The Challenge

• The practice had multiple years of incomplete and inaccurate bookkeeping, leading to a lack of financial clarity.
• Tax filings were behind, putting the business at risk of penalties and compliance issues with the IRS.
• The owner had no clear understanding of the business’s financial health, making it difficult to make informed decisions.
• Cash flow management was ineffective due to missing records and improper categorization of expenses.

Our Approach

1. Accounting Resolution & Financial Reconstruction

• ✅ Conducted a full financial audit to assess the extent of missing and incorrect records.
• ✅ Rebuilt five years of bookkeeping, ensuring accuracy and completeness.
• ✅ Organized revenue and expenses properly, allowing for accurate financial reporting.
• ✅ Established a structured accounting system, giving the owner clear financial visibility.

2. IRS Tax Compliance & Strategic Planning

• ✅ Filed multiple years of outstanding tax returns, bringing the practice into full compliance with the IRS.
• ✅ Corrected prior errors and ensured accurate deductions and credits were applied.
• ✅ Provided a tax strategy moving forward, ensuring the business remained compliant while optimizing tax benefits.
• ✅ Implemented monthly bookkeeping services to prevent future disorganization.

The Results

• 📈 Financial Order Restored – The practice now operates with clear, accurate financials, allowing for better decision-making.
• 📊 IRS Compliance Achieved – No more fear of IRS audits or penalties, as all filings are current.
• 💰 Improved Cash Flow & Profitability – The owner now understands how to manage revenue effectively.
• 🔍 Ongoing Financial Oversight – With monthly bookkeeping in place, the practice stays on track.

Conclusion

By leveraging McFadden Accounting’s Accounting Resolution & Tax Compliance Services, Each One Counts Family Therapy & Counseling transformed from financial uncertainty to complete clarity and stability. This case highlights the importance of maintaining accurate financial records and working with a team that understands the unique challenges of private mental health practices.