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# Schwartz & Schwartz PC

CPAs Specializing in Healthcare Professionals

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## Posts

- [Blog](https://schwartzaccountants.com/blog/) - [et_pb_section fb_built=”1″ inner_shadow=”on” fullwidth=”on” admin_label=”section” _builder_version=”4.26.1″ background_color=”#2ea3f2″ global_colors_info=”{}”][et_pb_fullwidth_header title=” Our Blog” _builder_version=”4.16″ global_colors_info=”{}”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” _builder_version=”4.27.2″ global_colors_info=”{}”][et_pb_column type=”3_4″ specialty_columns=”3″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”4.26.1″ global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”3_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_search exclude_pages=”off” placeholder=”Search All Posts By Key Word:” _builder_version=”4.16″ global_colors_info=”{}”][/et_pb_search][et_pb_text module_id=”thismonth” _builder_version=”4.16″ global_colors_info=”{}”] This Month’s Posts: [/et_pb_text][et_pb_blog fullwidth=”off” posts_number=”20″ include_categories=”448″ use_manual_excerpt=”off” show_more=”on” show_categories=”off” show_pagination=”off” use_overlay=”on”
- [Why Expiring Leases are a Golden Opportunity for Medical and Dental Practices](https://schwartzaccountants.com/2025/10/why-expiring-leases-are-a-golden-opportunity-for-medical-and-dental-practices/) - By Stefan Zelich, Managing Partner of FOCUS Healthcare, Brokered by eXp Commercial If you're a medical or dental practice owner with a lease coming up for renewal, the current market presents one of the best opportunities we've seen in years to improve your real estate situation. Whether you're planning to renew, relocate, or explore better options, the
- [Understanding AI for Dentistry: Fully Funded Educational Workshops in Mass](https://schwartzaccountants.com/2025/10/understanding-ai-for-dentistry-fully-funded-educational-workshops-in-mass/) - By Pouya Andalib, Managing Partner of Evox365 AI is no longer just a buzzword—it’s transforming how offices manage schedules, reduce no-shows, streamline billing, and enhance patient experiences. Yet many practices are still trying to catch up. Through state-funded training, dental offices can explore these technologies in a structured and practical way, ensuring both decision-makers and team members
- [New Tax Reporting Requirements for Digital Assets](https://schwartzaccountants.com/2025/10/new-tax-reporting-requirements-for-digital-assets/) - All taxpayers are required to report gains and losses realized from sales of digital assets just as they would for sales of any other stock, mutual fund or other investment assets held in a non-retirement account. Below is what you need to know about the new IRS crypto reporting changes: For 2025, all crypto exchanges
- [Personal Tax Returns on Extension Due 10/15](https://schwartzaccountants.com/2025/10/personal-tax-returns-on-extension-due-10-15-2/) - Just a reminder that your 2024 personal tax return needs to be filed by Wednesday, October 15. With the partnership and S-Corp extension filing date of 9/15 behind us, taxpayers that were waiting on late K-1’s should have received them by now. If you operate your practice as a sole proprietor and had us file an
- [If your Child has Opted to Study Abroad, 529 Plan Distributions May Still Qualify to be Used for Foreign Educational Expenses](https://schwartzaccountants.com/2025/10/if-your-child-has-opted-to-study-abroad-529-plan-distributions-may-still-qualify-to-be-used-for-foreign-educational-expenses/) - Several hundred foreign educational institutions qualify to use 529 plan distributions. Parents and students can check the link provided by the savingforcollege.com website to determine if a student’s foreign (and US) educational institution qualify for the 529 funds to be used for education costs: Federal School Code Lookup for Section 529 Eligible Institutions (savingforcollege.com) Education
- [A Quick Review of Education and Tax Planning for the Upcoming Academic Year](https://schwartzaccountants.com/2025/10/a-quick-review-of-education-and-tax-planning-for-the-upcoming-academic-year/) - 529 Plan distributions – knowing what expenses are qualified education expenses and what expenses are non-qualified education expenses? With students heading back to school this fall, now is a great time to begin planning for your 529 plan distributions for the current academic year. And part of that process involves understanding which education related expenses
- [Life-Changing Events are the Perfect Time to Review and Update your Financial Game Plan](https://schwartzaccountants.com/2025/10/life-changing-events-are-the-perfect-time-to-review-and-update-your-financial-game-plan/) - A lifetime is filled with ever-changing events, some predictable while others are unpredictable. And many of life’s major events have some impact on your financial well-being. Your first job, marriage, the birth of a child are a few of the major life-changing events that influence your budgeting, monetary goals, and overall financial plan. Below are
- [Is Your Dental Office Missing Calls? AI Receptionist VS Offshore VA - What's a Smarter Move?](https://schwartzaccountants.com/2025/09/is-your-dental-office-missing-calls-ai-receptionist-vs-offshore-va-whats-a-smarter-move/) - By Pouya Andalib, Managing Partner of Evox365 A busy dental office in Massachusetts recently faced a costly challenge: nearly 30% of their incoming calls were going unanswered—especially during lunch breaks, weekends, and after-hours. Patients were frustrated, appointments were lost, and the team was stretched too thin. With no budget to hire another full-time staff member, the practice considered
- [A New Tax Planning Opportunity for Taxpayers Aged 60-63 Kicked in January 1st 2025](https://schwartzaccountants.com/2025/09/a-new-tax-planning-opportunity-for-taxpayers-aged-60-63-kicked-in-january-1st-2025/) - Anyone 50 or older and still working can put away extra money each year into their 401k, 403b or SIMPLE IRAs as “catch-up contributions” into their retirement account. For 2025 the catch-up contribution amount is $7,500 for 401k’s and 403b’s. New this year, taxpayers who attain the age of 60, 61, 62 or 63 by
- [Does Your Practice Have a Doctor-Focused Retirement Plan?](https://schwartzaccountants.com/2025/09/does-your-practice-have-a-doctor-focused-retirement-plan/) - As a practice owner, you already know how important a retirement plan is—for you, your team, and your bottom line. But not all retirement plans are created equal. Too often, doctors default to the “vanilla” 401(k) solutions offered through professional associations (such as the ADA sponsored plan maintained by Equitable), payroll services such as Paychex
- [APPLYING FOR FINANCIAL AID FOR COLLEGE](https://schwartzaccountants.com/2025/08/applying-for-financial-aid-for-college/) - By Amy Garbis of A Starting Line College Admission Planning Applying to college is a cumbersome process for students. Adding to this is the Free Application for Federal Student Aid (FAFSA) application process for parents/guardians. My husband and I completed the form for our own daughter, and my husband remarked that the FAFSA filing is
- [HOW DOES THE IRS VIEW A "SIDE JOB"? AS A BUSINESS OR AS A HOBBY?](https://schwartzaccountants.com/2025/08/how-does-the-irs-view-a-side-job-as-a-business-or-as-a-hobby/) - When a taxpayer starts a new business it’s sometimes unclear if the business is a true business or hobby in the eyes of the IRS. The primary distinction for the IRS in deciding between a business and a hobby is as follows: the IRS views a business as having a genuine intent to make a
- [AVOID AN IRS UNDERPAYMENT OF ESTIMATED TAX PENALTY BY MEETING THE IRS "SAFE HARBOR" RULE.](https://schwartzaccountants.com/2025/08/avoid-an-irs-underpayment-of-estimated-tax-penalty-by-meeting-the-irs-safe-harbor-rule/) - When a taxpayer’s income significantly increases from one year to the next, often they may find themself hit with a large tax bill as well. However, the IRS allows taxpayers a special “safe harbor” rule to avoid being accessed an underpayment of estimated tax penalty on a large tax shortfall they may owe when their
- [THE ESTIMATED TAX PAYMENT FOR Q3 2025 IS COMING UP - SEPTEMBER 15, 2025](https://schwartzaccountants.com/2025/08/the-estimated-tax-payment-for-q3-2025-is-coming-up-september-15-2025/) - For taxpayers that pay quarterly estimated tax payments, their third quarter payment is due next month. The quarter 3 estimated tax payment includes income received for the period June 1 – August 31. Although taxpayers can still make their payments via checks mailed in with a payment coupon to the IRS, paying electronically provides a
- [WHY EXPIRING LEASES ARE A GOLDEN OPPORTUNITY FOR DENTAL PRACTICES](https://schwartzaccountants.com/2025/08/why-expiring-leases-are-a-golden-opportunity-for-dental-practices/) - By Stefan Zelich, www.focushealthcarerealty.com If you're a dental practice owner with a lease coming up for renewal, the current market presents one of the best opportunities we've seen in years to improve your real estate situation. Whether you're planning to renew, relocate, or explore better options, the data shows the market is working in your favor.
- [NEW RULES PERMANENTLY EXTEND THE TAX-FREE EMPLOYEE BENEFIT FOR PRACTICE OWNERS TO PAY UP TO $5,250 TOWARD STAFF’S STUDENT LOANS](https://schwartzaccountants.com/2025/08/new-rules-permanently-extend-the-tax-free-employee-benefit-for-practice-owners-to-pay-up-to-5250-toward-staffs-student-loans/) - As we wrote during COVID, the CARES act included a provision allowing employers to repay up to $5,250 of their employee’s student loans as a tax-free benefit. While this provides a great fringe benefit for any staff member burdened with student loan debt, practice owners win too since they can write off the full amount paid
- [ARE YOU ON TRACK TO MAX OUT YOUR 2025 RETIREMENT PLAN SALARY DEFERRALS?](https://schwartzaccountants.com/2025/08/are-you-on-track-to-max-out-your-2025-retirement-plan-salary-deferrals/) - Contributing to a retirement plan is one of the best tax shelters available to people during their working years. Contributions made to non-Roth accounts are tax-deductible and grow tax deferred. With the Roth option, you give up a current year tax deduction in exchange for tax-free growth. Most retirement plans offered by healthcare practices have
- [TAX CHANGES RECENTLY ENACTED INTO LAW AFFECTING PRACTICE OWNERS](https://schwartzaccountants.com/2025/08/tax-changes-recently-enacted-into-law-affecting-practice-owners/) - On July 4th, President Trump signed into law the One Big Beautiful Bill Act (OBBA). Below are some of the key tax changes included in the bill that impact healthcare practice owners: Post-2017 reduced tax rates extended: This is the provision that helps high income taxpayers save the most in taxes from this Tax Act. While
- [Avoid Huge Penalties by Filing Your Form 5500 for Your 401(k)/Profit Sharing Plan by 7/31/25](https://schwartzaccountants.com/2025/07/avoid-huge-penalties-by-filing-your-form-5500-for-your-401k-profit-sharing-plan-by-7-31-25/) - Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2024, you are required to file a Form 5500 by 7/31/25 (Form 5500 Corner | Internal Revenue Service (irs.gov). If you aren’t able to submit this paperwork prior to 7/31, please file for an extension using the Form 5558, https://www.irs.gov/pub/irs-pdf/f5558.pdf, giving
- [What is an 83(B) Election?](https://schwartzaccountants.com/2025/07/what-is-an-83b-election/) - Making an 83(b) election when receiving founder’s stock generally makes a lot of sense. When you have the opportunity to purchase restricted stock for a start-up company at a nominal price, if you do NOT make the 83(b) election, you are taxed on the value of the shares as of the date the restrictions lapse based on
- [IRS Explores Summer Activities That Could Impact Your Taxes](https://schwartzaccountants.com/2025/07/irs-explores-summer-activities-that-could-impact-your-taxes/) - IRS Tax Tip 2025-37, June 5, 2025 Summer is a time for fun but it’s never the wrong time to be thinking about taxes – and some summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for tax season. Marriage Wedding season is upon
- [Is AI Truly a Game-Changer for Dentistry?](https://schwartzaccountants.com/2025/07/is-ai-truly-a-game-changer-for-dentistry/) - By Pouya Andalib, Managing Partner Evox365 Is AI truly a game-changer for dentistry—or just another tech buzzword destined to fizzle out like yesterday’s trends? Many dentists are understandably skeptical. After all, not every new tool lives up to the hype, and most small practices are already juggling tight budgets and limited staff. But AI is proving
- [President Trump Signs Into Law the One Big Beautiful Bill Act (OBBA)](https://schwartzaccountants.com/2025/07/president-trump-signs-into-law-the-one-big-beautiful-bill-act-obba/) - On July 4th, The OBBBA was signed and enacted by President Trump. A few key tax highlights included in the bill are summarized below: Effective for the 2025 tax year, the SALT deduction cap is increased to $40,000 with annual 1% increases through 2029. A phase-out begins once a taxpayer’s income exceeds $500,000. The
- [Self-Employed Health Insurance](https://schwartzaccountants.com/2025/07/self-employed-health-insurance/) - When you are self-employed, such as being in private practice and set up as a single-member LLC, you are allowed to claim a tax deduction for the health insurance premiums that you pay for yourself and your family. To qualify to claim this tax deduction you cannot be eligible to participate in a health insurance
- [PAYROLL FAQ's WITH S&S PAYROLL MANAGER GRETA](https://schwartzaccountants.com/2025/07/payroll-faqs-with-ss-payroll-manager-greta/) - Q: What happens when an employee leaves and how does it affect your MA Unemployment taxes? When an employee is terminated, the day they leave they must be paid for all wages they are owed plus any PTO or Vacation hours accrued. Sick hours typically do not have to be paid out. When an employee resigns instead, you may
- [MY CHILD GRADUATED COLLEGE THIS YEAR - CAN I STILL CLAIM HIM/HER AS A DEPENDENT ON MY 2025 TAX RETURN?](https://schwartzaccountants.com/2025/06/my-child-graduated-college-this-year-can-i-still-claim-him-her-as-a-dependent-on-my-2025-tax-return/) - The answer is yes, as long as IRS specified criteria are met within the calendar year: Age - Your child must be under age 24 and be a full-time student during the year. To be a full-time student, your child must be attending school for some part of at least five months in the
