On Extension? Your Deadline is Almost Here

For individual taxpayers who filed an extension, the deadline to submit your final 2019 tax return is Thursday, October 15. A few tips to remember: • You can file your return any time before that date. • If you’re due a refund, make sure you muse direct deposit to...

Be Aware – Unemployment compensation is taxable income

With the pandemic impacting the economy to the extent it has for much of the year, millions of taxpayers found themselves collecting unemployment for the first time in their lives. Although unemployment insurance (UI) is a government program helping taxpayers out of...

IRS is issuing interest on personal tax refunds

Taxpayers who filed their income tax return this year after the original filing date of April 15, 2020 and were due a federal tax refund, may have noticed a little bit extra being refunded to them than they expected. With the revised filing date for 2019 being moved...

Five Steps to A Successful Dental Employee Performance Appraisal

From Guest Writers Mariana Diaz, Executive Coach and Don Khouri, Managing Director, Fortune Northeast Creating and setting a culture that welcomes consistent feedback is crucial to improving team dynamics for many reasons. First, it helps to develop a sense of...

Out From Behind the Covid Wall – From Guest Writer Brenda Loan Baker

From Guest Writer Brenda Loan Baker, Executive Coach, Fortune Management Northeast On every social media platform you can find numerous memes about 2020 being the worst year ever. For most of us this lock-down has been going on since mid-March, seven months now. To...

Employee Social Security Tax Deferral FAQ

We are getting this question a lot from practice owners about the recent Trump Executive Order allowing employees to defer paying their Social Security taxes for the remainder of this year: I wanted to know if we are obligated to withhold the payroll taxes for the...

Great Promotion From Our Friends at Bank of America Practice Solutions

Stefan Green and Dave Miller of Bank of America Practice Solutions recently notified us of their low interest rate promotion of just 1% for 18 months and then fixed for the remainder of the term at 3.43%.  To qualify, please apply by 12/1/20. According to Stefan,...

Temporary Changes Regarding Deducting Charitable Contributions

Looking to help out various charitable organizations during these crazy times? The IRS has made temporary changes to charitable contribution rates for 2020 tax returns. They have suspended the normal maximum allowable deductions capped at 60 percent of your Adjusted...

Deadline to Apply For The HHS Provider Relief Fund Extended to 9/13

According to information available at: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/general-distribution/index.html, the deadline to apply for the HHS PPE Subsidy has been extended to 9/13/20. We have posted a lot of information regarding the...

Q3 Estimated Tax Payments Due 9/15

In last week’s Monday Morning Briefing, we wrote that 9/15 Deadline for Q3 Estimated Taxes Will Be Challenging for Practice Owners at:  https://www.schwartzaccountants.com/2020/08/9-15-deadline-for-q3-estimated-taxes-will-be-challenging-for-practice-owners. And later...

Maine’s New Recovery Grant Program Not Available To Doctors

According to the Maine Department of Economic and Community Development at: https://www.maine.gov/decd/sites/maine.gov.decd/files/inline-files/Maine%20Economic%20Recovery%20Grant%20Program.pdf The State of Maine plans to use CARES Act relief funding to help our...

Seven Ways To Get Your Reluctant Patients Back

Guest Writer Don Khouri, Managing Director, Fortune Management Northeast As healthcare practices continue to reach out to patients who need to be scheduled, one of the biggest challenges they face is the wide variation in comfort level their patients have about coming...

Attestation Matters For The HHS Provider Relief Fund Subsidy

Many of our clients have already received the HHS PPE subsidy equal to 2% of practice revenue reported on their most recently filed tax return.  Along with the money showing up in their bank account, these practice owners also received a request to submit an...

New Book And Website Launched To Help Dentists With Their Finances

Congratulations to our long-time client Dr. Sam Shamardi for writing and publishing his book: “The Financial Survival Guide for Dentists”. “As you know all too well, dental school doesn’t prepare us at all for business, which is our biggest issue by far.  My...

Dental Practice Opportunities

#1: Turnkey Office Opportunity in East Boston Turnkey opportunity!  Small number of patients with lots of potential. Great location in East Boston. Office space is approximately 1200 sq. ft. and all operatories have lovely street views. The office uses Easy...

Values Collision: How To Ruin A Great Day At Work

By Guest Writer Don Khouri, Managing Director, Fortune Management Northeast Have you ever had a day like this? You prep for your Monday morning team huddle; notes, handouts, metrics – everything is just the way you like it. It’s 7:45 AM and you are ready to go! Then,...

Two Electric Vehicle Programs to Save You $$

Electric Vehicle Charging Station Tax Credit Retroactively Extended Prior to 2018, taxpayers were allowed a tax credit for the costs incurred related to installing an electric vehicle (EV) charging station in their primary home.  This tax credit expired the end of...

