From: Roger Turk <73527.1356(--nospam--at)compuserve.com>
Date: Fri, 26 May 2000 10:21:21 -0400
Good luck on entering into private practice. I sounds like you have a great
bunch of colleagues there.
One of the most important things for a person entering private practice is to
set up a good set of books. Find a good CPA and have him/her set up a
bookkeeping procedure for you. While current IRS rules permit expensing
assets, it wasn't and isn't always permitted. Depreciating assets can be
quite complicated. Decide *now* whether you want your accounting on a cash
or accrual basis as it is difficult at best to change once you make a choice.
Also have your CPA advise you about the benefits or lack of benefits of a
sub-S corporation. My CPA saw no benefit, so I have been a sole proprietor
for the past 34 years.
A. Roger Turk, P.E.(Structural)