- [BUSINESS OWNERS SHOULD CONSIDER HIRING THEIR KIDS THIS SUMMER](https://schwartzaccountants.com/2025/06/business-owners-should-consider-hiring-their-kids-this-summer-2/) - If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll. Below are 5 key tax benefits and retirement planning opportunities that families will qualify for when shifting earned income within the family by hiring their children as employees of their small business. Income received up
- [TAKE ADVANTAGE OF FUNDING A ROTH IRA AT A YOUNG AGE](https://schwartzaccountants.com/2025/06/take-advantage-of-funding-a-roth-ira-at-a-young-age/) - It’s never too early to start saving for retirement. Even if your child earns only a small amount from a summer job, they can still contribute to a Roth IRA in their own name. For the 2025 tax year, the maximum contribution to a Roth IRA is limited to the lesser of your child’s earned
- [IS YOUR CHILD BEING PAID AS AN INDEPENDENT CONTRACTOR?](https://schwartzaccountants.com/2025/06/is-your-child-being-paid-as-an-independent-contractor/) - While most employers treat their summer hires as employees, paying them via a W-2 and withholding taxes, some companies may classify their summer staff as independent contractors and issue a 1099-NEC form at the end of the year. This is common for jobs in areas like sales, social media, and freelance work. Even if your
- [COMPLETING FORM W-4 FOR A RECENT COLLEGE GRAD'S FIRST JOB](https://schwartzaccountants.com/2025/06/completing-form-w-4-for-a-recent-college-grads-first-job/) - When completing Form W-4, your employer assumes you’ll be working for the entire calendar year and withholds taxes accordingly. However, many recent college graduates begin full-time employment after graduation, meaning they will only be working for part of the year. Since the IRS tax withholding tables are based on a full year's salary, this often
- [COMPLETING FORM W-4 FOR SUMMER JOBS](https://schwartzaccountants.com/2025/06/completing-form-w-4-for-summer-jobs/) - Starting a summer job is an exciting opportunity for your kids. It helps them build confidence, learn responsibility, and earn their own paycheck. As they begin their new job, they’ll likely need your help filling out the necessary employment paperwork, including the Form W-4, Employee’s Withholding Certificate. This form tells the employer how much income
- [Healthcare Meets Wealthcare: Integrating Medicare into Your Financial Plan](https://schwartzaccountants.com/2025/06/healthcare-meets-wealthcare-integrating-medicare-into-your-financial-plan/) - We are excited to announce an upcoming webinar sponsored by First National Advisors designed to help navigate the complexities of Medicare. Please find a more detailed description and the invitation to register below. Join us for an insightful webinar where First National Advisors (FNA) and David Dupuy Jr. of South Shore Medicare and Health Insurance
- [I-BOND INTEREST RATES BUMPED UP TO 3.98% EFFECTIVE 5/1/25:](https://schwartzaccountants.com/2025/06/i-bond-interest-rates-bumped-up-to-3-98-effective-5-1-25/) - We first wrote about I-Bonds in an article included with our November Newsletter available here. I-bonds make a nice option to park some extra money if you are worried about the short-term prospects for the stock market (which are now once again near record high levels) and are nervous that increasing interest rates will cause bond
- [2nd QUARTER ESTIMATES  DUE 6/16/2025](https://schwartzaccountants.com/2025/06/2nd-quarter-estimates-due-6-16-2025/) - If we set up for you to pay quarterly estimates, you can locate your estimated tax vouchers in Tax Caddy. Please note, Tax Caddy does NOT make your estimated tax payments. Unless your preparer set up for your taxes to be made by direct debit, please follow the steps below to make the necessary payment
- [THE NEW MASSACHUSETTS BIZ-M-POWER GRANT](https://schwartzaccountants.com/2025/06/the-new-massachusetts-biz-m-power-grant/) - The new Biz-M-Power Matching Grant program offers 5X matching grants of up to $50,000 to support growth-oriented qualifying small and microbusinesses meeting the program guidelines. These grants can help offset costs related to acquisitions, expansions, facility improvements or leases, equipment purchases or leases, and other capital needs. This grant is open to businesses with fewer than 20
- [LOOKING TO MAKE A 1040 QUARTERLY ESTIMATED TAX PAYMENT?](https://schwartzaccountants.com/2025/05/looking-to-make-a-1040-quarterly-estimated-tax-payment/) - The most recommended method for Convenience & Security is through your Online account with the IRS. If you don’t already have an ID.me account, you can create one for easy log in to the IRS website. Once you are logged into your IRS Online Account you can do many things. You can Access tax records
- [GOVERNMENT ISSUED PAPER CHECKS WILL CEASE SEPT 30TH, 2025](https://schwartzaccountants.com/2025/05/government-issued-paper-checks-will-cease-sept-30th-2025/) - In and effort to reduce fraud and waste, effective September 30, 2025, paper checks issued by the government will cease. After that date, all government departments and agencies will be required to only accept and pay out funds via electronic means, such as electronic funds transfer (EFT), debit & credit cards, digital wallets and other
- [BEGINNING IN 2025, STRICTER RULES FOR CLAIMING THE ENERGY EFFICIENT HOME IMPROVEMENT TAX CREDIT HAVE BEEN IMPLEMENTED](https://schwartzaccountants.com/2025/05/beginning-in-2025-stricter-rules-for-claiming-the-energy-efficient-home-improvement-tax-credit-have-been-implemented/) - For taxpayers making energy efficient home improvements in their main home, a federal tax credit is allowed to be claimed on their tax return. The maximum allowed tax credit in a year for qualified energy improvements is $3,200 and is comprised of two separate portions: A general credit capped at $1,200 for costs that include
- [LONG-TERM BENEFITS FOR EMPLOYEES WHEN SWITCHING FROM MAKING PRE-TAX 401K/403B SALARY DEFERRALS TO FUNDING ROTH SALARY DEFERRALS.](https://schwartzaccountants.com/2025/05/long-term-benefits-for-employees-when-switching-from-making-pre-tax-401k-403b-salary-deferrals-to-funding-roth-salary-deferrals/) - Whether to fund your retirement via your employer sponsored 401k or 403b retirement plan with pre-tax dollars or after-tax Roth dollars is an issue that many taxpayers struggle with each year. Pre-tax salary deferrals remain more common for employees and offer taxpayers the benefit of reduced taxes “today”. The assumption is that taxpayers are in
- [IRS REMINDS TAXPAYERS ABOUT ONLINE TOOL TO CHECK THEIR WITHHOLDINGS](https://schwartzaccountants.com/2025/05/irs-reminds-taxpayers-about-online-tool-to-check-their-withholdings/) - IR-2025-52, April 17, 2025 WASHINGTON — The Internal Revenue Service reminds taxpayers that proper tax withholding now is key to avoiding surprises when they file their tax return next year. Making any needed adjustments earlier in the year means taxpayers won’t have to make a big change later in the year to catch up. The IRS Tax Withholding
- [BREATH YOUR WAY TO A BETTER PRACTICE](https://schwartzaccountants.com/2025/05/breath-your-way-to-a-better-practice/) - By George Baker, Executive Coach, Fortune Management Northeast Breathe Your Way to Less Stress and More Focus During a recent coaching call, a dentist sighed, “If I only had a minute to breathe.” That hit home. Your day is packed—patients, procedures, staff issues, business challenges. It feels like there’s never time to pause. But guess
- [CAN YOU DEDUCT YOUR GREAT SUMMER VACATION?](https://schwartzaccountants.com/2025/05/can-you-deduct-your-great-summer-vacation/) - Whether you are a practice owner, work as an associate and get paid as a 1099 contractor, or do some consulting on the side, keeping track of your allowable business expenses to write off against that income is an important step towards minimizing your taxes. Each year, we hear from clients wondering whether they can
- [BLUEPRINT FOR SUCCESFUL DELEGATION](https://schwartzaccountants.com/2025/04/blueprint-for-succesful-delegation/) - By Don Khouri, Managing Director, Fortune Management Northeast As an executive coach for Fortune Management, I specialize in helping private practice dentists and their teams achieve peak performance through executive coaching, practice management consulting, and overall business strategy. Delegation is a critical component of effective leadership, and mastering it can significantly enhance productivity, efficiency, and
- [COMPLIMENTARY COURSE ON AI AVAIILABLE THROUGH MASS WORKFORCE TRAINING GRANTS:](https://schwartzaccountants.com/2025/04/complimentary-course-on-ai-avaiilable-through-mass-workforce-training-grants/) - AI Integration for Small Business & Workforce Efficiency This course provides a high-level yet practical understanding of AI, ChatGPT, Microsoft Copilot, Google Gemini, and other AI tools—all explained in simple, non-technical language. No prior AI knowledge is required! This session is designed for professionals at all levels, making AI accessible and easy to understand. Participants
- [PAYROLL AND HR FAQ's](https://schwartzaccountants.com/2025/04/payroll-and-hr-faqs/) - Here is a question frequently asked to our payroll team and the response provided by our payroll manager, Greta. Q: Maybe you can answer this question for me. I own a practice with 8 employees. What regulations will I need to deal with if I add a few employees? What are some of the cutoffs to
- [BOOSTING PRACTICE EFFICIENCY: SCHEDULING TO GOAL](https://schwartzaccountants.com/2025/03/boosting-practice-efficiency-scheduling-to-goal/) - By Roberta (Bobbby) Pellant, Executive Coach, Fortune NE Have you ever asked your team, “Is my schedule full?” If so, you might be focusing on the wrong question. A full schedule simply means every hour and chair is booked. But does that translate to a productive and profitable schedule? Not necessarily. Running a successful dental
- [LOCUM TENENS TAX GUIDE UPDATED FOR 2024 & 2025 NOW AVAILABLE FOR DOWNLOAD:](https://schwartzaccountants.com/2025/03/locum-tenens-tax-guide-updated-for-2024-2025-now-available-for-download/) - Recently, Andrew Schwartz CPA presented at his annual webinar sponsored by Barton Associates, the Locum Tenens Experts, on the tax issues and basic financial planning opportunities applicable to Locum Tenens providers. Much of the information presented is relevant to all self-employed professionals even those not working as Locum Tenens providers. The webinar covers these tax and
- [IRS ANNOUNCES THAT PAYMENTS RECEIVED UNDER A STATE-SPONSORED PAID MEDICAL LEAVE PROGRAM MIGHT BE TAX-FREE](https://schwartzaccountants.com/2025/03/irs-announces-that-payments-received-under-a-state-sponsored-paid-medical-leave-program-might-be-tax-free/) - WASHINGTON — The Internal Revenue Service today issued guidance on the income and employment tax treatment of contributions and benefits paid in certain situations under a state paid family and medical leave program, as well as the related reporting requirements. Rev. Rul. 2025-4 PDF provides guidance to the District of Columbia and states that have mandatory paid family
- [REMEMBER TO GET CONTRACTORS TO SIGN W-9S PRIOR TO PAYING THEM](https://schwartzaccountants.com/2025/03/remember-to-get-contractors-to-sign-w-9s-prior-to-paying-them/) - Each January, practice owners are required to issue 1099s to any non-corporate vendor or contractor that they paid $600 or more during the prior year. While providing your CPA with the name, address and SSN or EIN of the vendor should be very simple, this turns out to be a challenging task each January when
- [MARCH 17th DEADLINE FOR S-CORPORATIONS AND PARTNERSHIPS TO FILE AND FUND, OR EXTEND:](https://schwartzaccountants.com/2025/03/march-17th-deadline-for-s-corporations-and-partnerships-to-file-and-fund-or-extend/) - Just a reminder that the deadline to file your 2024 S-Corporation and Partnership tax returns is March 17th. If those tax returns won’t be completed by then, make sure to file an extension by March 17th. Not filing a tax return or extension for your S-Corp or Partnership by March 17th gets very expensive very quickly. The
- [AR PRACTICE SOLUTIONS CAN HELP BEHAVIORAL HEALTH PROFESSIONALS WITH REVENUE CYCLE MANAGEMENT](https://schwartzaccountants.com/2025/02/ar-practice-solutions-can-help-behavioral-health-professionals-with-revenue-cycle-management/) - AR Practice Solutions has a strong track record of providing tailored solutions to behavioral health care practitioners. They understand that efficient medical billing is essential for the success of your healthcare practice and make it a priority to alleviate the complexities of revenue cycle management, ensuring you receive accurate and timely reimbursements, allowing you to
- [IRS PROVIDES FAQS ON CONFUSING ENERGY EFFICIENT HOME IMPROVEMENT RULES](https://schwartzaccountants.com/2025/02/irs-provides-faqs-on-confusing-energy-efficient-home-improvement-rules/) - The rules for claiming tax credits related to energy efficient home improvements have been quite fluid over the years. And these rules continue to evolve each year. The IRS understands that there is a lot of confusion surrounding these valuable tax credits, so recently issued a revised set of FAQs available here.
- [USING "DISC" WITH YOUR TEAM](https://schwartzaccountants.com/2025/02/using-disc-with-your-team/) - by Roberta (Bobbby) Pellant, Executive Coach, Fortune NE We all know that effective communication is the key to successful leadership and teamwork. As a healthcare professional in private practice, you manage a diverse team and interact with patients daily. Understanding how to adapt your communication style to connect better with your team and patients can
- [STANDARD MILEAGE RATE INCREASES BY 4.5% TO 70 CENTS PER BUSINESS MILE DRIVEN](https://schwartzaccountants.com/2025/02/standard-mileage-rate-increases-by-4-5-to-70-cents-per-business-mile-driven/) - IR-2024-312, Dec. 19, 2024 WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard milage rates are used to calculate the deductible costs of
- [Registration Opens for Barton Associates' 7th Annual Locum Tenens Tax Webinar with Andrew Schwartz](https://schwartzaccountants.com/2025/01/registration-opens-for-barton-associates-7th-annual-locum-tenens-tax-webinar-with-andrew-schwartz/) - Andrew D. Schwartz, CPA, set to guide attendees through tax deductions and planning on February 6 Barton Associates, a leading locum tenens staffing agency in the United States with nine offices nationwide, is opening registrations for its seventh annual tax webinar for locum tenens providers, which is scheduled for February 6 at 2 p.m. ET.
