Sep 29, 2020
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...
Sep 22, 2020
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...
Sep 22, 2020
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...
Sep 21, 2020
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...
Sep 14, 2020
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...
Sep 14, 2020
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...
Sep 14, 2020
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,...
Sep 4, 2020
Q: I’ve been in practice for over 20 years and my books are full of uncollectible Accounts Receivables. Do you have any best practices for how to handle this? A: What I usually suggest to clients is that once they turn an account over to a collection agency, or...
Sep 2, 2020
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...
Sep 1, 2020
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...
Sep 1, 2020
Earlier this month, President Trump’s issued an Executive Order allowing your employees earning less than $4k per bi-weekly pay period to defer having Social Security withheld from their pay starting September 1, 2020 and continuing through the remainder of 2020. The...
Aug 28, 2020
Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2019, you are required to file a Form 5500 by 7/31/20...
Aug 27, 2020
If you’re a mental health professional with a private practice, please consider applying for the HHS Provider Relief Fund Subsidy equal to 2% of gross private practice revenue as reported on your most recently filed tax return. The deadline to apply is 9/13. **...
Aug 24, 2020
It’s been a crazy year for everyone. Unfortunately, that includes the IRS too. Evidently the IRS hasn’t been able to process the tax payments they are receiving in a timely manner and/or didn’t update their computers to reflect that the deadline to pay 2019 taxes was...
Aug 24, 2020
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...
Aug 24, 2020
According to the Paycheck Protection Program Loan FAQs #46 as of August 11, 2020 available at: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf: Question: How will SBA review borrowers’ required good-faith...
Aug 24, 2020
We have posted a lot of information regarding the Provider Relief Fund subsidy on our Covid-19 Recourse Blog available at: https://www.schwartzaccountants.com/covid19resources/, along with other timely information pertaining to the various stimulus opportunities...
Aug 24, 2020
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...
Aug 24, 2020
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...
Aug 18, 2020
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...
Aug 18, 2020
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...
Aug 18, 2020
2020 has been a crazy year for taxes. The 2019 filing deadline was pushed back from 4/15/20 to 7/15/20. Q1 and Q2 estimates normally due 4/15/20 and 6/15/20 were also pushed back to 7/15/20. For some practice owners, July 15th was a very expensive day for taxes....
Aug 18, 2020
#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...
Aug 18, 2020
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,...
Aug 10, 2020
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...
Aug 10, 2020
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...
Aug 10, 2020
Over this past weekend, President Trump issued an Executive Order allowing your employees earning less than $4k per bi-weekly pay period to defer having Social Security and Medicare taxes withheld from their pay starting September 1, 2020 through the remainder of...
Aug 10, 2020
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:...
Aug 10, 2020
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?...
Aug 10, 2020
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...
Aug 3, 2020
Another recent development gives people until 8/31/20 to repay any Required Minimum Distributions taken so far in 2020, including RMDs from inherited IRAs. According to the IRS at: IR-2020-127, June 23, 2020 WASHINGTON — The Internal Revenue Service today announced...
Aug 3, 2020
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...
Aug 3, 2020
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...
Aug 3, 2020
Good news for procrastinators. The deadline to apply for this subsidy has been pushed back until 8/28. We posted information about this subsidy at:...
Jul 27, 2020
The CARES Act provides for easy access to IRAs and other retirement plans for anyone who “experienced adverse financial consequences as a result of closing or reducing hours of a business that you own or operate.” Sounds like a great opportunity, right? Let’s start by...
Jul 27, 2020
For 2 months or so, people throughout the U.S. were mostly quarantined in their homes which substantially reduced the number of visits made for medical and dental services. For the Medicare and Medicaid systems, that means that very little money was spent during...
Jul 27, 2020
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...
Jul 27, 2020
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...
Jul 27, 2020
#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...
Jul 27, 2020
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...
Jul 27, 2020
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...
Jul 27, 2020
Looking for a company to help you with lease negotiating or with the purchase of commercial space? How about a company where the fee for their services is actually paid by your landlord or by the person you purchase the real estate from, and isn’t paid you? We...
Jul 20, 2020
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 at:...
Jul 20, 2020
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...
Jul 20, 2020
Seems that many high school and college aged kids are incorrectly having federal and state income taxes withheld from their summer job wages. Please note that a working child will generally owe no federal income taxes unless wages earned exceed $12,400 (in 2020) or...
Jul 20, 2020
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...
Jul 20, 2020
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...
Jul 13, 2020
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...
Jul 13, 2020
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...
Jul 13, 2020
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...
