Coronavirus and the IRA: Right now, the coronavirus or Covid-19 is the elephant in the room. No matter what aspect of tax, accounting or financial life we discuss, the coronavirus makes an enormous impact on family budgets. Last Wednesday, the IRS reminded taxpayers that the CARES Act has a few hidden treasures in it. Your…
Author Archives: Rudy Gavrilov
Tax Deductions for physicians was recently our topic in the July 23rd blog. As you might have guessed, the topic proved to be a little large for just one blog. So, we promised you a Part 2 on this topic, and this is it. First of all, we invite you to read and/or review that…
Doctors’ Tax Planning means understand your tax deductions and strategies. Doctors don’t always like it when we ask them to think like entrepreneurs. However, most of today’s successful doctors also must learn to think success as business people. We meet a lot of inspired and talented young doctors who do not really know where to…
Tax refunds will soon be on their way. You filed. The deadline is passed and immediately, you want to know when you’ll get a refund. Unfortunately we keep hearing rumors that you can find clandestine methods of discovering this information, other than on the IRS website. The tax squad at Gavrilov &Co is here to…
IRS Audit 2020 causes one of the most common phobias among today’s physicians. With all there is to fear in today’s world, Gavrilov & Co would like to cure this phobia for doctors, dentists, Physician’s Assistants, and other medical professionals. There are very few authorities that can strike such terror in our minds as the…
Tax Extension is possible, but it might not mean what you think. With July 15th being the deadline, some taxpayers might still have the wrong idea about the meaning of a tax extension. So our question of the week at Gavrilov & Co is “Do I get an extension of time to pay on my…
Cash Based Vs. Accrual Based Accounting–Which is best for your business? That’s our question of the week. Cash-Based and Accrual-Based Accounting are the two major divisions of accounting methods. Businesses utilize one of these two types of accounting methods to record and report financial transactions. Cash Based Vs. Accrual Based Accounting: The “You Asked for…
Medical professionals like doctors, physician’s assistants, nurses, dentists, chiropractors and technicians: Attention! This blog is especially for you. In fact, we think you will profit from our entire upcoming series of blogs which highlight our skills as medical tax accountants. Gavrilov & Co is dedicated to helping our Covid-19 healthcare heroes with their financial and…
“Happy July 4, 2020!” We hope you have your Independence Day plans ready within your COVID-19 bubble of family and friends. Sometimes, we have so much fun with picnics, parties and celebrations that we forget what the terms “Independence Day” and “freedom” really mean. Tribute to Independence Day: July 4 So, for this blog, we…
What is Auditing? Financial auditing is simply re-examining the financial record of your organization or individual financial records to detect any discrepancies and compliance with standard accounting practice, applicable regulations and laws. External auditors come in to examine the accounting books, financial records and provide expert opinion on these records. Receiving the white envelope from…