ERTC Spells Opportunity But Also Filing Delays For Practice Owners

Just checked the IRS website to read about the updated Employee Retention Tax Credit (ERTC) rules at: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act, and was greeted by this message: Alert: Note that the Taxpayer Certainty and Disaster...

Mass Confusion for Massachusetts Practice Owners

According to the Mass Department of Revenue at:  Tax Filing Season Frequently Asked Questions | Mass.gov, Massachusetts is not currently providing the same tax-free treatment to the PPP Loans and EIDL advance as the federal government.  There is still a chance that...

Are You Eligible for the Home Office Deduction for 2020?

With so many workers relocating their offices to their homes as a result of the pandemic, a common question for many taxpayers is “Do I qualify to claim my home office as a tax deduction?” The answer is – it depends. Unfortunately, for salaried employees (workers who...

PPP For Small Business and Sole Proprietors

The SBA offers several different relief options to help small practice owners recover from the impacts of COVID-19. Please note these very important facts about the PPP Loan program: The PPP Loan is available to self-employed physicians, dentists, and mental health...

IRS expands Use of Taxpayer ID PINs

Beginning in January 2021 the IRS plans to offer an Identity Protection PIN (IP PIN) Opt-in program to include all taxpayers. Prior to 2021, IP PINs were only assigned to taxpayers when their tax return was rejected from e-filing as a result of their social security...

You Might Qualify For Additional PPP1 Funds

According to the Top-line Overview of First Draw PPP loans available at: https://www.sba.gov/document/support-top-line-overview-first-draw-ppp PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the...

No Update By HHS On The PRF Self-Reporting Requirement

We checked the Provider Relief Fund (PRF) Reporting Portal Frequently Asked Questions (FAQs) available at: https://hrsac19.my.salesforce.com/sfc/p/#t00000004XgP/a/t0000001FId8/wN.4dTa.NRiNhwh_0CBblH6gvvedhqOt7_.5OS7rP6U We found no update on when you need to comply...

How To Spend Your PPP2 Money

Our clients are starting to receive their PPP2 loan proceeds.  We just want to remind you how to spend that stimulus money so the full amount will be forgiven. According to an article in the Journal of Accountancy available at:...

Additional EIDL Advance Funds May Be Available

The SBA recently posted information about a new Targeted EIDL Advance at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans as follows: COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020,...

Quick 2021 Tax Filing Season Facts

Tax filing season opens in a little less than two weeks. Friday February 12, 2021 is the first day that the IRS will begin to accept tax returns filed by taxpayers for the 2020 tax year.  If you have all your tax documents early and are due a refund, get your tax...

Keys to Minimizing IRS Audit “Red Flags” and IRS Tax Notices

The audit rate of personal income taxes continues to be low, hovering at around 0.5% of all personal tax returns filed each year based upon the past few tax filing seasons.  However, the chance of being audited is real and the chance of receiving an IRS notice is more...

New 1099 Form For Independent Contractors

Starting for 2020, expect to receive a Form 1099-NEC instead of a Form 1099-MISC to report income you received as a consultant or independent contractor during the year. The due date for businesses to issue 1099s to their contractors who earned more than $600 during...

RE: 2021

Personal financial planning is an ongoing process. Financially speaking, 2020 wasn’t a bad year for more than half the country’s workers (including most healthcare professionals) that weren’t involved with the restaurant, travel or entertainment...

PPP Round 2 Applications Now Being Accepted

Lenders are now accepting applications for the Second Draw PPP loans. Keep in mind that the recent enacted Stimulus Package included a provision that the PPP2 Loan can be both fully forgiven and also not taxable to the business owner. To be eligible for PPP Round 2,...

Provider Relief Fund Recipients Need To Register At New HRSA Portal

2/15 Self-Reporting Deadline Extended to Unspecified Date Did you receive more than $10k in Provider Relief Funds (PRF) from HHS?  If so, please go online to the Provider Relief Fund Reporting Portal available at: https://prfreporting.hrsa.gov and register as a new...

Create A Winning Plan

Guest Writer Brenda Loan Baker, Executive Coach, Fortune Management Northeast Here we are, the first week of January. The traditional time goals for the new year is upon us! What is the difference between the people who set their goals and reach or surpass them and...

FFCRA Deadline Extended From 12/31/20 TO 3/31/21

U.S. Department of Labor Publishes Guidance on Expiration of Paid Sick Leave and Expanded Family and Medical Leave for Coronavirus WASHINGTON, DC – The U.S. Department of Labor’s Wage and Hour Division (WHD) today announced additional guidance to provide information...

All You Need To Know About Gifting

In this post, we cover a variety of issues that may impact you when giving a gift or receiving a gift: Gifting Rules.  Individuals are allowed to gift money, investments, and other items of value to family, friends and others as they wish.  However, the aggregate...

MA Growth Capital Corportation (MGCC) Grant Update

Recently, the Massachusetts Growth Capital Corporation issued more information about the $668 million grant program.  When reading through the guidelines of the Sector-Specific Relief Grant Program for Massachusetts Businesses, you might get a sense that this program...