- [Taking a hardship withdrawal from a retirement plan to fund a child’s college education](https://schwartzaccountants.com/2025/01/taking-a-hardship-withdrawal-from-a-retirement-plan-to-fund-a-childs-college-education/) - Most American families struggle with paying for their children’s college education costs. And it’s no wonder, from 2000 – 2022 the college average annual inflation tuition rate rose by close to 5% per year at 4-year colleges and universities. For this reason, “in a perfect scenario” college education savings should begin the day your child
- [Options available to taxpayers that leave their employer while having funds remaining in their nongovernmental 457(b) plan](https://schwartzaccountants.com/2025/01/a-few-options-available-to-taxpayers-that-leave-their-employer-while-having-funds-remaining-in-their-nongovernmental-457b-plan/) - A nongovernment 457(b) plan is a type of deferred compensation plan offered to eligible highly compensated employees by tax-exempt organizations such as private universities and hospitals. And although 457(b) plans are similar to qualified retirement plans such as 401(k) and 403(b) plans regarding allowed employee salary deferrals, this type of plan is not a qualified
- [For older taxpayers transitioning between jobs, The Rule of 55 may be an option to consider](https://schwartzaccountants.com/2025/01/for-older-taxpayers-transitioning-between-jobs-the-rule-of-55-may-be-an-option-to-consider/) - The Rule of 55 allows taxpayers to take distributions from their 401(k) or 403(b) plan without incurring the 10% early withdrawal penalty. This special rule applies to taxpayers that leave their job either in or after the calendar year in which they turn age 55. To qualify for this rule, the distributed funds must come
- [Planning for your first Required Minimum Distribution](https://schwartzaccountants.com/2025/01/planning-for-your-first-required-minimum-distribution/) - Generally, for taxpayers turning age 73 in 2025, they will need to begin taking annual distributions from their retirement accounts. Although retirees taking a Required Minimum Distribution (RMD) from their pre-tax retirement accounts and non-Roth IRAs must do so by December 31 in the year a taxpayer turns 73, they can defer their first-year payment
- [AR Practice Solutions can help Behavioral Health Professionals with Billing and Receivables](https://schwartzaccountants.com/2025/01/ar-practice-solutions-can-help-behavioral-health-professionals-with-billing-and-receivables/) - AR Practice Solutions has a strong track record of providing tailored solutions to behavioral health care practitioners. They understand that efficient medical billing is essential for the success of your healthcare practice and make it a priority to alleviate the complexities of revenue cycle management, ensuring you receive accurate and timely reimbursements, allowing you to
- [UPDATE on BOI Requirements](https://schwartzaccountants.com/2025/01/update-on-boi-requirements/) - Effective January 1, 2024, the Corporate Transparency Act (CTA) established a new filing requirement for small business, including S-Corporations and LLCs. Qualifying businesses must file a Beneficial Owner Information (BOI) report with Financial Crimes Enforcement network (FinCEN), a bureau under the Department of Treasury. According to the bureau’s website, the expectation is that nearly all small businesses will
- [WHY ADJUSTING YOUR DENTAL PRACTICE FEES FOR THE NEW YEAR IS ESSENTIAL](https://schwartzaccountants.com/2025/01/why-adjusting-your-dental-practice-fees-for-the-new-year-is-essential/) - By George Baker, Executive Coach As a private dental practice owner, you deliver top-notch patient care. However, running a successful practice is more than just providing excellent treatment—it’s also about maintaining financial health. A vital part of this process is ensuring your fees align with your costs, the quality of care you provide, and regional market
- [4th Quarter Estimated Tax Payments are due Wednesday, January 15,2025](https://schwartzaccountants.com/2025/01/4th-quarter-estimated-tax-payments-are-due-wednesday-january-152025/) - You can pay your Federal Estimates online at https://www.irs.gov/payments For anyone paying estimated taxes, we now recommend that you make those payments online. Doing so is much safer than sending the IRS a check, and you receive an instant confirmation that the payment has been processed. Sadly, the IRS hasn’t done a great job processing their mail
- [2025 Personal Financial Planning Tips](https://schwartzaccountants.com/2025/01/2025-personal-financial-planning-tips/) - Personal financial planning is an ongoing process. Financially speaking, 2024 was mostly good news for many of us. The stock market is once again at an all-time high, which is great for people who remained invested. And while real estate remains expensive around most of the country, interest rates have finally started dropping again. What is
- [A series of Financial Planning Webinars to be presented by First National Advisors](https://schwartzaccountants.com/2024/12/a-series-of-financial-planning-webinars-to-be-presented-by-first-national-advisors/) - Alex Oliver, CFP, CRPS from First National Advisors will again be presenting a series of on-line financial planning info sessions offered free to our clients to attend this winter. For those individuals that are interested, please register at the link below. Additional information is provided on each session on the registration site. https://www.fncadvisor.com/webinars Each webinar is
- [‘Tis the season’ for on-line holiday shoppers to be extra cautious and on high alert regarding cyber criminals](https://schwartzaccountants.com/2024/12/tis-the-season-for-on-line-holiday-shoppers-to-be-extra-cautious-and-on-high-alert-regarding-cyber-criminals/) - The IRS recently posted on their website guidance for taxpayers during this busy holiday shopping time of year. Below is an excerpt from that IRS post that provides a summary of items to be aware of as well as guidance for taxpayers as they navigate the web during their on-line shopping campaign. The full post
- [5 year-end planning tips to consider before December 31, 2024](https://schwartzaccountants.com/2024/12/5-year-end-planning-tips-to-consider-before-december-31-2024/) - Below are a few “last minute” tax planning ideas for taxpayers to consider before 2024 closes out. For any specific questions or follow-up thoughts regarding the planning items listed below and your specific tax situation, please contact your tax professional in our office to schedule a phone call or meeting before year-end. Revising quarter 4
- [Corporate Transparency Act BOI Reporting Obligations Halted](https://schwartzaccountants.com/2024/12/corporate-transparency-act-boi-reporting-obligations-halted/) - By Attorneys Abbygale Martinen Dow and Mark Ventola of Sheehan Phinney | The Business Law Firm A federal judge in Texas has instituted a nation-wide injunction, halting the enforcement of the Corporate Transparency Act (“CTA”) and its associated Reporting Rule, which required “reporting companies” to submit reports to the Financial Crimes Enforcement Network (“FinCEN”) detailing
- [I-BOND INTEREST RATES ADJUSTED TO 3.11%:](https://schwartzaccountants.com/2024/12/i-bond-interest-rates-adjusted-to-3-11/) - We first wrote about I-Bonds in an article included with our November Newsletter available at: https://schwartzaccountants.com/2021/11/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 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 bond funds to decline in value too. According
- [TEN TIPS TO CUT YOUR 2024 TAXES](https://schwartzaccountants.com/2024/12/ten-tips-to-cut-your-2024-taxes/) - As the year winds down, now is the time to take steps to cut your 2024 tax bill while being mindful to not defer so much taxable income that you push yourself into the next tax bracket in 2025. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the
- [IRS ANNOUNCES SMALL INCREASES TO RETIREMENT SAVINGS LIMITS FOR 2025:](https://schwartzaccountants.com/2024/12/irs-announces-small-increases-to-retirement-savings-limits-for-2025/) - Earlier this month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2025, with many of these tax advantaged savings opportunities increasing slightly from the 2023 limits. Most working professionals have access to a 401k plan or 403b plan at work. Amounts contributed to these plans generally reduce your taxable earnings
- [IRS GRANTS MORE TIME TO FILE AND PAY FOR THOSE LIVING IN DISASTER AREAS](https://schwartzaccountants.com/2024/11/irs-grants-more-time-to-file-and-pay-for-those-living-in-disaster-areas/) - IR-2024-266, Oct. 11, 2024 In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service today reassured victims that it stands ready to provide the tax-related assistance they need to recover from these storms. IRS.gov has a variety of information to help disaster victims navigate
- [Hiring Your Child?](https://schwartzaccountants.com/2024/11/hiring-your-child/) - If you run your own business (Sole Proprietor-Schedule C,) hiring your child can be a tax savings tool. Here are some items to consider: If you hire your child as an employee, you may deduct their salary from your business income as a business expense. If your child is under 18, you won’t have to
- [RICK’S TAX TIPS](https://schwartzaccountants.com/2024/11/ricks-tax-tips/) - SEP-IRAs and SIMPLE IRAs are now allowed to include Roth accounts. Employers that have established either a SEP-IRA or SIMPLE IRA plan are now allowed to fund the retirement contributions into a Roth version of these accounts for themselves and their employees. The Roth funding also includes the employer matching and nonelective contributions for those
- [PAYROLL SCAM ALERT](https://schwartzaccountants.com/2024/11/payroll-scam-alert/) - By Greta Malstrom, Payroll Manager at Schwartz & Schwartz Recently we received direct deposit change information for an employee of one of our payroll clients. The email was sent to the client which the client then forwarded to us. Turns out the email to the client was from a scammer, not the employee. The fraudster
- [SOCIAL SECURITY MAX INCREASES TO $176,100 FOR 2025](https://schwartzaccountants.com/2024/11/social-security-max-increases-to-176100-for-2025/) - Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2025, the maximum wage base jumps to $176,100, an increase of $7,500, or 4.3%, over the max of $168,600 that was in place for 2024. At a rate of 6.2%, the maximum Social Security tax that your employer will withhold
- [Please Keep in Mind for the end of the Calendar Year These Important Contribution Changes for 2024 ](https://schwartzaccountants.com/2024/10/please-keep-in-mind-for-the-end-of-the-calendar-year-these-important-contribution-changes-for-2024/) - By Brandon DeRosa, Staff Accountant at Schwartz & Schwartz 401(k) contributions: Individuals can contribute up to $23,000 to 401(k) plans in 2024 (up from $22,500 in 2023). If you are 50 or older, you can contribute up to $30,500. IRA contributions: The annual contribution limit for IRAs in 2024 is $7,000 (up from $6,500 in 2023). If
- [The Rule of 72.](https://schwartzaccountants.com/2024/10/the-rule-of-72/) - If you have adolescent or young adult children that you think would benefit from some easy-to-understand financial guidance, teach them about the rule of 72. The Rule of 72 is a financial tool that can provide an investor an estimate of how many years it will take to double their investment simply by dividing 72
- [Unusual and encouraging tax news for pet owners may be on the horizon.](https://schwartzaccountants.com/2024/10/unusual-and-encouraging-tax-news-for-pet-owners-may-be-on-the-horizon/) - Frequently each tax season, a client will jokingly ask me if they can claim their pet as a dependent on their tax return. Unfortunately, the answer is always “no”. However, a recently proposed congressional bill provides some hopeful news for many pet owners. With the goal being to provide financial assistance toward the increasing costs
- [If you had gambling winnings this year, consider it a “Fair Bet” that the income won should be reported on your tax return.  ](https://schwartzaccountants.com/2024/10/if-you-had-gambling-winnings-this-year-consider-it-a-fair-bet-that-the-income-won-should-be-reported-on-your-tax-return/) - The past several years have seen an explosion of gambling opportunities for taxpayers. Local casinos have sprung up throughout the USA. A current count reports 44 states offering legalized casinos, either commercial or tribal run. And on-line sports betting sites such as FanDuel and DraftKings Sportsbook, among others, have become popular sites for people to
- [SEP-IRAs and SIMPLE IRAs are now Allowed to Contribute to Roth Accounts.](https://schwartzaccountants.com/2024/10/sep-iras-and-simple-iras-are-now-allowed-to-contribute-to-roth-accounts/) - Beginning after the 2022 tax year, employers that had established either a SEP-IRA or SIMPLE IRA plan that they funded annually for themselves as well as for their employees are now allowed to fund the retirement contributions into a Roth account for themselves and their employees. The Roth funding also includes the employer matching and
- [How To Grow Your Dental Practice During Challenging Times](https://schwartzaccountants.com/2024/10/how-to-grow-your-dental-practice-during-challenging-times/) - By Frank Clark, Executive Coach – Fortune Management Challenging times are ahead of you. They are inevitable. The dental industry faces internal and external threats and changes in the national and local economies. It is essential to ensure you are well-prepared to grow your practice. Challenges Changes include supply chain disruptions, inflation, workforce shortages, an
- [Personal Tax Returns on Extension Due 10/15](https://schwartzaccountants.com/2024/10/personal-tax-returns-on-extension-due-10-15/) - Just a reminder that your 2023 tax return needs to be filed by Tuesday, October 15. With the partnership and S-Corp extension filing date of 9/16 behind us, taxpayers that were waiting on late K-1’s should have received them by now. And, if you operate your practice as a sole proprietor and had us file an
