Still 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 updates on when you need to comply...

Businesses Can Temporarily Deduct 100% of Meals As Of 1/1/21

IR-2021-79, April 8, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the...

Additional EIDL Advance Funds May Be Available

As we wrote in February at https://schwartzaccountants.com/2021/02/additional-eidl-advance-funds-may-be-available/, the SBA has started reaching out to inform practice owners who didn’t receive the full $10k EIDL Advance last April that they might be eligible for an...

ERTC Update

For starters, the American Rescue Plan Act of 2021 (“ARPA”) extended the ERTC (Employee Retention Tax Credit) through the end of 2021.  Practice owners that haven’t fully recovered to 2019 revenue levels might now be eligible for a tax credit of $7k per non-family...

PPP Loan Forgiveness

Business owners who received a PPP loan have 10 months following the end of the 24-week Covered Period to submit to their lender for forgiveness. Assuming you received your PPP loan in mid-April, you have until July 31st to complete the forgiveness application with...

New $100K Subsidy Available For Practices That Started After 2/15/20

On March 11, 2021, President Biden signed the $1.9 Trillion American Rescue Plan Act of 2021 into law. ARPA included a provision expanding the Employee Retention Tax Credit (ERTC) to include “Recovery Startup Businesses (RSB)” – those that opened after 2/15/20...

Need Help With Locum Tenens Providers?

During the pandemic, we’ve often been asked for advice on finding qualified providers. We highly recommend using Barton Associates. Barton Associates, founded in 2001 and headquartered in Massachusetts, connects hundreds of practices each month with qualified...

PPP Updates for Small Practices and Sole Proprietors

More changes were made to the PPP program. First, the deadline to apply is extended to May 31st. If you are self-employed or own a small practice, consider applying for a PPP loan. Remember, the PPP loan is FREE MONEY, and should NOT need to be repaid and should NOT...

Recap of Changes to Tax Deadlines

For INCOME TAXES: The due due for personal income tax returns has been extended to 5/17/21 Request for automatic six month extension, Form 4868, is required to be filed by 5/17/21 unless you will submit your tax returns by then 1st quarter 2021 estimates are still due...

IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021

From IRS News – IR-2021-67, March 29, 2021 The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for...

President Signs Third Stimulus Package

Last week, President Biden signed the most recent government stimulus bill, the American Rescue Plan Act of 2021.  This $1.9 trillion stimulus package was passed with hopes of speeding up an economic recovery due to the Pandemic.  Two key elements of the bill focused...

PPP Formula Enhanced For Sole Proprietors Earning Less Than $100K:

The SBA announced on 2/22/21 at: https://www.sba.gov/article/2021/feb/22/sba-prioritizes-smallest-small-businesses-paycheck-protection-program: The SBA will Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial...

Employee Retention Credit Update

The IRS has issued guidance on the Employee Retention Credit (IRS Notice 2021-20). In short, the current rules require that employers looking to claim the ERTC must amend the applicable 2020 quarterly payroll tax filings (Form 941) and must also reduce the deduction...

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...