Long-term care and senior living providers face complex industry rules and regulations. Tax is no exception. Whether you’re the owner or executive of a for-profit provider or affiliated with a tax-exempt provider, BKD’s tax consultants specialize in the myriad tax issues that affect your organization.
BKD’s tax-exempt professionals prepare more than 2,000 Form 990s each year for long-term care and senior living providers located across the country. Many of our professionals are dedicated to serving health care clients specifically, so we understand the issues unique to your industry. We serve our clients with basic Form 990 assistance, but we also proactively look to identify other potential tax risks— payroll, worker classification, and unrelated business income—and assist providers in mitigating those risks.
To help you comply with your tax obligations, we have a number of specialized tools and services available to you.
- BKD 990connect is our online comprehensive data organizer designed to securely and efficiently gather Form 990 information. See our BKD 990connect solution sheet for more details.
- We provide a number of sample policies and questionnaires available to you. They can be used to meet the reasonable effort standard mandated by the Form 990 instructions for gathering information regarding business and family relationships. Other documents assist with disclosure information about transactions with officers, directors, trustees and key employees.
- Educational sessions for board members and management regarding a variety of tax issues occur frequently throughout the year.
- Utilize our Exempt Organization Tax Planning Checklist to help you identify potential tax risks in areas like fringe benefits, employment taxes, benefit plans, unrelated business income, tax-exempt bonds, fundraising and more.
For additional information, visit our tax-exempt services page.
BKD proactively works with for-profit providers and business owners to help develop tax planning strategies and stay up to date on industry issues. Some unique tax considerations include:
- Work opportunity tax credit – We continually see providers leaving money on the table by not taking advantage of this credit for hiring individuals falling in certain qualifying categories. See our 2016 year-end tax planning article for additional information.
- Cost segregation study – Are you building or expanding a facility? Cost segregation can help you accelerate depreciation tax deductions. Visit our real estate cost segregation page for additional information.
- Accounting method analysis – Many providers can realize significant tax deferral opportunities by selecting the optimal method of accounting, i.e., accrual versus cash. If you’ve selected an unfavorable method, BKD may be able to guide you through an accounting method change.
- Repair regulations – In 2013, the Treasury Department and the IRS released final regulations related to capitalization of specific expenses associated with tangible property, also known as the “repair regulations.” BKD’s professionals have been on the leading edge of these changes and can assist providers in interpreting and applying the new rules. For additional information, visit our repair regulations page.
Beyond our compliance services, we provide a variety of tax planning and consulting services—from assistance with state and local tax issues to international tax advice and succession planning. Some of our other services include:
- International tax services
- Multistate taxes
- Property taxes
- State tax and incentive services
“BKD 990connect is an innovative and user friendly tool. It’s easy to work with and did a nice job of streamlining our Form 990 process.”
— Roger D. Young, Vice President of Finance
Friendship Village of Tempe
“Our company has used BKD for our annual audit for several years. The staff has always been very professional, knowledgeable, efficient and helpful, especially in uncommon situations. BKD also audits our 403(b) plan, completes our corporate 990 tax returns and recently completed a review of our financial statements for a bond refinancing. Every single BKD employee I have dealt with has been top notch.”
— Terry Belles, Chief Financial Officer
Friendship Village of Tempe