- [How Should Employers Pay out Group Health Insurance Rebates?](https://schwartzaccountants.com/2024/10/how-should-employers-pay-out-group-health-insurance-rebates/) - By Greta Malstrom, Payroll Manager at Schwartz & Schwartz The Affordable Care Act (ACA) established medical loss ratio (MLR) rules to help control health care coverage costs and ensure that enrollees receive value for their premium dollars. If your practice is eligible for the rebate, you will receive (or may have already received) a rebate
- [Recently Enacted Ban of Non- Complete Agreements has be Put on Hold](https://schwartzaccountants.com/2024/10/recently-enacted-ban-of-non-complete-agreements-has-be-put-on-hold/) - By Attorney Ben Larkin, Managing Partner of Optimal Practice Transitions In April of 2024, the Federal Trade Commission announced what it called its “Final Non-Compete Clause Rule” or “Final Rule,” which banned most post-employment non-compete clauses between employers and their employees. The rule was to become effective on September 4, 2024. Did the rule apply
- [Ten Tax Saving Ideas and Opportunities For Young Professionals and Recent College Grads](https://schwartzaccountants.com/2024/09/ten-tax-saving-ideas-and-opportunities-for-young-professionals-and-recent-college-grads/) - Did your son or daughter recently graduate from a college or university in the past year or two? If so, take a look at some of the planning opportunities listed below that may benefit your child as they transition from student to employee Recent graduates that expect to work no more than 245 calendar days,
- [Time for a Mid-Year “Check-Up” With Your Tax Preparer to Prevent Any Big Surprises Next Winter](https://schwartzaccountants.com/2024/09/time-for-a-mid-year-check-up-with-your-tax-preparer-to-prevent-any-big-surprises-next-winter/) - September is a perfect time to begin the process of reviewing your year-to-date taxable income and allowed deductions for 2024, as well as projecting your income and deductions for the remainder of the year. We recommend taking a look at your year to date paystub, deductions and other income amounts throughout the year to help
- [A New Tax Planning Opportunity For Taxpayers Ages 60 – 63 Kicks In 1/1/25](https://schwartzaccountants.com/2024/09/a-new-tax-planning-opportunity-for-taxpayers-ages-60-63-kicks-in-1-1-25/) - Anyone 50 or older and still working can put away extra money each year into their 401k, 403b or SIMPLE IRAs as “catch-up contributions” into their retirement account. For 2024 the catch-up contribution amount is $7,500 for 401k’s and 403b’s. Starting in 2025, taxpayers who are the age of 60, 61, 62 or 63 will
- [Massachusetts Enacts Wage Equity Legislation For Businesses With 25 Or More Employees](https://schwartzaccountants.com/2024/09/massachusetts-enacts-wage-equity-legislation-for-businesses-with-25-or-more-employees/) - More regulations are on the way for larger practice owners with 25 or more employees. According the state’s press release issued on 7/31/25 and available at: Governor Healey Signs Wage Equity Legislation | Mass.gov: Governor Maura T. Healey today signed into law An Act relative to salary range transparency (H.4890), which increases equity and transparency in pay
- [Q3 Estimates Due 9/15](https://schwartzaccountants.com/2024/09/q3-estimates-due-9-15/) - Third quarter estimated taxes are due 9/15. If we set up for you to pay quarterly estimates, you can find out the amounts we set up for you to pay in your Tax Caddy. Please call our office at 781-938-0045 if you need help accessing Tax Caddy. For anyone paying estimated taxes, we now recommend
- [A New Tax Planning Opportunity For Taxpayers Aged 60 – 63 Kicks In 1/1/25](https://schwartzaccountants.com/2024/09/a-new-tax-planning-opportunity-for-taxpayers-aged-60-63-kicks-in-1-1-25/) - Anyone 50 or older and still working can put away extra money each year into their 401k, 403b or SIMPLE IRAs as “catch-up contributions” into their retirement account. For 2024 the catch-up contribution amount is $7,500 for 401k’s and 403b’s. Starting in 2025, taxpayers who are the age of 60, 61, 62 or 63 will
- [Deadline To OPT Into $5.6B MC/VISA Settlement  Delayed Again Until 2/4/25](https://schwartzaccountants.com/2024/09/deadline-to-opt-into-5-6b-mc-visa-settlement-delayed-again-until-2-4-25/) - More good news for procrastinators and class action skeptics. The 8/30/24 deadline to register your practice to receive a tiny percentage of a whopping $5.6 billion settlement related to merchant fees paid between 1/1/2004 and 1/25/2019 has been extended by 180 days to 2/4/25. You can opt into the settlement by clicking on the Submit
- [Beginning in 2025, a New Tax Planning Incentive for Taxpayers Aged 60 – 63 will be Available](https://schwartzaccountants.com/2024/08/beginning-in-2025-a-new-tax-planning-incentive-for-taxpayers-aged-60-63-will-be-available/) - Employees that are age 50 or older are allowed to make an annual salary deferral catch-up contribution into their retirement plan. For 2024 the catch-up contribution amount is $7,500. Beginning in the year 2025, taxpayers who are the age of 60, 61, 62 or 63 will be allowed a catch-up contribution capped at the greater
- [Consider Budgeting Your Estimated Tax Payments and Retirement Plan Contributions When You are Self-Employed](https://schwartzaccountants.com/2024/08/consider-budgeting-your-estimated-tax-payments-and-retirement-plan-contributions-when-you-are-self-employed/) - A common financial challenge many self-employed individuals contend with annually each spring is the struggle to come up with enough cash to close out the previous year’s taxes, fund their retirement contribution for the prior year, and begin making estimated tax payments for the current year. This all to frequent scenario includes writing checks to
- [More Stringent Substantiation Rules May be Forthcoming with Regard to Claiming the Energy Efficient Home Improvement Credit](https://schwartzaccountants.com/2024/08/more-stringent-substantiation-rules-may-be-forthcoming-with-regard-to-claiming-the-energy-efficient-home-improvement-credit/) - Effective beginning in 2023, taxpayers are allowed to claim a tax credit, capped at the amount of $3,200 annually, for home improvement expenses on their primary residence. Prior to this revised tax credit and under the old tax rules, taxpayers were allowed only a lifetime tax credit for such home improvement costs capped at $500.
- [A Change to Quarterly Estimated Tax Payment Due Dates May be on the Horizon](https://schwartzaccountants.com/2024/08/a-change-to-quarterly-estimated-tax-payment-due-dates-may-be-on-the-horizon/) - Under the current tax system, quarterly estimated tax payment due dates fall on 4/15, 6/15, 9/15, and 1/15; which don’t quite match up with the actual quarter end dates throughout the year. Proposed legislation recently introduced as part of a bill in Congress seeks to establish more uniformity for the periodic payment dates – changing
- [The Residential Clean Energy Credit Remains a “HOT” Item for Taxpayers](https://schwartzaccountants.com/2024/08/the-residential-clean-energy-credit-remains-a-hot-item-for-taxpayers/) - One of the more significant tax credits available for taxpayers results from the purchase and installation of the following categories of energy property: solar water heating, solar electric panels, fuel cells, small wind energy/wind turbines, geothermal heat pumps, and qualified battery storage technology. The costs that qualify for this tax credit include both the cost
- [We Can Help: Clock Is Ticking to Sign Onto $5.6B MC/Visa Settlement](https://schwartzaccountants.com/2024/08/we-can-help-clock-is-ticking-to-sign-onto-5-6b-mc-visa-settlement/) - 8/30/24 is the Deadline to Opt into $5.6B Visa and Mastercard Settlement The 8/30/24 deadline is quickly approaching to register your practice to receive a tiny percentage of a whopping $5.6 billion settlement related to merchant fees paid between 1/1/2004 and 1/25/2019. You can opt into the settlement by clicking on the Submit a Claim
- [Take Moment To Check That You Are On Track To Max Out Your 2024 Retirement Plan Salary Deferrals](https://schwartzaccountants.com/2024/08/take-moment-to-check-that-you-are-on-track-to-max-out-your-2024-retirement-plan-salary-deferrals/) - Contributing to a retirement plan is one of the best tax shelters available to people during their working years. Contributions made to non-Roth accounts are tax-deductible and grow tax deferred. With the Roth option, you give up a current year tax deduction in exchange for tax-free growth. Most retirement plans offered by healthcare practices have
- [IRS Issues FAQs Regarding Education Assistance Programs – Including Student Loan Repayment Made By 12/31/25](https://schwartzaccountants.com/2024/08/irs-issues-faqs-regarding-education-assistance-programs-including-student-loan-repayment-made-by-12-31-25/) - IR-2024-167, June 17, 2024 WASHINGTON — The Internal Revenue Service today issued frequently asked questions (FAQs) in FS-2024-22 related to educational assistance programs. Taxpayers may exclude certain educational assistance benefits from their gross income if they are provided under an educational assistance program. Educational assistance benefits include payments for tuition, fees and similar expenses, books,
- [URGENT: The deadline to meet the Provider Relief Fund (PRF) Self-Reporting Requirement is September 30th](https://schwartzaccountants.com/2024/08/urgent-the-deadline-to-meet-the-provider-relief-fund-prf-self-reporting-requirement-is-september-30th/) - Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between January 1, 2023 and June 30, 2023 are required to self-report during Reporting Period 7 (RP7) which runs through September 30th. Providers who fail to comply with this requirement by September 30, 2024 will be deemed out of compliance with
- [Key Tax Deductions for the Self-Employed](https://schwartzaccountants.com/2024/07/key-tax-deductions-for-the-self-employed/) - Two key tax deductions taxpayers shouldn’t overlook when they are self-employed: automobile deductions and home office deductions. One major tax advantage that self-employed individuals have over W-2 employees is that self-employed taxpayers can deduct their business expenses incurred in the course of operating their business. W-2 employees cannot. As of the passing of the Tax
- [Don’t Miss Out on Retirement Planning If You're Self-Employed](https://schwartzaccountants.com/2024/07/dont-miss-out-on-retirement-planning-if-your-self-employed/) - Many of our clients are self-employed; most commonly working in their own private practice, providing consulting services or holding positions as locum tenens. And often, this group of self-employed taxpayers have no employees. For our small business self-employed taxpayers, the two retirement planning options that typically work best are either a SEP-IRA or a solo
- [Solo 401(k) Filing Reminder](https://schwartzaccountants.com/2024/07/solo-401k-filing-reminder/) - For self-employed individuals and business entities that have a Solo 401(k) as their company retirement plan, don’t forget to file with the IRS your company Form 5500-EZ if the plan’s asset value is $250,000 or greater at the end of the 2023 calendar year. If at that value or higher, filing a Form 5500-EZ, Annual
- [Upcoming Deadlines For Practice Owners](https://schwartzaccountants.com/2024/06/upcoming-deadlines-for-practice-owners-2/) - Everything takes time and nothing these days seems to be easy. With that in mind, please be aware of the following deadlines coming up during the second half of 2024: 12/31/24: Filing the Beneficial Owner Information Report: In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying
- [Massachusetts Wants to Pay For Your Staff Training](https://schwartzaccountants.com/2024/06/massachusetts-wants-to-pay-for-your-staff-training/) - Did you know that Massachusetts offers a Workforce Training Fund Program called the Express Program that provides employers with fast, simple access to grant-funded training? Only businesses with 100 or fewer Massachusetts employees are eligible for full reimbursement of up to $3k per employee/per course for the training, capped at $20k of reimbursements per calendar
- [Attracting and Hiring the Best: A Guide for Modern Leaders](https://schwartzaccountants.com/2024/06/attracting-and-hiring-the-best-a-guide-for-modern-leaders/) - From Guest Writer Don Khouri, Fortune Management Executive Coach In today's rapidly evolving job market, attracting and retaining top talent is about creating an environment where employees feel trusted, valued, and excited about their contributions. In other words, it is more than just offering a great salary. Here’s how you can build an incredible team,
- [Upcoming Deadlines for Practice Owners](https://schwartzaccountants.com/2024/06/upcoming-deadlines-for-practice-owners/) - Everything takes time and nothing these days seems to be easy. With that in mind, please be aware of the following deadlines coming up during the second half of 2024: 12/31/24: Filing the Beneficial Owner Information Report: In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying
- [New MANDATORY Filing for Business Entities including Single Member LLCs](https://schwartzaccountants.com/2024/01/new-mandatory-filing-for-business-entities-including-single-member-llcs/) - Small businesses can now add another filing requirement onto their “to do” list. Back in 2021 Congress passed the Corporate Transparency Act (CTA) placing an additional new reporting requirement upon small businesses. This new reporting requirement begins in 2024 and comes along with strict filing due dates. The purpose of the CTA is the requirement
- [Guidance on Completing Your Child’s Form W-4 for Their Summer Job](https://schwartzaccountants.com/2024/06/guidance-on-completing-your-childs-form-w-4-for-their-summer-job/) - When your child begins their summer job and will be paid as a W-2 employee, their new employer will require them to complete a Form W-4, Employee’s Withholding Certificate. The purpose of the form is to instruct the employer how to withhold income taxes from your child’s weekly paycheck. However, if your child’s expected wages
- [Planning for Your Child’s Upcoming Semester Abroad](https://schwartzaccountants.com/2024/06/planning-for-your-childs-upcoming-semester-abroad/) - Although your child may have just returned home from college in the past few weeks, it’s probably on your radar to begin planning for your college payments for the upcoming semester in the fall or perhaps a summer program. But what if attending a foreign university abroad is the plan for your child’s next semester.