Employee Retention Tax Credit (ERTC) Updates

On December 27th, President Trump signed the $900 Billion Stimulus Package into law that included a provision allowing practices to claim the Employee Retention Tax Credit (ERTC) even if that practice had received a PPP Loan. The Stimulus Package also increased the...

PPP Update

On December 27th, President Trump signed the $900 Billion Stimulus Package into law that introduced a second round of PPP loans (PPP2).  Most healthcare practices that were required to close their offices last spring should qualify for PPP2.  Same goes for...

President Trump signs $900B Stimulus Bill

Over this past weekend, President Trump moved forward and signed the COVID-19 relief bill.  This legislation had expeditiously passed both the House and Senate the past Monday and was waiting for the president’s signature to make it official.  This bill is the second...

Additional SBA Filing Requirements For Practices With An EIDL

During the spring, the SBA offered practice owners an Economic Injury and Disaster Loan of up to $150k in addition to the PPP Loan of 2.5 times eligible monthly payroll costs and the EIDL Advance of $1k per employee, up to $10k. While almost all our clients accepted...

Reduce Your Risk of Internet Theft From Online Shopping

We all know what an unusual year this has been.  And as a result of the lockdowns and government recommendations to stay at home, online shopping has thrived this year.  Online shopping and curbside pickups for items such as groceries, meals from restaurants, clothing...

IRS Expands Use of Taxpayer IP PINs

Beginning in January 2021 the IRS plans to offer an Identity Protection PIN (IP PIN) Opt-in program to include all taxpayers.  Prior to 2021, IP PINs were only assigned to taxpayers when their tax return was rejected from e-filing as a result of their social security...

HHS Began Distributing Phase-3 Provider Relief Funds Last Week

On December 16th, many of our clients started to see their HHS PRF Phase-3 Subsidy pop up in their practice bank accounts. If you applied for this Phase-3 Subsidy but did not receive any funds yet, please contact HHS soon. According to one of my clients: “I called...

Ten Tips To Cut Your 2020 Taxes

Even during a Pandemic, it’s still prudent to take steps to minimize your tax bill. Plus, this year we are faced with the prospect of higher tax rates starting in 2021. As the year winds down, now is the time to take steps cut your 2020 tax bill while also not...

Schedule C individuals – Review Your Business Bottom Line

For Schedule C individuals (sole proprietors and single member LLC’s), the days between Thanksgiving and Christmas are the perfect time of year to review your business’s “bottom line” for the year. If you find your net income significantly ahead or behind compared to...

Two Charitable Donation Updates for 2020

For 2020 there is a new $300 charity deduction that will benefit taxpayers who claim the standard deduction. Typically, charitable donations are allowed as a tax deduction only to taxpayers who itemize their tax deductions on their tax return and not allowed to...

Are you turning 50?

Are you reaching your milestone birthday of turning age 50 in 2021? If so, don’t forget about the “catch-up” provision for 401k and 403b salary deferral retirement plan contributions.  For 2021, the max salary deferral into your retirement plan is $19,500.  However,...

Solar Panel Credit – Act Now

If installing solar power panels for your residence was a consideration for 2020 or 2021, now is the time to act. The Federal Solar Investment Tax Credit has been one of the larger tax credits taxpayers have benefitted from the past few years.  Prior to 2020,...

Using Donor Advised Funds for Charitable Giving (12/31 Deadline)

By Alex Oliver, CFP, CRPF, Wealth Advisor – First National Corporation With Giving Tuesday on the horizon and as you make your final gifts for 2020, I want to suggest an increasingly popular tool for your charitable contributions. First, it should be emphasized...

COVID-19 Guidelines For Practice Owners With Staff

With COVID-19 sadly on the increase, employers are asking us more questions than ever about their responsibilities to pay their staff who cannot come to work for COVID related reasons. Basically, if you have an employee who cannot come in to work for COVID related...

Free Webinar 1/13/2021- Investment Vision for 2021

Presented by Alex Oliver, CFP, CRPS, First National Corp., Wealth Management Advisor  Wednesday, January 13, 2021 12 noon – 12:45 pm What does the climate look like for investing in 2021? After 2020’s rollercoaster, we all can use some advice on how to...

Free Webinar 12/16 – Year End Planning for Practice Owners

Presented by Andrew Schwartz, CPA  Wednesday, December 16 12 noon – 12:45 pm 2020 has been one of the most challenging years for practice owners. Join Andrew Schwartz, CPA, as he discusses actions to take before December 31st to lower your tax liabilities and...

Small Business Energy Exemption

Administered by the Massachusetts DOR, qualifying small businesses may be exempt from paying taxes on energy. A qualifying small business must have had gross income of less than $1,000,000 in the prior year and anticipate less than $1,000,000 in the current year. The...

Schedule C and PPP Loan

Many of our business owners have had questions with regard to the application for PPP loan forgiveness.  If you are a Schedule C filer (sole proprietor or single-member LLC) and are unsure about the next steps to take with regard to your PPP loan, our firm’s guidance...