Did you miss this year’s personal tax filing deadline?Unfortunately, the IRS does not simply look the other way with regard to taxpayers missing the tax filing deadline. Not filing your taxes by the due date will result in the following assessed IRS penalties...
Contributing to a Health Savings Account is unique by allowing for tax-deductible contributions combined with tax-free distributions. No other tax-advantaged savings opportunities allow for both. With each passing year, HSAs continue to gain in popularity. To be...
We first wrote about I-Bonds in an article included with our November Newsletter available at: Earn A Guaranteed And Risk-Free 7.12% Interest Rate Through April While Making Your Portfolio A Little More Conservative By Purchasing I-Bonds I-bonds are a great place to...
Last year around Thanksgiving, Massachusetts issued regulations for the new Entity Level Tax that allows Mass S-Corps and Partnerships to essentially pay the personal Massachusetts income taxes for their owners as a deductible business expense to the practice. The...
If you received an ERC for 2020, we’ll be preparing an amended 2020 tax return this summer for you to report the amount of the ERC received as a decrease to deductible wages. Expect to owe taxes of about 35% of the ERC received with the amended tax return. While...
Finally, our clients are now receiving IRS Notices as well as checks from the IRS for the Employee Retention Tax Credit based on the paperwork we prepared and our clients signed and submitted months ago. The good news is that it appears that the IRS is processing the...
From Guest writer Brenda Loan Baker, Fortune Management Have you ever felt like you’re not good enough to do the job you’ve been hired to do — and that everyone might figure it out at any moment? Or maybe you’ve felt like you’re only pretending...
Why did you decide to become a coach for women physicians? Doctors — and women, frankly — are notorious for deprioritizing themselves. I have three daughters and I don’t want to normalize this for them. Society holds us to a very difficult standard in terms of how we...
Don’t forget – these are the upcoming tax deadlines for 22021 Individual (1040) tax returns: Friday, April 15 Deadline to file FinCEN Form 114 for Foreign Bank and Financial Accounts (FBAR) Monday, April 18 Deadline changed due to April 15 Emancipation...
Recently, the Governor of Massachusetts announced a new employer grant program to boost hiring. Called “HireNow”, the program provides eligible employers with a $4,000 per employee grant, which can be used to cover training costs or as a signing bonus for...
By guest writer George Baker, Fortune Management Have you met that person who seems to have it all and just isn’t happy? They lack vim and vigor. They complain, blame, and carry on about what’s wrong and who is at fault. My prescription for these folks is the 3 V’s to...
From Russell Kane, Dental Office Compliance of New England Several dentists have told us recently that dental staff members are responsible for fulfilling their biennial continuing education requirements before their next license renewal. That’s true but it’s also the...
From IRS News – IR-2022-52 The Internal Revenue Service reminds taxpayers they may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 18, 2022. An IRA is a personal savings...
Do you know what you need to satisfy all state and federal regulations? Dental Office Compliance of New England is here to help you and reduce your stress. Lisa Kane DMD and her team customize all of your OSHA, CDC, and HIPAA policies. They have an online portal...
From IRS Tax Tip # 2022-38 Higher education is important to many people and it’s often expensive. Whether it’s specialized job training or an advanced degree, there are a lot of costs associated with higher education. There are two education tax credits designed to...
If your high school or college aged child needs to file a tax return only to have federal or state income taxes withheld from their pay refunded, then why not file for free? For federal taxes, this generally applies to dependents who earned no more than $12,550 (in...
The IRS now requires that all individuals answer this question about cryptocurrency on the first page of their personal tax returns: At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? ...
GRANTS RANGING FROM $10,000 – $75,000 – APPLICATION OPENS FEB 23; ENDS APRIL 4 Commonwealth of Massachusetts has recently launched a new grant opportunity. If your business remains negatively impacted by the pandemic and has between 2-50 FTE employees,...
Your house has a structure. Most new homes use metal framing, and some older homes are supported by wood beams. The basic components of your house’s structure are the foundation, floors, walls, beams, and columns. Similarly, your practice has a structure. The...
Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between July 1, 2020 and December 31, 2020 are required to self-report during Reporting Period 2 (RP2) which runs through March 31st. Providers who fail to comply with...
By Benjamin C. Larkin, MA, JD, Optimal Practice Transitions, LLC ~ www.optimalpracticetransitions.com One of the most frequent questions that is posed to us is some variation of, “What is the validity and enforceability of a non-competition in the dental community in...
This tax season, the IRS is having special Saturday hours at many Taxpayer Assistance Centers (TACs) nationwide. No appointments are required. The selected TACs will be open from 9 a.m. to 4 p.m. on the following Saturdays: March 12, April 9, and May 14. The...
From IRS Tax Tips – 2022.27: One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov. This online tool helps employees avoid having too much...
The SECURE Act changed the deadline for establishing a profit sharing plan or cash balance plan in order for employer contributions to be made for the 2021 tax year. The new rules extended the 12/31/21 deadline to the tax filing deadline for your practice, including...