- [Business Owners Should Consider Hiring Their Kids This Summer](https://schwartzaccountants.com/2024/06/business-owners-should-consider-hiring-their-kids-this-summer/) - If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll. Below are 5 key tax benefits and retirement planning opportunities that families will qualify for when shifting earned income within the family by hiring their children as employees of their small business. 1. Income received
- [Returning Money to a 529 Plan](https://schwartzaccountants.com/2024/06/returning-money-to-a-529-plan/) - If you run into a situation where your child stops attending their college or university part way through a semester and as a result tuition and other college costs that were paid using your child’s 529 plan are returned to you, what options are available to you with regard to this unexpected refund of college
- [Take 10 Minutes to Comply with the New CTA Rules With These 12 Easy Steps](https://schwartzaccountants.com/2024/04/take-10-minutes-to-comply-with-the-new-cta-rules-with-these-12-easy-steps-2/) - In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying small businesses, including S-Corps and LLC, to disclose certain identifying information on “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN). Penalties for noncompliance are extremely steep, so we are strongly urging all small business owners
- [I-Bond Interest Rates Adjusted Down To 4.28% Effective 5/1/24](https://schwartzaccountants.com/2024/05/i-bond-interest-rates-adjusted-down-to-4-28-effective-5-1-24/) - We first wrote about I-Bonds in an article included with our November Newsletter available at: https://schwartzaccountants.com/2021/11/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 park some extra money if you are worried about the short-term prospects for the stock market (which are now at record high levels) and are nervous that increasing interest rates will cause bond
- [Plan Ahead To Use 529 Contributions To Fund A Roth IRA For Your Child](https://schwartzaccountants.com/2024/05/plan-ahead-to-use-529-contributions-to-fund-a-roth-ira-for-your-child-2/) - Beginning in 2024 excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA for the beneficiary. For families who contributed to 529 college savings plans for their children and did not fully exhaust the accounts while paying for qualified education expenses, there is a new
- [Estimated Taxes For 2nd Quarter Due 6/17/24](https://schwartzaccountants.com/2024/05/estimated-taxes-for-2nd-quarter-due-6-15-24/) - If we set up for you to pay quarterly estimated taxes, please make your Q2 payments by June 17. Generally, taxpayers who are self-employed, are shareholders in S-Corporations that typically pay out distributions in addition to the wages paid to the owners, are partners in profitable partnerships, and/or report a good amount of investment income
- [Five Common Hiring Mistakes to Avoid Dental Staff Recruitment](https://schwartzaccountants.com/2023/10/five-common-hiring-mistakes-to-avoid-dental-staff-recruitment/) - From guest writers at Fortune Management Hiring the right candidates is crucial for any job, and it holds particular significance when it comes to building a skilled dental team. Making hiring mistakes can lead to inefficiencies and disruptions in your dental practice. In this article, we'll explore five major hiring mistakes to avoid when bringing
- [Beyond The Operatory: Five Ways to a Successful Dental Practice](https://schwartzaccountants.com/2024/01/beyond-the-operatory-five-ways-to-a-successful-dental-practice/) - By Guest Writer Ayla Narayan, RDH, Fortune Management Executive Coach At Fortune Management, we have the privilege of a front row seat to the evolution of dentistry. What we know is that you, the dentist, in addition to being oral health experts, often take on the role of business owners. Managing a dental practice goes
- [Treatment Acceptance: Three Language Strategies to Overcome Objections](https://schwartzaccountants.com/2024/02/treatment-acceptance-three-language-strategies-to-overcome-objections/) - By Guest Writer Frank Clark, Executive Coach, Fortune Management In dentistry, treatment acceptance can often be met with hesitation or objections from patients. Understanding and effectively responding to these objections is crucial for dental professionals. Here are three powerful language strategies to navigate and overcome common objections in dental treatment acceptance. Reframing: One of the
- [ADA Announces New Resource For Addressing Your Wellbeing](https://schwartzaccountants.com/2024/04/ada-announces-new-resource-for-addressing-your-wellbeing/) - Important news for dentists including those who are clients of Schwartz and Schwartz! The ADA has just made available a valuable resource for assessing and addressing your wellbeing. Clinical practice is rewarding yet challenging: 46% of dentists are distressed. If you are an ADA member, you can assess your distress at no cost with a high-quality
- [Empowering Leadership: Four Steps to Elevate Your Dental Practice](https://schwartzaccountants.com/2024/04/empowering-leadership-four-steps-to-elevate-your-dental-practice/) - By Guest writer George Baker, Dental Executive Coach What does leadership mean to you? Is it about simply getting tasks done, ensuring others do their part, or fostering a collaborative effort where everyone achieves together? At Fortune, we champion a leadership philosophy that emphasizes cultivating leaders who, in turn, empower their teams. Because when you
- [FTC Invalidates Almost All Non-Competes, Including Those In Existing Contracts](https://schwartzaccountants.com/2024/05/ftc-invalidates-almost-all-non-competes-including-those-in-existing-contracts/) - By Guest writer Dental Attorney Jonathan Eskow Whether you are a practice owner, partner, or associate/employee, there is a good chance that a restrictive covenant or non-compete agreement has been part of your practice dynamic. The paradigm of restrictive covenants has left a lot of confusion and differing ideas in the past: Will this covenant
- [ADA Announces New Resource For Addressing Your Wellbeing](https://schwartzaccountants.com/2024/05/ada-announces-new-resource-for-addressing-your-wellbeing-2/) - By Guest writer Diana L. Dill Ed.D., Licensed psychologist The American Dental Association is embarked on a drive to strengthen the wellbeing of dentists. There is a new resource available to ADA members where you can access a 1-minute wellbeing assessment free of charge and find appropriate resources. Learn more at: Well Being Index (youtube.com)
- [5/31 Deadline To Opt Into $5.6b Visa And Mastercard Merchant Fee Settlement Extended Until 8/30/24](https://schwartzaccountants.com/2024/05/5-31-deadline-to-opt-into-5-6b-visa-and-mastercard-merchant-fee-settlement-extended-until-8-30-24/) - Good news for procrastinators and class action skeptics. You now have until 8/30 to register your practice to receive a tiny percentage of a whopping $5.6 billion settlement related to merchant fees paid between 1/1/2004 and 1/25/2019. According to the website for this class action settlement: www.paymentcardsettlement.com: Updated May 14, 2024: In an Order dated May
- [It May Be Time for a Quick "Check-Up"](https://schwartzaccountants.com/2024/05/it-may-be-time-for-a-quick-check-up/) - Did you: have either a large balance due or refund received on your 2023 tax return change jobs the beginning of 2024 change your marital status this year? If so, we recommend contacting your tax preparer to see if any adjustments may need to be made to the taxes withheld from your pay or to your quarterly estimated
- [Tax FAQs: Per Diem Rates and Sales Tax](https://schwartzaccountants.com/2024/05/tax-faqs-per-diem-rates-and-sales-tax/) - Here are some commonly asked tax questions we received lately along with our responses: Q: I’ll be traveling abroad for business soon and want to base my deduction for meals on the Per Diem rates instead of keeping track of all my meal receipts. Where can I find the updated Per Diem Rates? A: Each
- [Still Need to File a tax Return for Your Child's W-2 They Received in January?](https://schwartzaccountants.com/2024/05/still-need-to-file-a-tax-return-for-your-childs-w-2-they-received-in-january/) - Frequently, children may need to file a tax return when they work a summer or part-time job while in school. And although their income often is below the filing requirement threshold of owing any income tax, filing a tax return would be primarily to get the federal and state withheld taxes from their pay refunded
- [Be Sure to Check Your Paystub During the Year](https://schwartzaccountants.com/2024/05/be-sure-to-check-your-paystub-during-the-year/) - “Surprises” on employee paychecks, though generally infrequent, do occur. A few items to check throughout the year on your paystub to be sure your payroll company is reporting income and deductions accurately per your instructions throughout the year: Are your federal and state withheld taxes being withheld at the rate requested per your current W-4
- [Still Waiting on Your 2023 US Tax Refund?](https://schwartzaccountants.com/2024/05/still-waiting-on-your-2023-us-tax-refund/) - Most federal tax refunds are issued by the IRS within 21 days of filing a tax return. However, there are infrequent situations when the IRS needs more time than normal to review a tax return and issue a refund. The IRS has a simple to use tool on their website for taxpayers that are waiting
- [Need to Pay Quarterly Estimated Tax Payments?](https://schwartzaccountants.com/2024/05/need-to-pay-quarterly-estimated-tax-payments/) - The IRS offers a quick and easy way to make your quarterly estimated tax payments online using their Direct Pay tool: https://www.irs.gov/payments/direct-pay Taxpayers can make a variety of tax federal payments via this IRS on-line payment tool, such as tax return balances due, estimated tax payments, tax balances owed as a result of an IRS
- [Now Available Online - Watch Alex's Recent Financial Webinars](https://schwartzaccountants.com/2024/05/now-available-online-watch-alexs-recent-financial-webinars/) - If you missed any of Alex Oliver's great webinars this tax season, don't worry! We've posted recordings of them on our Webinar Library: INVESTMENT VISION FOR 2024 What does the climate look like for investing in 2024? Last year saw a rally in stocks amidst rising interest rates and tempering inflation. The Ukraine war continued,
- [Payroll and HR FAQs: PFML for an employee and Terminating an employee](https://schwartzaccountants.com/2024/04/payroll-and-hr-faqs-pfml-for-an-employee-and-terminating-an-employee/) - Here are some questions frequently asked to our payroll team and the response provided by our payroll manager, Greta. Q: I have one part time employee who is pregnant and wants to have the PMFL. Please let me know what I need to do. Do I enroll her into it or does she apply on
- [DOL Simplifies ICHRAs For practice Owners Looking to Provide Health Insurance](https://schwartzaccountants.com/2024/05/dol-simplifies-ichras-for-practice-owners-looking-to-provide-health-insurance/) - Attracting and retaining staff for your practice has never been more challenging. There are fewer potential staff members to hire, and those looking to work are being offered higher salaries and more comprehensive benefit packages from your competitors; especially those practices owned by large corporations and private equity. Most offices do offer retirement plans for
- [Planning to Make Any Energy Efficient Home Improvements This Year?](https://schwartzaccountants.com/2024/05/planning-to-make-any-energy-efficient-home-improvements-this-year/) - Planning to make some energy efficient home improvements this year? If so, you have probably heard that doing so provides homeowners with some nice tax credits. Spoiler alert - like many of our tax rules, figuring out how to maximize these tax credits can be a little bit confusing. To try to get a sense
- [Braving the Seasons of Your Business](https://schwartzaccountants.com/2024/05/braving-the-seasons-of-your-business/) - By Guest writer Ayla Narayan, Executive Coach, Fortune Management Every year we watch as the seasons come and go. In the northeast, spring brings with it an energy of renewal, washing away the dank cold of winter. We can notice subtle changes with the tiny buds sprinkled across tree limbs on the first warm sunny
- [Urgent: March 31st is Deadline to Satisfy Next Round of PRF Self-Reporting](https://schwartzaccountants.com/2024/03/urgent-march-31st-is-deadline-to-satisfy-next-round-of-prf-self-reporting/) - Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between July 1, 2022 and December 31, 2022 are required to self-report during Reporting Period 6 (RP6) which closes on March 31st. Providers who fail to comply with this requirement by March 31, 2024 will be deemed out of compliance with
- [Updated List of Tax Credits for EV Vehicles Purchased in 2023 or After](https://schwartzaccountants.com/2024/03/updated-list-of-tax-credits-for-ev-vehicles-purchased-in-2023-or-after/) - All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500.
- [March 15th Deadline for S-Corporations and Partnerships to File and Fund, or Extend](https://schwartzaccountants.com/2024/03/march-15th-deadline-for-s-corporations-and-partnerships-to-file-and-fund-or-extend-2/) - 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 by March 15th gets very expensive very quickly.