Installment Plan Available to Pay Your Tax Bill

Given the current economic dilemma facing taxpayers as a result from the COVID19 pandemic, many taxpayers may be looking at a tax balance owed for their 2019 taxes that they are unable to pay in full in 2020.  If you are faced with a tax balance due for your income...

NH Healthcare System Relief Fund Application Is Due 8/13/20

Practice owners with offices in New Hampshire (NH) should be aware that they only have until August 13th to complete the online application to tap New Hampshire’s COVID-19 Emergency Healthcare System Relief Fund (CEHSRF).  Info is available at:...

PPP Forgiveness FAQS From Our Friends At TD Bank

Below is a list of “Frequently Asked Questions” put together by our friends at TD Bank to help answer some of their clients’ questions. This info should be helpful to anyone who received a PPP Loan. Loan Forgiveness Q: How do I apply for loan forgiveness?...

Best Year Ever

By Guest writer Don Khouri, Managing Director, Fortune Management Northeast After ten weeks of staying at home (except for an occasional trip to the supermarket), my hair was pretty long. When I finally got my haircut, I only needed one haircut. I didn’t need two or...

This Sat – Open House – Great Practice For Sale

We started working with our first dental practice clients back in 1995.  Since then, we’ve worked with hundreds of practices, and many of those for as long as our client owned the practice. Without exaggeration, this practice located on Route 20 between Routes 95 and...

Fortune Management Shares How To Avoid The 2020 Hygiene Disaster

Don Khouri, Managing Director, Fortune Management Northeast Most dental practices proactively pre-appoint their hygiene patients for their next visit. For healthy patients, that means six months from now and for perio patients, 3 months from now. Let’s think about...

Looking For PPE?

The word is that PPE is once again becoming challenging to obtain. One of our non-healthcare clients, GreenStreets USA Inc, a distributor of paper and cleaning products to businesses throughout New England, New York and New Jersey, notified me that they have stocked...

Deadline To Apply For The HHS PPE Subsidy Extended To 8/3

The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice.  Please apply for this HHS subsidy known as the Provider Relief Fund...

Two New Dental Practice Opportunities

#1: Open House for a Really Great General Practice – Saturday 8/8 We started working with our first dental practice clients back in 1995.  Since then, we’ve worked with hundreds of practices, and many of those for as long as our client owned the practice. Without...

Tabitha’s Tip: Hygiene Capacity, What Can Your Patient Base Support?

Hygiene capacity is an interesting topic.   Owners frequently define a full hygiene schedule with few openings to be at capacity. The mistaken belief is that a full schedule denotes success.  This definition is very limiting, since few owners are truly tapping the...

Mortgage Interest Rates Remain At Record Low

With home mortgage rates at ALL TIME LOWS hovering at just 2.5% for a 30-year home mortgage, now is a great time to look at refinancing your home mortgage. If you can lock in a fixed-rate mortgage for at least .5% less than your current rate, then it’s the proverbial...

No Rush to Submit PPP Forgiveness Calculations to Your Lender

For many of you, the initial 8-week PPP Covered Period ended, and we’ve received a lot of inquiries about helping submit the forgiveness paperwork to their lenders. Please be patient as there is no rush. For starters, the Covered Period is now 24 weeks, so everyone is...

Maybe Chewsi Can Help

The dental industry is changing — from practice consolidations and growth challenges to complex benefits administration and now we’re all dealing with a pandemic, sourcing PPE and dealing with anxious patients seeking ways to save on their dental care. Through all...

Tabitha’s Tips – Overhead High? This Will Help

    From our Friends at ShelleyRenee Practice Consulting: I am not a fan of statements.  They should not be standard practice.  Do you track the number of statements that are sent out each month? What does the number of statements sent represent?    Each...

Tabitha’s Tips – From Our Friends At Shelley Renee Coaching

Is your team writing off your paycheck? Details matter.  Small changes can equal thousands in practice savings.  One area to be aware of is the insurance write-offs.  Do you know if your team is calculating them correctly? This week while conversing with a practice...

ADA Announces New Stimulus Opportunity For Dentists

According to the ADA on July 10th at: https://www.ada.org/en/publications/ada-news/2020-archive/july/hhs-opens-provider-relief-fund-to-dentists: HHS opens Provider Relief Fund to dentists July 10, 2020 By Mary Beth Versaci Dentists who were previously ineligible for...

Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)

File Something on or Before 7/15 If you can’t get your tax returns completed by July 15th, make sure to file for an automatic extension.  Filing something on July 15th is the only way to avoid the Failure to File Penalty equal to five percent per month on any...