For taxpayers waiting on their federal income tax refund, the IRS link below can provide an update on the status of the tax refund: https://www.irs.gov/refunds For taxpayers looking to get an update on the status of a federal amended tax return, the IRS link below...
Federal amended tax returns filed electronically for tax years 2021 or later can now opt for direct deposit of requested refunds. Previously, refunds for federal amended tax returns were only sent by paper checks. The IRS estimates that this change will speed up the...
Beginning in 2024, excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA. For families who funded 529 college savings plans for their children and did not fully exhaust the accounts while utilizing the funds for qualified...
Over the past few years, we have seen a significant increase in clients trading virtual currencies such as cryptocurrencies. Investopedia defines virtual currencies as follows: “A virtual currency is a digital representation of value only available in electronic form....
From Guest Writer Frank Clark, Fortune Management, Dental Executive Coach Managing conflict is an essential leadership skill because conflict is an inevitable part of any workplace. For dental practice owners and their teams, it is important to develop conflict...
Our friends at Berkshire Bank have launched a loan program for doctors recently with great rates! The Doctor Loan Program is designed for healthcare professionals who are purchasing their Primary Residence. Practicing doctors must be out of...
From IRS News – IR-2023-49 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start of the...
Join Bernie Stolz, the founder of Fortune Management, on Wednesday evening May 18th at 6 pm for a discussion on his new book, The Fortune Recipe: Essential Ingredients for Creating Your Best Life. No matter what goals you’re pursuing, both personally and...
We first wrote about I-Bonds in an article included with our November 2021 Newsletter I-bonds are a great place to park some extra money if you are worried about the short-term prospects for the stock market and are nervous that increasing interest rates will cause...
This year’s most interesting tax season observation has to do with a strategy available for people who own real estate that helps them save more taxes in the early years. As the price of real estate continues to increase, more business property owners are having Cost...
Don’t forget – these are the upcoming tax deadlines for 2022 Individual (1040) tax returns: Saturday, April 15 Deadline to file FinCEN Form 114 for Foreign Bank and Financial Accounts (FBAR) Tuesday, April 18 Deadline to file personal (1040) tax returns...
Reposted From Mass Growth Capital The Healey-Driscoll Administration and Massachusetts Growth Capital Corporation (MGCC) announced two new grant programs totaling $78 million in funding to support Massachusetts small businesses. “Small businesses are the backbone of...
This month, our friends at Transaction Resources are sharing their tips when choosing between a credit card terminal or a point-of-sale system: What’s the Difference Between Credit Card Terminals & POS Systems? When it comes to accepting payments for goods and...
From Guest writer Brenda Loan, Fortune Management Company Executive Coach Whenever a lot of people work together for many hours, you can expect some sort of negativity to develop. A dental office is one such setting. Dealing with negativity in a dental office can be...
We’ve asked our friend Alex Oliver, CFP, Wealth Manager at First National Corporation to present financial-related webinars for us during tax season. Please RSVP on the link to attend live or receive a recording. CASH BALANCE PLANS FOR SMALL BUSINESS OWNERS...
From IRS Tax Tip 2023-15, February 7, 2023 The following information is available on a section of the IRS’ website called Current Tax Tips at: https://www.irs.gov/newsroom/irs-tax-tips. Whether someone travels for work once a year or once a month, figuring out...
Optimal Practice Transitions is pleased to announce that they are representing a handful of dental practice owners looking to sell their office space to another dentist. Owning the real estate where your practice operates is generally a win for most practices over...
Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between July 1, 2021 and December 31, 2021 are required to self-report during Reporting Period 4 (RP2) which runs through March 31st. Providers who fail to comply with...
Just a reminder that the deadline to file your S-Corporation and Partnership tax returns is March 15th. If those tax returns won’t be completed by then, make sure to file an extension by March 15th. Not filing a tax return or extension for your S-Corp or Partnership...
From IRS Tax Tips – Issue 2023-15; February 7, 2023 Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these...
What does the climate look like for investing in 2023? Last year was challenging for almost all asset classes, with persistent inflation leading to rising interest rates and a slowing housing market. The war in Ukraine also added to instability, while past winners in...
By Guest Writer George Loan Baker from Fortune Management Many dentists will tell you coaching works. The scope and expertise is as varied as types and brands of automobiles. As most vehicles will provide you with transportation, most dental consultants will get...
At Yankee, a company called MOD Practice (www.MODPractice.com) had a booth this year and provided dentists with these two coding updates: D4355: You can now bill a D0150 or D0120 on the same date of service as a D4355. You can also bill a D0140 same day but your...
Below are a few payroll related questions that we recently received along with the response provided by our firm’s payroll manager Greta: Q1: Is it by law that sick days have to be rolled over if not used? MA SICK PAY –...
We recently were asked: What happens when taxpayers overfund social security taxes that are withheld from pay from multiple employers in the same calendar year? Our answer: Every employer is required to withhold social security taxes from an employee’s pay until...