- [Take 10 Minutes to Comply with the New CTA Rules With These 12 Easy Steps](https://schwartzaccountants.com/2024/03/take-10-minutes-to-comply-with-the-new-cta-rules-with-these-12-easy-steps/) - In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying small businesses, including S-Corps and LLC, to disclose certain identifying information on “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN). Penalties for noncompliance are extremely steep, so we are strongly urging all small business owners
- [Locum Tenens Tax Guide Updated For 2023 & 2024 Now Available for Download](https://schwartzaccountants.com/2024/03/locum-tenens-tax-guide-updated-for-2023-2024-now-available-for-download/) - Recently, Andrew Schwartz CPA presented at his annual webinar sponsored by Barton Associates, the Locum Tenens Experts, on the tax issues and basic financial planning opportunities applicable to Locum Tenens providers. Much of the information presented is relevant to all self-employed professionals even those not working as Locum Tenens providers. The webinar covers these tax
- [Free Financial Webinars Presented by Alex Oliver, CFP, CRPS](https://schwartzaccountants.com/2024/02/free-financial-webinars-presented-by-alex-oliver-cfp-crps/) - Our friends at First National Corporation are offering free financial webinars this tax season. REGISTER FOR ONE OR MORE OF THESE WEBINARS AT www.FNCAdvisor.com/webinars INVESTMENT VISION FOR 2024 ~ WATCH RECORDING FROM FEBRUARY 15 What does the climate look like for investing in 2024? Last year saw a rally in stocks amidst rising interest rates
- [Watch Andrew’s Annual Locum Tenens Webinar with Barton Associates](https://schwartzaccountants.com/2024/02/watch-andrews-annual-locum-tenens-webinar-on-2-7/) - Each winter, Barton Associates, the Locum Tenens Experts, invites Andrew Schwartz CPA to present a live webinar on the tax issues and basic financial planning opportunities applicable to Locum Tenens providers. Much of the information presented is relevant to all self-employed professionals even those not working as a Locum Tenens provider. Held on February 7
- [Locum Tenens Webinar Feb 7](https://schwartzaccountants.com/2024/01/locum-tenens-webinar-feb-7/) - Are you a Locum Tenens 1099 contractor? You won't want to miss Andrew Schwartz's webinar on February 7 at 3pm sponsored by Barton Associates. Andrew will be focusing on the tax implications of working as a locum tenens and what steps you should take. Registration is now open at: https://bartonassociates.zoom.us/webinar/register/5217049113319/WN_CNCJcB_hQ2OL2xTSanT1Ag#/registration
- [Attract and Retain Staff and Associates by Offering to Pay Down Their Student Loans](https://schwartzaccountants.com/2024/02/attract-and-retain-staff-and-associates-by-offering-to-pay-down-their-student-loans/) - As we wrote a few years back during COVID, the CARES act included a provision allowing employers to repay up to $5,250 of their employee’s student loans as a tax-free benefit. That’s a great benefit for any staff member burdened with student loan debt. Practice owners win too since they can write off the full
- [Urgent! March 31st is the Deadline to Satisfy Next Round of PRF Self-Reporting](https://schwartzaccountants.com/2024/02/prfdeadline/) - Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between July 1, 2022 and December 31, 2022 are required to self-report during Reporting Period 6 (RP6) which runs through March 31st. Providers who fail to comply with this requirement by March 31st, 2024 will be deemed out of compliance with
- [Paying For Translation Services Qualifies for Disability Access Tax Credit](https://schwartzaccountants.com/2024/02/paying-for-translation-services-qualifies-for-disability-access-tax-credit/) - As per the Americans with Disabilities Act (ADA), businesses and nonprofit organizations that serve the public are required to provide auxiliary aids and services when needed to communicate effectively with people who have communication disabilities. The ADA requires that the person with a vision, hearing, or speech disability can communicate with, receive information from, and convey
- [Businesses Set Up After 1/1/24 Only Have 90 Days to Comply With New CTA Rules](https://schwartzaccountants.com/2024/02/businesses-set-up-after-1-1-24-only-have-90-days-to-comply-with-new-cta-rules-2/) - In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying small businesses to disclose certain identifying information on “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN). Penalties for noncompliance are extremely steep, so we are strongly urging all our clients to make CTA compliance a
- [Recent Tax Law Changes for MA Taxpayers](https://schwartzaccountants.com/2024/01/recent-tax-law-changes-for-ma-taxpayers/) - There are a few tax law chanegs for Massachusetts taxpayers that you may benefit from: This first change does not take effect until 2024. As a result of the new MA Millionaires tax assessing a 4% tax on tax return income in excess of one million dollars for MA taxpayers, MA taxpayers must complete their
- [Planning Tips for Early 2024](https://schwartzaccountants.com/2024/01/planning-tips-for-early-2024/) - Want to get a jump on planning for 2024? Here are a few tips to keep in mind: HSA Self-only coverage funding limits increases to $4,150 from $3,850. HSA Family coverage funding limits increases to $8,300 from $7,750. HSA catch-up contribution (if age 55 or older) remains at $1,000. Health FSA per individual increases to
- [4th Quarter Estimated Tax Payments Due 1/16/24](https://schwartzaccountants.com/2024/01/4th-quarter-estimated-tax-payments-due-1-16-24/) - Fourth quarter estimated taxes are due 1/16/24. If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail. For anyone paying estimated taxes, we now recommend that you make those payments online. Doing so is much safer than sending the IRS a check, and
- [RE: 2024 - Ten Prudent Personal Finance Steps To Take](https://schwartzaccountants.com/2024/01/re-2024-ten-prudent-personal-finance-steps-to-take/) - Personal financial planning is an ongoing process. Financially speaking, 2023 was another challenging year for many of us. The stock market was quite volatile this year, but ended the year near all-time highs, which is great for people who remained invested. Real estate prices around the country are teetering at their recent highs. And interest rates remained
- [Life Insurance Can Provide Cost Effective Coverage Against Future LTC Costs](https://schwartzaccountants.com/2024/01/life-insurance-can-provide-cost-effective-coverage-against-future-ltc-costs/) - By Guest Writer Cody Twombley, Financial Advisor at Integrated Financial Partners Long-term care (LTC) is a reality that many individuals may face as they age, and understanding its potential impact is essential for comprehensive financial security. Data shows that 70% of adults who survive to age 65 develop significant LTC needs before they die. Long-term
- [Businesses Set Up After 1/1/24 Only Have 90 Days To Comply With New CTA Rules](https://schwartzaccountants.com/2024/01/businesses-set-up-after-1-1-24-only-have-90-days-to-comply-with-new-cta-rules/) - In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying small businesses to disclose certain identifying information on “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN). Penalties for noncompliance are extremely steep, so we are strongly urging all our clients to make CTA compliance a
- [IRS Announces Higher Standard Mileage Rates for 2024](https://schwartzaccountants.com/2024/01/irs-announces-higher-standard-mileage-rates-for-2024/) - From IRS News IR-2023-239, Dec. 14, 2023 The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel
- [Have Significant Medical Deductions?](https://schwartzaccountants.com/2023/12/have-significant-medical-deductions/) - If you or your parents have significant medical tax deductions this year, consider this year-end tax saving idea. It is not unusual for elderly taxpayers to incur significant qualified tax-deductible medical expenses in a year related hospital stays, home healthcare and/or specialized medical care facilities. Often, these expenses are so large that the taxable income
- [How to Avoid the Underpayment of Estimated Tax Penalties on Your Personal Tax Return](https://schwartzaccountants.com/2023/12/how-to-avoid-the-underpayment-of-estimated-tax-penalties-on-your-personal-tax-return/) - As overall interest rates have crept up over the past few years, so has the interest rate assessed by the IRS on taxpayers that owe significant taxes with the filing of their personal income tax return. Going back to the first quarter of 2022 that underpayment interest rate was 3%. Gradually increasing over the past
- [Newly Enacted Retirement Option for a Household/Domestic Employer’s Employees](https://schwartzaccountants.com/2023/12/newly-enacted-retirement-option-for-a-household-domestic-employers-employees/) - Recently enacted at the end of December 2022, SECURE 2.0 incorporated numerous changes for employer and employee retirement options. As part of these changes and effective for the 2023 tax year, domestic employers are now allowed to set up and fund a SEP-IRA for their nannies, housekeepers and other domestic employees that they employ, pay
- [Student Loan Repayment Program Update](https://schwartzaccountants.com/2023/12/student-loan-repayment-program-update/) - For taxpayers and borrowers making student loan payments, they should check out the Saving on a Valuable Education (SAVE) Plan that partially went into effect this past summer. The SAVE Plan replaces the Revised Pay As You Earn (REPAYE) Plan. Additional SAVE Plan benefits are scheduled to be implemented beginning July 2024. The SAVE Plan
- [Stay Safe Shopping Online This Holiday Season](https://schwartzaccountants.com/2023/12/stay-safe-shopping-online-this-holiday-season/) - Shoppers need to remain on the alert for internet predators and scam artists while working on their holiday shopping list this time of year. As a helpful guide, the IRS has posted the following tips on their website to help protect shoppers doing their on-line shopping this holiday season. Shop at sites where the
- [Working multiple jobs in a year may result in overpaid social security taxes](https://schwartzaccountants.com/2021/12/working-multiple-jobs-in-a-year-may-result-in-overpaid-social-security-taxes/) - 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 of $8,853.60. If a taxpayer works more than one job and combined wages
- [IRS Announces Small Increases to Retirement Savings Limits For 2024](https://schwartzaccountants.com/2023/12/irs-announces-small-increases-to-retirement-savings-limits-for-2024/) - Earlier this month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2024, with most of these tax advantaged savings opportunities increasing slightly from the 2023 limits. Most working professionals have access to a 401k plan or 403b plan at work. Amounts contributed to these plans generally reduce your taxable earnings
- [Ten Tips to Cut Your 2023 Taxes](https://schwartzaccountants.com/2023/12/ten-tips-to-cut-your-2023-taxes/) - As the year winds down, now is the time to take steps to cut your 2023 tax bill while being mindful to not defer so much taxable income that you push yourself into the next tax bracket in 2024. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the
- [I-Bonds Interest Rates Adjusted to 5.27%](https://schwartzaccountants.com/2023/12/i-bonds-interest-rates-adjusted-to-5-27/) - We first wrote about I-Bonds in an article included with our November Newsletter available at: https://schwartzaccountants.com/2021/11/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 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 bond funds to decline in value too. According
- [Managing Your Charitable Donations](https://schwartzaccountants.com/2023/11/managing-your-charitable-donations/) - In addition to the personal tax deductions allowed to be claimed for medical expenses, mortgage interest, and state & local taxes paid in a year, taxpayers are allowed to claim a tax deduction for donations to charitable organizations and qualifying tax-exempt private foundations. As defined by the IRS, qualifying charitable organizations are: “Organizations organized and
- [What to do if you Unexpectedly Receive a Hard Credit Inquiry?](https://schwartzaccountants.com/2023/11/what-to-do-if-you-unexpectedly-receive-a-hard-credit-inquiry/) - Q: I just had a hard credit inquiry alert even though I did not apply for a line of credit. Any advice on what to do? A: That's unsettling. Are you sure this wasn’t something done by the lender for your practice? Assuming this is in connection with a new line of credit: 1. First
- [How to Stay Out of Trouble With the BORID](https://schwartzaccountants.com/2023/11/how-to-stay-out-of-trouble-with-the-board/) - By Guest writers Joel Rosen and Kavita Goyal, Rosen & Goyal, P.C. Dental professionals are held to high standards and are subject to oversight by the Board of Registration in Dentistry. The Board’s function is to protect the public, not to punish dentists for misconduct. The Board investigates when it receives a complaint. These complaints
- [How AI Can Transform Your Dental Practice for Enhanced Patient Care](https://schwartzaccountants.com/2023/11/how-ai-can-transform-your-dental-practice-for-enhanced-patient-care/) - By Guest Writer Don Khouri, Executive Coach, Fortune Management When I was a Junior in College in the mid-1980s, I took a full-semester, four-credit course on Artificial Intelligence (AI). AI was in its infancy, its societal implications significant but unknown. It has grown a great deal since then, and exponentially in the last year. Tools
- [Foreign Account Reporting Reminder](https://schwartzaccountants.com/2023/11/foreign-account-reporting-reminder/) - Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of
- [Social Security Max Increases to $168,600 for 2024](https://schwartzaccountants.com/2023/11/social-security-max-increases-to-168600-for-2024/) - Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2024, the maximum wage base jumps to $168,600, an increase of $8,400, or 5.2%, over the max of $160,200 that was in place for 2023. At a rate of 6.2%, the maximum Social Security taxes that your employer will withhold
- [Get a Jump on Year-End Planning](https://schwartzaccountants.com/2023/10/get-a-jump-on-year-end-planning/) - Heading into the last quarter of 2023, October is the perfect time of year to review your year-to-date paystubs in order to maximize pre-tax benefits and other withholding items. Examining your year-to-date paystub early in the final quarter of the year gives you a chance to make any needed adjustments before the opportunity passes by
- [Can I Claim as a Medical Deduction the Medical Expenses That I Paid for My Aging Parent?](https://schwartzaccountants.com/2023/10/can-i-claim-as-a-medical-deduction-the-medical-expenses-that-i-paid-for-my-aging-parent/) - Even if your parent files their own personal income tax return and doesn't meet the criteria for you to claim them as a dependent on your own tax return, you might still have the opportunity to deduct their medical expenses when you file your taxes. If you are responsible for providing more than half of
- [Did You Overfund Your Retirement for 2023?](https://schwartzaccountants.com/2023/10/did-you-overfund-your-retirement-for-2023/) - For 2023, the allowed max salary deferral for a 403b or 401k plan is $22,500 (or $30,000 if age 50 by the end of the year). If you have already funded an amount to an employer sponsored retirement plan via salary deferral, then you will be limited in your allowed salary deferral at a second
- [Practice Owners Should Move Excess Funds Sitting In the Operating Account to an Interest-Bearing Savings Account](https://schwartzaccountants.com/2023/10/practice-owners-should-move-excess-funds-sitting-in-the-operating-account-to-an-interest-bearing-savings-account/) - Interest rates generally move in the same direction as inflation. And with inflation creeping up over the past year or so, interest rates being offered by banks have jumped up too. If you have excess money sitting in your practice bank accounts, please take a few minutes to set up a companion savings account and
- [Personal 1040 Tax Returns on Extension Due Oct 16](https://schwartzaccountants.com/2023/10/personal-1040-tax-returns-on-extension-due-oct-16/) - Your 2022 tax return needs to be filed by Monday, October 16. With the partnership and S-Corp extension filing date of 9/15 behind us, taxpayers that were waiting on late K-1’s should have received them by now. And, if you had us file an extension for you back in April to give yourself more time to
- [When to Switch Credit Card Processing Providers](https://schwartzaccountants.com/2023/10/when-to-switch-credit-card-processing-providers/) - From guest writer Megan Levy, Transaction Resources There are several key indicators that can signal the need to change providers, such as poor customer service, deceptive pricing practices, and confusing merchant statements. The ability to reliably accept credit card payments is crucial in today’s digital age, where the majority of transactions are cashless. That’s
- [Practice Owners Should Report Uncashed Refund Checks As Unclaimed Property](https://schwartzaccountants.com/2023/10/practice-owners-should-report-uncashed-refund-checks-as-unclaimed-property/) - According to the rules included at: https://www.findmassmoney.com/app/reporting-guidelines, the Massachusetts Unclaimed Property Law ( M.G.L.c. 200A ), requires business entities and others to review their records each year to determine whether they are in the possession of any unclaimed funds, securities or other property which is reportable under Chapter 200A and to make an annual report
- [Claim Your Massachusetts Unclaimed Funds](https://schwartzaccountants.com/2023/10/claim-your-massachusetts-unclaimed-funds-2/) - You’ve probably seen or heard the commercials about all the unclaimed assets that the Massachusetts Unclaimed Property Division is trying to return to the rightful owners. According to the website www.findmassmoney.com, unclaimed property consists of unclaimed financial assets such as checking and savings accounts, unpaid wages, securities, uncashed dividends, life insurance policies, uncashed checks, safe
- [Another New Filing Requirement for Small Business Owners Starts 1/1/24](https://schwartzaccountants.com/2023/10/another-new-filing-requirement-for-small-business-owners-starts-1-1-24/) - Effective January 1, 2024, the Corporate Transparency Act (CTA) establishes a new filing requirement for small business. Qualifying businesses must file a Beneficial Owner Information (BOI) report with Financial Crimes Enforcement network (FinCEN), a bureau under the Department of Treasury. According to the bureau’s website, the expectation is that nearly all small businesses will meet
- [Retirement Plan Options Available for Small Businesses and Self-Employed Individuals](https://schwartzaccountants.com/2023/09/retirement-plan-options-available-for-small-businesses-and-self-employed-individuals/) - If you are starting your own business, opening up a private practice or thinking about implementing a new retirement plan for your existing business, you have several retirement plan options available to you. Below is a list of the primary retirement plan options for small businesses summarizing the key features (for 2023) of each plan.