During the summer of 2020, most of our dental practice clients received the Provider Relief Fund (PRF) Phase 2 Subsidy equal to 2% of their 2019 net collections. Many practices also received Phase 3 PRF subsidies during December 2020. HRSA requires that any practice...
Are you wondering how to navigate tax season as an independent contractor? Andrew Schwartz, CPA, recently presented a webinar for Barton Associates that covers many great tips to making the process as easy as possible. Please watch the recording of the webinar for the...
By Alex E. Oliver, Wealth Manager, First National Corporation The SECURE Act changed the deadline for establishing a profit sharing plan or cash balance plan in order for employer contributions to be made for the 2021 tax year. Previously, this would have been...
The U.S. Department of Education recently announced major changes to the Public Service Loan Forgiveness Program (PSLF). The PSLF program forgives the remaining balance on an individual’s federal Direct Loans (a federal student loan made by the U.S. Dept of Education)...
Beginning in 2022 the annual gift tax exclusion increases by $1,000 to $16,000 and to $32,000 for gifts jointly given by taxpayers and their spouse. This increase in the annual exclusion threshold is the first since the $1,000 jump for the 2018 tax year. For annual...
Amended tax returns continue to be backlogged. Typically, taxpayers can expect amended tax returns to be processed within 16 weeks. However, as of December 11, 2021, the IRS has a backlog of more than 2.4 million amended tax returns waiting to be processed by...
The tax rules continue to evolve at a record pace. Below are some reminders for you as we enter the 2022 tax filing season. Advance Child Tax Credit Payments. For qualified taxpayers that will receive advance Child Tax Credit payments from July – December 2021,...
IR-2021-251, December 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January...
Personal financial planning is an ongoing process. Financially speaking, 2021 was another good year for most of us even as the Covid-19 pandemic continues to affect all our lives. The stock markets set new all-time highs. Real estate prices around the country continue...
Phase-2 Self-Reporting Season Starts Today 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. On 6/11/21, the Health Resources and Services Administration (HRSA)...
Advance Child Tax Credit Payments For qualified taxpayers that will receive advance Child Tax Credit payments from July – December 2021, the IRS plans to send taxpayers Letter 6419 in January 2022. This IRS form letter will provide taxpayers the total amount...
For the 2021 tax year, the IRS is again allowing taxpayers that file their tax return using the standard deduction to claim a charity deduction on their tax return. The maximum allowed charity deduction for non-itemizers is $300 for single, head of household and...
In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a copy of a bank record such as a cancelled...
For taxpayers who receive an IRS IP PIN annually, be on the lookout in January 2022 for a letter from the IRS with your 2021 IP PIN number. These letters, IRS Notice CP01A, are sent out annually to taxpayers via the US mail. Be sure to retain this notice with your...
Switching employers mid-year often results in a overpaying withheld social security taxes. For tax year 2021, once an employee earns $142,800 from an employer, social security taxes are no longer withheld. This results in a max social security tax withheld from pay...
The deadline to apply for the Targeted EIDL Advance and Supplemental Targeted Advance is December 31, 2021. The Targeted EIDL Advance is a maximum credit of $10,000 with any formerly received EIDL Advance funds subtracted from this amount. The Supplemental Targeted...
According to the Mass Dept of Revenue at: https://www.mass.gov/service-details/elective-pass-through-entity-excise: On September 30, 2021, the Massachusetts Legislature adopted an elective pass-through entity (PTE) excise in response to the $10,000 cap on the federal...
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. On 6/11/21, the Health Resources and Services Administration (HRSA) issued guidance available at:...
Earlier this month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2022. It appears many of these tax advantaged savings opportunities have increased from 2021. Most working professionals have access to a...
As the year winds down, now is the time to take steps to cut your 2021 tax bill while also not pushing too much taxable income into 2022 in anticipation of higher tax rates. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t...
According to HRSA at: Provider Relief Fund Reporting Requirements and Auditing | Official web site of the U.S. Health Resources & Services Administration (hrsa.gov): The September 30, 2021 Reporting Period 1 deadline has not changed; however, in response to...
The Employer Federal COVID pay credit expired September 30, 2021; however, the state of MA has a COVID-19 Temporary Emergency Paid Sick Leave Program which reimburses MA employers up to $850 weekly per employee for COVID sick leave through April 1, 2022. Reasons for...
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2022, the maximum wage base jumps to $147,000, an increase of $4,200, or 2.9%, over the max of $142,800 that was in place for 2021. At a rate of 6.2%, the maximum Social...
Seems that the upcoming multi-trillion dollar spending package could include a provision eliminating the Backdoor Roth Conversion. Essentially, those post-tax contributions many individuals routinely deposit into their IRAs each year might no longer be eligible to be...
Are you worried that the stock market is extremely high right now making your portfolio of stocks and equity mutual funds a little riskier than you like? Or does it concern you that higher inflation will lead to higher interest rates which will cause your bond funds...
