* How does one look for a CPA?
* Do I need to set up some corporation? I was recommended to do this…
* Who sets up this corporation? Myself? Or will the CPA do it for me?
* Should I get a CPA that is flat rate?
* Any wise tips? I’m sooo lost. I have always been a W2 employee
(I’m in the bay area in cali btw)
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There’s a lot a people answering here not familiar with physician/hospital business models. It’s *very* likely not illegal to contract you instead of employing you. That being said, you are right there should be some changes to your financial plan.
I would recommend checking out WhiteCoatInvestor, which is a personal finance site specifically for doctors. Here is a page on 1099 info, but I would recommend posting in the forums there to get some specific advice from others in your position.
https://www.whitecoatinvestor.com/1099-independent-contractor/
Good luck!
>How does one look for a CPA?
Google “[your area] CPA” and find one that advertises the services you want.
>Do I need to set up some corporation? I was recommended to do this…
Who sets up this corporation? Myself? Or will the CPA do it for me?
CPAs do not set up corporations, a lawyer can help you set up whatever business structure you want. A CPA can provide advice about which structure makes the most sense for tax and financial purposes.
>Should I get a CPA that is flat rate?
Any wise tips? I’m sooo lost. I have always been a W2 employee.
You should get a CPA that offers the services you want at a price you want to pay. I think a wise tip would be to not make this transition until you are actually ready to do so. There is more to being self-employed than hiring someone to prepare your taxes.
You may find these links helpful:
– [Taxes](/r/personalfinance/wiki/taxes)
– [Self-Employment](/r/personalfinance/wiki/self_employment)
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Since it seems that you will be making a good amount of money, you should certainly invest in a business entity and a CPA. Furthermore, have a lawyer look at the new contract, there could be some pitfalls there that should be negotiated.
Finding a CPA and Lawyer involves shopping. Go to a few that sound good and are in the price range, listen to them and then compare. If one is saying X and another Y, then go to a third and hear them out. Do not just go with the first Lawyer or CPA you find, get a second opinion. You would not have major surgery based on one opinion, and you should not make legal and tax decisions lightly either.
Corporations can be set up by you, a lawyer, or sometimes a CPA. Since you will have one member/shareholder, the internal control structure should be easy to set up and should be relatively cheap to do with an attorney. The main consideration for you will be taxes, not internal governance of the company. If you get investors or partners, this will not be the case and you will need to reexamine the company governance documents to get it ready for investment.
No clue on CPA rates, talk to other doctors in your boat in your area. There should be plenty of doctors working under a 1099. To be honest, I do not know a single W2 employed doctor personally.
Wise tips are to talk to other doctors with a private practice working with a large health system. Take them to golf, tennis, shooting, bar, and pay for their food/activity and pick their brains. Depending on what you do exactly, you can make way more money and build a business that can be sold later for an early retirement (e.g., every anesthesiologist). This is why you NEED to also have a lawyer look at the 1099 contract and determine what your goals are and whether the new contract closes any doors for you.
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