- [Two Recent Updates for Massachusetts Personal Income Tax Deductions](https://schwartzaccountants.com/2023/09/two-recent-updates-for-massachusetts-personal-income-tax-deductions/) - There are two new updates to the Personal Income Tax Deductionsallowed in Massachusetts: For the 2023 tax year, MA taxpayers will be allowed to claim a tax deduction on their personal income tax return for charitable contributions. After being suspended for more than 20 years, this tax deduction will be reinstated for MA taxpayers beginning with
- [New Year-End Tax Reporting Rules for Digital Assets on the Horizon](https://schwartzaccountants.com/2023/09/new-year-end-tax-reporting-rules-for-digital-assets-on-the-horizon/) - The IRS recently issued proposed regulations requiring brokers to provide reports of digital asset transactions, including cryptocurrency sales, to their customers at year-end. Per the proposed regulations, beginning with the 2025 tax/calendar year, brokers that provide digital asset transactional services to their customers will be required to track and report gross proceeds from these investments
- [3rd Quarter Estimates Due 9/15](https://schwartzaccountants.com/2023/09/3rd-quarter-estimates-due-9-15/) - Third quarter estimated taxes are due 9/15. If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail or by email through your Tax Caddy portal. For anyone paying estimated taxes, we now recommend that you make those payments online. Doing so is much
- [Unlocking Smiles and Revenues: Navigating Dental Insurance Follow-Up](https://schwartzaccountants.com/2023/09/unlocking-smiles-and-revenues-navigating-dental-insurance-follow-up/) - From Guest Writer Fortune Management, dental practice consultants When you think of your heart’s function, what’s the first thing that comes to mind? Vitality? Power? Lifeblood? Our heart is not only our central organ, in Western medicine, it is the organ that pumps oxygen to the rest of our body to keep us alive. Our
- [Property and Casualty Insurance For Your Practice](https://schwartzaccountants.com/2023/09/property-and-casualty-insurance-for-your-practice/) - Every practice owner needs to purchase a variety of property and casualty insurance products. For your malpractice insurance, business liability insurance, and workers compensation insurance: Do you have the proper coverage for each of these types of insurance? Are you paying the lowest premiums to purchase the insurance you need? When purchasing insurance, you have
- [IRS Issues Stern Warning To Business Owners Who Overstate Their ERC](https://schwartzaccountants.com/2023/09/irs-issues-stern-warning-to-business-owners-who-overstate-their-erc/) - From IRS News IR-2023-49, March 20, 2023 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 annual Dirty Dozen list of tax scams, the IRS spotlighted Employee
- [How To Minimize Taxes Following The Sale of Your Practice](https://schwartzaccountants.com/2023/09/how-to-minimize-taxes-following-the-sale-of-your-practice/) - We recently received this question from a client: Q: Just wanted to give you a heads up. If all goes according to plan, we will be signing the sale agreement this week for my office. Is there any way to reduce the tax implications of the transaction? A: Here are 5 steps to take to minimize
- [Two Practice Financial Planning Lessons Parents Can Teach Their Kids In College](https://schwartzaccountants.com/2023/09/two-practice-financial-planning-lessons-parents-can-teach-their-kids-in-college/) - Did you recently drop off one or more of your kids at college? As we all know from our undergraduate years, a lot of what college kids learn is learned outside the classroom. Why not take this opportunity to plant the seeds for a few practical personal finance lessons as part of your child’s college
- [Tax Considerations for Recent Newlyweds](https://schwartzaccountants.com/2023/08/tax-considerations-for-recent-newlyweds/) - May through October is commonly known as “Wedding Season” with July and August generally being the peak months for weddings. If you, or perhaps one of your children, tied the knot this year, here are a few items to add to your checklist before the end of the year: If you or your spouse
- [IRS Warns Taxpayers to be Aware of Possible Tax Scams and Phishing Schemes](https://schwartzaccountants.com/2023/08/irs-warns-taxpayers-to-be-aware-of-possible-tax-scams-and-phishing-schemes/) - With so many people relying on the internet to obtain or provide personal and financial information, it’s often a “guess” for individuals trying to determine what emails that are received are real and which may be phishing scams. For IRS tax issues and correspondences, the first step in notification from the IRS will be a
- [Time for Your Mid-Year Tax Projection](https://schwartzaccountants.com/2023/08/time-for-your-mid-year-tax-projection/) - August is the perfect time to review your year-to-date taxable income and allowed deductions for 2023, as well as factoring in your projected income and deductions for the remainder of the year. Taking a look at your specific tax situation throughout the year helps to prevent any “tax surprises” next winter when you meet with
- [IRS Announces End To Unannounced Revenue Officer Visits](https://schwartzaccountants.com/2023/08/irs-announces-end-to-unannounced-revenue-officer-visits/) - From IRS News IR-2023-133, July 24, 2023 As part of a larger transformation effort, the Internal Revenue Service announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice by
- [Seven Dental Marketing Strategies To Implement Right Now](https://schwartzaccountants.com/2023/08/seven-dental-marketing-strategies-to-implement-right-now/) - By guest writer Brenda Loan Baker, Fortune Management In the midst of ever-increasing dental practices in the country, a good dental marketing strategy is a key to success. Since dental practices need new patients on a monthly basis to ensure the growth and success of the business, you may be asking yourself where to find
- [Are You A Beneficiary Of An Inherited IRA?](https://schwartzaccountants.com/2023/07/rmds-for-inherited-iras-clarified/) - For taxpayers who are the beneficiary of an IRA or other retirement account, The SECURE Act changed the Required Minimum Distribution (RMD) rules for inherited IRAs. While final regulations are expected in 2023 but have not yet been issued, the IRS did issue guidance in IRS Notice 2022-53. Included as part of the SECURE Act
- [S&S Now Offers Our Clients “Audit Insurance”](https://schwartzaccountants.com/2023/08/ss-now-offers-our-clients-audit-insurance/) - You’ve probably heard the news of the IRS plan to boost their staff by tens of thousands of new hires over the next several years. And along with the IRS’s hiring spree will most likely be more tax return audits! Unfortunately, receiving an IRS notice with the words “Your income tax return has been selected
- [Do You Need A Practice Tune-Up?](https://schwartzaccountants.com/2023/08/do-you-need-a-practice-tune-up/) - From our affiliate Optimal Practice Transitions Are you considering the sale of your dental practice within the next 1-5 years? Do you want to know what kinds of questions a savvy buyer will ask? Or, do you simply want to have a better practice that is more productive, more efficient, and more profitable? If the
- [Take A Moment To Check That You Are On Track To Max Out Your 2023 Retirement Plan Salary Deferrals](https://schwartzaccountants.com/2023/08/take-a-moment-to-check-that-you-are-on-track-to-max-out-your-2023-retirement-plan-salary-deferrals/) - Contributing to a retirement plan is one of the best tax shelters available to people during their working years. Contributions made to non-Roth accounts are tax-deductible and grow tax deferred. With the Roth option, you give up a current year tax deduction in exchange for tax-free growth. Most retirement plans offered by healthcare practices have
- [Be on the lookout for 1099-Ks being issued this coming January](https://schwartzaccountants.com/2023/07/be-on-the-lookout-for-1099-ks-being-issued-this-coming-january/) - What are 1099-Ks? 1099-Ks are issued annually by Payment Settlement Entities (PSE) and third-party settlement networks to report payment transactions taxpayers received during the year via credit cards and other contractual payments. eBay, Venmo, Stub Hub and PayPal are some of the most recognizable of these entities that issue 1099-Ks annually to taxpayers using their
- [Planning for Your Child’s Summer Job](https://schwartzaccountants.com/2023/06/planning-for-your-childs-summer-job/) - It's a rite of passage for teens to get their first summer job. Whether working in retail, hospitality, landscaping or another industry, make sure your child starts their employment off on the right foot using our tips below. Completing your child’s Form W-4 When your child begins their summer job and will be paid as
- [Four Tips For Balancing Personal and Professional Demands](https://schwartzaccountants.com/2023/07/four-tips-for-balancing-personal-and-professional-demands/) - By Don Khouri, PhD, Managing Director Fortune Northeast As a dentist, you wear three important hats. In your clinical role, you are usually the primary producer, you are the entrepreneur and owner of the business, and the leader of the team. Along with that, you have personal commitments to honor as well. How can you
- [Interested In Learning About Immediate Dentoalveolar Restoration (IDR)?](https://schwartzaccountants.com/2023/07/interested-in-learning-about-immediate-dentoalveolar-restoration-idr/) - By Camarlengo Dental Institute: According to Cararmengo Dental Institute, they provide a: Hands-on (IDR) training program driven to advocate clinicians hone their problem-solving mindset and build confidence in essential surgical protocols. With this (IDR-experience), seamlessly integrating implant-based rehabilitation into their dental practice becomes a reality. A postgraduate dental continuing education and LIVE patient implant surgery
- [July 1st Kicks Off the Next Round of Provider Relief Fund (PRF) Self-Reporting](https://schwartzaccountants.com/2023/07/july-1st-kicks-off-the-next-round-of-provider-relief-fund-prf-self-reporting-2/) - Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between January 1, 2022 and June 30, 2022 are required to self-report during Reporting Period 5 (RP5) which runs through September 30th. Providers who fail to comply with this requirement by September 30, 2023 will be deemed out of compliance with
- [IRS Warns That July 17th is Deadline For Taxpayers To File For 2019 Personal Tax Refunds](https://schwartzaccountants.com/2023/07/irs-warns-that-july-17th-is-deadline-for-taxpayers-to-file-for-2019-personal-tax-refunds/) - From IRS News - IR-2023-112, June 8, 2023 WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline. The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven't
- [Quick Q&A About PTO With Our Firm’s Payroll Manager Greta](https://schwartzaccountants.com/2023/07/quick-qa-about-pto-with-our-firms-payroll-manager-greta/) - Q: Does an employer need to pay out PTO when an employee quits or is fired? A: PTO must be paid out when an employee leaves. However, if you don't use PTO but have separate accounts "Sick" and "Vacation" then only the Vacation needs to be paid out, Sick does not. It really depends on
- [Cloud Dentistry Provides a New and Innovative Way to Staff Up Your Practice](https://schwartzaccountants.com/2023/07/cloud-dentistry-provides-a-new-and-innovative-way-to-staff-up-your-practice/) - Cloud Dentistry is an innovative online platform that connects dental professionals with job opportunities and helps dental practices find qualified staff. It operates as a dental staffing solution, leveraging technology to streamline the process of matching dental professionals with available positions. The platform allows dental professionals, such as dentists, dental hygienists, dental assistants, and dental
- [Avoid Huge Penalties by Filing Your Form 5500 For Your 401k/Profit Sharing Plan By 7/31/23](https://schwartzaccountants.com/2023/07/avoid-huge-penalties-by-filing-your-form-5500-for-your-401k-profit-sharing-plan-by-7-31-23/) - Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2022, you are required to file a Form 5500 by 7/31/23 (Form 5500 Corner | Internal Revenue Service (irs.gov). If you aren’t able to submit this paperwork prior to 7/31, please file for an extension using the Form 5558, https://www.irs.gov/pub/irs-pdf/f5558.pdf,
- [SECURE 2.0 Revises Retirement Planning Opportunities](https://schwartzaccountants.com/2023/06/secure-2-0-revises-retirement-planning-opportunities/) - SECURE 2.0 Act, enacted at the end of 2022, revises retirement planning opportunities for taxpayers. Based on the 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act), the law helps individuals better prepare for retirement and saving. The following is a summary of some key provisions impacting retirement planning in the coming years.
- [“Life-Changing Events” Present Tax Implications and Planning Opportunities](https://schwartzaccountants.com/2023/06/life-changing-events-present-tax-implications-and-planning-opportunities/) - Most taxpayers will encounter a life-changing event at some point in their lifetime. Being proactive can result in significant long-term benefits, while avoiding the situation can result in missed opportunities. Included below are common life-changing events and related taxpayer questions: Marriage or divorce: How should I adjust my W-4 or estimated tax payments, given my
- [Scam Alert Targeting Physicians](https://schwartzaccountants.com/2023/06/scam-alert-targeting-physicians/) - Watch out for a phone scam in which callers pose as agents or investigators for the US Drug Enforcement Administration (DEA) or the state Board of Registration in Medicine (BORIM). If you receive a suspicious call, don't provide any personal info or agree to requests for payment or bank account info. To report a call
- [Q&A About Staffing Issues With Our Firm’s Payroll Manager Greta](https://schwartzaccountants.com/2023/06/qa-about-staffing-issues-with-our-firms-payroll-manager-greta/) - Q: We have a Temp hygienist who we are interested in hiring. Her hours would not be consistent, mostly coverage for vacations and an upcoming maternity leave. She seems to have been coached by a temp agency and personal accountant that being a W2 employee is the only way to go. We were hoping to
- [Estimated Taxes For the 2nd Quarter 2023 Are Due Thursday, June 15](https://schwartzaccountants.com/2023/06/estimated-taxes-for-the-2nd-quarter-2023-are-due-thursday-june-15/) - If we set up for you to pay quarterly estimated taxes, please make your Q2 payment by June 15th. Generally, taxpayers who are self-employed, are shareholders in S-Corporations that typically pay out distributions in addition to the wages paid to the owners, partners in profitable partnerships, and/or report a good amount of investment income should
- [Plan Ahead to Use 529 Contributions To Fund a Roth IRA For Your Child](https://schwartzaccountants.com/2023/06/plan-ahead-to-use-529-contributions-to-fund-a-roth-ira-for-your-child/) - Beginning in 2024 excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA for the beneficiary. For families who contributed to 529 college savings plans for their children and did not fully exhaust the accounts while paying for qualified education expenses, there is a
- [IRS Explains How Going Green Could Qualify For Expanded Tax Credits](https://schwartzaccountants.com/2023/06/irs-explains-how-going-green-could-qualify-for-expanded-tax-credits/) - FROM IRS NEWS IR-2023-97, May 4, 2023 WASHINGTON — The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to
- [Responsibility And Accountability Is the Key to Success](https://schwartzaccountants.com/2023/06/responsibility-and-accountability-is-the-key-to-success/) - By our friends at Dental Office Compliance of New England LLC: Is your office experiencing any of the following? Low morale Ineffective execution/the same issues recur Low levels of trust with/among employees High turnover As an office owner, it’s easy to blame such problems on someone else or external factors, but more often than not,
- [Save Taxes With a Cost Segregation Study If You Own Your Office Space](https://schwartzaccountants.com/2023/05/save-taxes-with-a-cost-seq-study-if-you-own-your-office-space/) - 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 Segregation Studies completed. According to our friends at MS
- [Quick Link to "Where's My Refund?"](https://schwartzaccountants.com/2023/05/quick-link-to-wheres-my-refund/) - 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 can provide that information: https://www.irs.gov/filing/wheres-my-amended-return
- [New for Amended Tax Returns](https://schwartzaccountants.com/2023/05/new-for-amended-tax-returns/) - 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 turnaround time for anticipated amended tax return refunds.