At the start of the year, it’s a great time to make a resolution to take care of your financial health. A good start? Review your paystub, employer provided benefits and overall financial plan: Will you turn age 50 in 2023? Include the $7,500 annual...
If you pay estimated tax payments, don’t forget that the 2022 4th quarter’s payment is due on Tuesday, January 17, 2023. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is...
This past November, Massachusetts voters approved the “Massachusetts Millionaires Tax”. This amendment to the Massachusetts Constitution implements a 4% surtax on MA income in excess of one million dollars. The new tax law is effective beginning with the 2023 tax...
By Guest Writer Brenda Loan Baker, Fortune Management This is a great time to look back at the year behind you and measure your accomplishments while also looking at the year ahead perhaps with excitement, perhaps not! Many people rush headstrong into the new year...
A lot of dental practice owners are getting very frustrated with the way the relationship with PPOs has evolved over the years. The most common complaints are large adjustments from their standard fees compounded by very modest annual increases to reimbursements. As...
If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. The Health Resources and Services Administration (HRSA) issued guidance available at: Provider Relief Fund...
Yankee Dental takes place from Thursday January 26th through Saturday January 28th. Please join Andrew Schwartz CPA and Attorney Ben Larkin for the following events: Thursday Evening – Join us at Trillium at the Seaport on Thursday from 5:30 to 8:30 for our annual...
We recently received this question from a client: My newer dental assistant told me that she is a disabled veteran. I knew she was a veteran, but I did not realize that she was considered “disabled.” She also mentioned that this might be advantageous to...
From the IRS News Article – IR-2022-234, December 29, 2022 The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes....
Personal financial planning is an ongoing process. Financially speaking, 2022 was a challenging year for many of us. For the first time in many years, the stock markets were well off their all-time highs. Real estate prices around the country are teetering from their...
Employer retirement plan salary deferrals as well as IRA annual funding limits increases for 2023. The max allowed salary deferral increases to $22,500 from $20,500 for 401(k), 403(b) and 457 plans. The annual catch-up contribution (if age 50 or older) increases to...
The IRS plans to focus on reversing the current trend of deceasing IRS audits that have occurred over the last ten years. The recently passed Inflation Reduction Act provides $79.6 Billion to the IRS to improve its operations and efficiency. The funding is to be...
Are your investments showing an unrealized loss? If so, here are three year-end planning moves to consider: Tax loss harvesting. With the continued volatility and decline in stock prices and stock market indexes, taxpayers that invest regularly are most likely...
We’re excited to be presenting again at the MA Dental Society’s annual Yankee Dental Congress in January. Space is limited so make sure to register soon: Do Your Financial Due Diligence – Presented by Andrew D. Schwartz, CPA Friday, Jan. 27, 2023...
For Electric Vehicles (EV) purchased in 2022 – new rules take effect after August 16. In our September article available at: Energy and EV Credits in Recent Inflation Reduction Act – Schwartz & Schwartz PC (schwartzaccountants.com), we highlighted the new...
While most healthcare practice owners won’t be eligible for this new program offered by Massachusetts that provides grants to first-time homebuyers to fund down payments and closing cost, perhaps your staff or your kids might qualify. According to information provided...
By Guest writer Bob Cahill, Senior Mortgage Banker and Planner at Leader Bank Last month, the Federal Reserve announced a 0.75% increase to the federal funds rate, raising it to 4.00% — the highest it’s been since 2008. The hike is part of ongoing efforts by the...
By Guest writer John Thomas of Berxi, part of the Berkshire Hathaway Specialty Insurance Finding the right malpractice insurance provider can be complicated. The dental and allied health professionals we serve should be spending their time with their patients and care...
As the year winds down, now is the time to take steps to cut your 2022 tax bill while also not deferring too much taxable income into 2023 to push you into the next tax bracket. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been...
By Guest writer Don Khouri, PhD, Managing Director Fortune Northeast Anyone reading this article likely knows that dental insurance is not really insurance. It is nothing like medical insurance because the more treatment you need from medical, the more your health...
In January 2021, Andrew Schwartz CPA and Ben Larkin ESQ joined together to open Optimal Practice Transitions LLC (https://www.optimalpracticetransitions.com/), a brokerage for dental practices and other professional practices. Together they have more than 40 years of...
Andrew Schwartz CPA and dental consultant Shelley Renee will be presenting a live streamed webinar at noon ET on Friday December 9 for dental practice owners considering going out of network with insurance companies. A lot of dental practice owners are getting very...
Quick Reminder: It’s a good time to make year-end donations of clothing & household items to charitable organizations. Don’t forget to make a list, including each item’s condition, since only items “good or better” qualify for...
As a general “rule of thumb”, 3 years is all you need to keep copies of tax returns and related tax documents. The IRS has a 3-year statute of limitations – meaning they generally will not go back more than 3 years to audit your tax returns, assuming the tax returns...
