet insurance?
  4. Do you perform surgery or other treatment “after-hours?
  5. Do you sell products in your practice?
  6. Do you understand the difference between cash, accrual and hybrid methods of accounting?
  7. Do you maintain old appointment books for a minimum of five years?
  8. Are you using the correct “tax year” for your practice?
  9. Are immediate family members or close relatives employed?

If you don’t know the answers to these questions or how the answers to these questions can affect your tax liability, you could find yourself in trouble. You must become pro-active and be prepared for the very real possibility of an IRS Tax Audit.

From Chapter 2 – Remember inventory items frequently include pet medicine, drugs, feed supplements, as well as a large variety of pet items such as carriers, food, shampoos, collars, etc. Inventory versus supplies is a major issue in many IRS Tax Audit situations.

You should know that chances are the auditor does not live in your community and doesn’t know your reputation. Chances are that you did not save his beloved pet from certain death last year, and he doesn’t care how kind and compassionate you are in your practice. He’s going to be looking at everything in black and white – and red, if it applies. You must be certain to have your books in order.

We have been fortunate enough to obtain the guide specifically designed for IRS Tax Auditors to use when auditing veterinary practices. This simple well-thought out guide that will show you exactly what the IRS Tax Auditor will be looking for when he walks through your door. For a small investment you can do yourself and your business a huge favor by reserving this invaluable information for your own pro-active use NOW.

 Don’t forget – The IRS Tax Audit Manual for Veterinary Medicine is tax deductible as a business expense!