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...

What To Do If You Received Notices From One of These Agencies

Did you recently receive a notice from one of the agencies below? If so, we’ve detailed below what steps you need to take. Notice from Dept. of Family and Medical Leave Health Insurance Responsibility Disclosure from MA Dept of Revenue MA DUA Tax Notices Fraudulent...

Alex’s Advice Corner – Year end Reminders

From Alex Oliver, CFP, CRPS – Wealth Advisor – First National Corporation With two months to go until 2021, First National Corporation wants to ensure you are doing everything within your financial plan to mitigate taxes. Here are a few quick reminders to...

Social Security Max Increases To $142,800 For 2021

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2021, the maximum wage base jumps to $142,800, an increase of $5,100, or 3.7%, over the max of $137,700 that was in place for 2020. At a rate of 6.2%, the maximum Social...

Free Webinar 11/18 For Year-End Tax Planning For Individuals

Are you ready to say goodbye to 2020? With a little tax planning, you can ensure you leave 2020 on the best financial note possible. Join Rick Schwartz, CPA, as he highlights important steps you can take before December 31st to lower your tax liabilities.  Rick will...

IRS Announces Few Increase To 2021 Retirement Savings Limits

Last month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2021. Unfortunately, the bulk of the retirement savings limits don’t increase from 2020 levels. Many practice owners set up a 401k plan as their...

Massachusetts Announces COVID-19 Grants For Small Businesses

According to information available at MGCC:  the Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses, microenterprises, and their employees, families and communities. Massachusetts Growth Capital Corporation (MGCC) will...

Beware Of Scammers Coming To Your Practice Posing As SBA Agents

Please be aware of a brand new scam involving people impersonating the Small Business Association. The imposters claim to be conducting “site visits” on behalf of the SBA in connection with PPP and EIDL loans taken by most small business owners since...

HHS Announces Additional Provider Relief Funds. Application Due 11/6

Last week, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Most healthcare practice owners should...

How To Pay Off the EIDL Loan

The SBA made it very easy for practice owners to receive an EIDL loan of up to $150k with a fixed 3.75% interest rate over a 30-year term. And a lot of practice owners decided to accept this EIDL loan. As we posted:...

No Rush On Your PPP Loan Forgiveness Application

Practice owners who received the PPP loan earlier this year had 24 weeks to spend the funds on certain payroll and facility expenses to qualify for full forgiveness of that loan. For many of our clients, the 24-week Covered Period has recently ended. Did you know that...

On Extension? Your Deadline is Almost Here

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...

Be Aware – Unemployment compensation is taxable income

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...

IRS is issuing interest on personal tax refunds

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...

Five Steps to A Successful Dental Employee Performance Appraisal

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...

Out From Behind the Covid Wall – From Guest Writer Brenda Loan Baker

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...

Employee Social Security Tax Deferral FAQ

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...

Great Promotion From Our Friends at Bank of America Practice Solutions

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,...

Temporary Changes Regarding Deducting Charitable Contributions

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...

Deadline to Apply For The HHS Provider Relief Fund Extended to 9/13

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...

Q3 Estimated Tax Payments Due 9/15

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://schwartzaccountants.com/2020/08/9-15-deadline-for-q3-estimated-taxes-will-be-challenging-for-practice-owners. And later...

Maine’s New Recovery Grant Program Not Available To Doctors

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...

Seven Ways To Get Your Reluctant Patients Back

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...

Attestation Matters For The HHS Provider Relief Fund Subsidy

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...

New Book And Website Launched To Help Dentists With Their Finances

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...

Dental Practice Opportunities

#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 Dental...

Values Collision: How To Ruin A Great Day At Work

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!...