- [Change to 529 College Plans Starting in 2024](https://schwartzaccountants.com/2023/05/change-to-529-college-plans-starting-in-2024/) - 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 education expenses, there is a new alternative for
- [Virtual Currency Tax Considerations](https://schwartzaccountants.com/2023/05/virtual-currency-tax-considerations/) - 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. It is stored and transacted through designated software, mobile, or computer applications. Transactions involving virtual currencies
- [Strategies for Managing Conflict in a Dental Office Effectively](https://schwartzaccountants.com/2023/05/strategies-for-managing-conflict-in-a-dental-office-effectively/) - 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 management skills to resolve disputes effectively and maintain a positive work environment. This article highlights a few
- [Preferable Mortgage Terms with the Berkshire Bank Doctor Program](https://schwartzaccountants.com/2023/05/preferable-mortgage-terms-with-the-berkshire-bank-doctor-program/) - 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 residency/internship/fellowship less than 10 years. All Borrowers and Co-Borrowers must occupy the home and only one is required
- [IRS Warns Business Owners to be Careful of ERC Promoters](https://schwartzaccountants.com/2023/05/irs-warns-business-owners-to-be-careful-of-erc-promoters/) - 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 annual Dirty Dozen list of tax scams, the IRS spotlighted Employee
- [I-Bond Update: Interest Rates Dip to 4.3% for the Next Six Months](https://schwartzaccountants.com/2023/05/i-bond-update-interest-rates-dip-to-4-3-for-the-next-six-months/) - 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 bond funds to decline in value too. Even at an
- [Dentists: Earn 2 CE Hours on May 18 While Learning "The Fortune Recipe"](https://schwartzaccountants.com/2023/05/7824/) - 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 professionally, there is a proven formula to get there. The Fortune Recipe will
- [Upcoming Tax Deadlines in April 2023](https://schwartzaccountants.com/2023/04/upcoming-tax-deadlines-in-april-2023/) - 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 for taxpayers Deadline to pay Estimated Tax Payments for 1st Quarter 2023 Deadline to
- [Practice Owners:  Credit Card Terminals vs POS?](https://schwartzaccountants.com/2023/04/credit-card-terminals-vs-pos/) - 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 services, some of the most common payment methods available to businesses are through credit
- [Healey-Driscoll Administration Announces $78 Million for New Grant Programs to Support Massachusetts Small Businesses](https://schwartzaccountants.com/2023/04/healey-driscoll-administration-announces-78-million-for-new-grant-programs-to-support-massachusetts-small-businesses/) - 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 our communities and our economy,” said Massachusetts Governor Maura Healey. “Through these new grant programs, small businesses will have access
- [Dealing with Negativity in the Dental Practice](https://schwartzaccountants.com/2023/03/dealing-with-negativity-in-the-dental-practice/) - 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 difficult, but it is essential to maintain a healthy work
- [Upcoming Live Webinars With Alex Oliver, CFP](https://schwartzaccountants.com/2023/03/upcoming-live-webinars-with-alex-oliver-cfp/) - 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 WATCH NOW - RECORDED THURSDAY, FEBRUARY 23, NOON – 1 PM EST Retirement plan
- [Understanding Business Travel Deductions](https://schwartzaccountants.com/2023/03/understanding-business-travel-deductions-2/) - 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 travel expense tax write-offs might seem confusing. The IRS has information to help all
- [Urgent: March 31st Is Deadline To Satisfy Provider Relief Fund (PRF) Self-Reporting Requirement](https://schwartzaccountants.com/2023/03/urgent-march-31st-is-deadline-to-satisfy-provider-relief-fund-prf-self-reporting-requirement-2/) - 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 this requirement by March 31st will be deemed out of compliance with the
- [March 15TH Deadline For S-Corporations And Partnerships To File And Fund, Or Extend](https://schwartzaccountants.com/2023/03/march-15th-deadline-for-s-corporations-and-partnerships-to-file-and-fund-or-extend/) - 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 by March 15th gets very expensive very quickly.
- [Understanding Business Travel Deductions](https://schwartzaccountants.com/2023/02/understanding-business-travel-deductions/) - 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 valuable deductions. Here are some tax details all business travelers should know
- [Investment Vision 2023](https://schwartzaccountants.com/2023/02/investment-vision-2023/) - 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 cryptocurrency and tech stocks lagged. Watch our recording of First National
- [Six Steps to Select a Dental Coach](https://schwartzaccountants.com/2023/02/six-steps-to-select-a-dental-coach/) - 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 improvement in your practice. What improvement happens depends on the coaching approach and
- [Two Coding Updates for Dental Practices](https://schwartzaccountants.com/2023/02/two-coding-updates-for-dental-practices/) - 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 narrative MUST state that patients complaint
- [Sick Days & Jury Duty  - Q&A With Our Payroll Manager Greta](https://schwartzaccountants.com/2023/02/sick-days-jury-duty-qa-with-our-payroll-manager-greta/) - 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 - https://www.mass.gov/info-details/earned-sick-time Basically how it works, employees earn 1 hour of sick time for
- [2023 New Year’s Resolution](https://schwartzaccountants.com/2023/01/2023-new-years-resolution/) - 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 catch-up contribution in your 401k and 403b salary deferral. Will
- [Overfund Your Social Security Taxes?](https://schwartzaccountants.com/2023/02/overfund-your-social-security-taxes/) - 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 that employee's wages reach a max limit ($147,000 for 2022). Withheld social security taxes
- [RE: 2023](https://schwartzaccountants.com/2023/01/re-2023/) - 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 recent highs. And interest rates and inflation has risen significantly since what we have
- [Recorded Webinar Now Available for Dentists Looking to Go Out Of Network](https://schwartzaccountants.com/2023/01/recorded-webinar-now-available-for-dentists-looking-to-go-out-of-network/) - 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 we are all aware, Question 2 in Massachusetts passed last year which requires
- [Reminder - 4th Q Estimated Taxes Due Jan. 17.2023](https://schwartzaccountants.com/2023/01/reminder-4th-q-estimated-taxes-due-jan-17-2023/) - 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 the due date for your final quarterly payment for the 2022 tax year. Want
- [MA Millionaires Tax](https://schwartzaccountants.com/2023/01/ma-millionaires-tax/) - 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 year. This amendment includes the following language “there shall be an additional tax of 4
- [Do You Love Your Life and Your Work?](https://schwartzaccountants.com/2023/01/do-you-love-your-life-and-your-work/) - 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 continuing the spin or trajectory already in place. To live
- [Practice Owners: Phase-4 Self-reporting Season Starts 1/1/2023](https://schwartzaccountants.com/2023/01/practice-owners-phase-4-self-reporting-season-starts-1-1-2023/) - 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 Distributions and American Rescue Plan Rural Distribution - Post-Payment Notice of Reporting Requirements - October
- [S&S + OPT Spells A Few Busy Days At Yankee Dental Later This Month](https://schwartzaccountants.com/2023/01/ss-opt-spells-a-few-busy-days-at-yankee-dental-later-this-month/) - 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 Client Appreciation Event, sponsored by Schwartz & Schwartz PC, Optimal Practice
- [Work Opportunity Tax Credit Can Be Valuable To Practice Owners With Staff](https://schwartzaccountants.com/2023/01/work-opportunity-tax-credit-can-be-valuable-to-practice-owners-with-staff/) - 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 me. What are the rules? Sounds like this practice may
- [IRS announces Higher Standard Mileage Rates For 2023](https://schwartzaccountants.com/2023/01/irs-announces-higher-standard-mileage-rates-for-2023/) - 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. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also
- [IRS to increase audits in next 10 years](https://schwartzaccountants.com/2022/12/irs-to-increase-audits-in-next-10-years/) - 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 spread over the next ten years. $45.6 Billion (57.3%) of
- [2023 Limits Increase for HSA, FSA, IRA, and more](https://schwartzaccountants.com/2022/12/2023-limits-increase-for-hsa-fsa-ira-and-more/) - 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 $7,500 from $6,500 for 401(k), 403(b) and 457 plans. The max allowed IRA
- [Are your investments showing an unrealized loss?](https://schwartzaccountants.com/2022/12/are-your-investments-showing-an-unrealized-loss/) - 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 sitting on some “losers” in their taxable portfolio. Before year-end, you should review your investments
- [Upcoming Yankee Dental Presentations](https://schwartzaccountants.com/2022/12/upcoming-yankee-dental-presentations/) - 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 from 10am - 12 noon Course Code 477RL Register here When presented with
- [How long should you keep copies of your personal tax returns?](https://schwartzaccountants.com/2022/11/how-long-should-you-keep-copies-of-your-personal-tax-returns/) - 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 were timely filed, including
- [Ten Tips To Cut Your 2022 Taxes](https://schwartzaccountants.com/2022/12/ten-tips-to-cut-your-2022-taxes/) - 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 contributing at the maximum rate
- [How to Reduce Dependence on PPOs](https://schwartzaccountants.com/2022/12/how-to-reduce-dependence-on-ppos/) - 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 insurance covers. The more dental treatment you need, the less dental insurance covers. That’s
- [New Malpractice Alternative For Dentists And Other Healthcare Professionals Offered Through Berkshire Hathaway](https://schwartzaccountants.com/2022/12/new-malpractice-alternative-for-dentists-and-other-healthcare-professionals-offered-through-berkshire-hathaway/) - 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 teams, not comparing insurance quotes. Berxi was born out of the idea that insurance
- [I-Bond Interest Rates Adjusted To 6.89%](https://schwartzaccountants.com/2022/12/i-bond-interest-rates-adjusted-to-6-89/) - We first wrote about I-Bonds in an article included with our November Newsletter available at: https://schwartzaccountants.com/2021/11/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 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 bond funds to decline in value too. According to: https://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm:
- [Mortgage Market Update](https://schwartzaccountants.com/2022/12/mortgage-market-update/) - 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 Fed to fight inflation. So what exactly does
- [Downpayment And Closing Cost Grants Available For First-Time Homebuyers](https://schwartzaccountants.com/2022/12/downpayment-and-closing-cost-grants-available-for-first-time-homebuyers/) - 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 at: MassDREAMS Grants for Homebuyers (masshousing.com): MassDREAMS is made possible by federal funding from the
- [EV Update](https://schwartzaccountants.com/2022/12/ev-update/) - 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 rules for claiming the Clean Vehicle Credit (federal tax credit allowed for EV purchases). Most
- [Dec 9 Webinar For Dentists Looking To Go Out of Network with PPOs](https://schwartzaccountants.com/2022/11/dec-9-webinar-for-dentists-looking-to-go-out-of-network-with-ppos/) - 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 frustrated with the way the relationship with PPOs has evolved over the years.
- [Make year-end item donations](https://schwartzaccountants.com/2022/11/make-year-end-item-donations/) - 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 deductions. Photos are helpful too.
- [Wondering if you pay taxes on the sale of your house?](https://schwartzaccountants.com/2022/11/wondering-if-you-pay-taxes-on-the-sale-of-your-house/) - With the recent surge in home prices over the past couple of years, many taxpayers are selling their residences for significant capital gains. Under the current tax rules, when selling a primary residence: a married couple filing a joint tax return is allowed to exclude up to $500K of capital gain income from the house
- [Social Security Max Jumps To $160,200 For 2023](https://schwartzaccountants.com/2022/11/social-security-max-jumps-to-160200-for-2023/) - Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2023, the maximum wage base jumps to $160,200, an increase of $13,200, or 9.0%, over the max of $147,000 that was in place for 2022. At a rate of 6.2%, the maximum Social Security taxes that your employer will withhold
- [Foreign Account Reporting Basics](https://schwartzaccountants.com/2022/11/foreign-account-reporting-basics-2/) - Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of
- [BOA Practice Solutions Announces New Loan Promotions](https://schwartzaccountants.com/2022/11/boa-practice-solutions-announces-new-loan-promotions/) - From Mohamed Abdullah, Northeast Sales Division Executive How quickly October has flown by and we are on to the 4th Quarter! As mentioned in a previous communication, we continuously look to develop and make improvements to our processes and products. Bank of America Practice Solutions is excited to introduce our latest innovation designed for multi-practice owners:
- [Our Annual Yankee Dental Client Appreciation Event Is Set Thursday, Jan. 26, 2023](https://schwartzaccountants.com/2022/11/our-annual-yankee-dental-client-appreciation-event-is-set-thursday-jan-26-2023/) - We’re pleased to announce that we will once again be hosting our client appreciation event on the Thursday night of Yankee at Trillium Fort Point. Please join us for yummy food and drinks while bumping into your friends and colleagues who you often see at our Yankee client appreciation night. And, of course, members of
- [How to Build Your 2023 Business Plan](https://schwartzaccountants.com/2022/11/how-to-build-your-2023-business-plan/) - By Guest writer George Baker, Fortune Management Partner and Executive Coach Your business needs vision and focus to drive it to its goals. Do you create a vision and goals for 2023? Vision There are two parts to your vision: a philosophical vision and a structural vision. Answer the following questions to develop your philosophical vision.
- [Warning For MA Practice Owners On Unemployment Tax Noncompliance](https://schwartzaccountants.com/2022/11/warning-for-ma-practice-owners-on-unemployment-tax-noncompliance/) - An update from our firm’s payroll manager: One of our clients is being audited by the Mass Department of Unemployment Assistance. What we have been told is that an associate should be treated as a W2 employee and not a 1099 contractor unless that associate has an LLC or PC set up and works at
- [3/31/23 Deadline Set For Many Provider Relief Fund Recipients To Self-Report](https://schwartzaccountants.com/2022/11/3-31-23-deadline-set-for-many-provider-relief-fund-recipients-to-self-report/) - 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 10/22/22, the Health Resources and Services Administration (HRSA) issued guidance available at: https://www.hrsa.gov/sites/default/files/hrsa/provider-relief/post-payment-notice-reporting-requirements-october-2022.pdf. For those practices that received PRFs of more than $10k in aggregate between 7/1/21 and
- [IRS Announces Big Increases To Retirement Savings Limits For 2023](https://schwartzaccountants.com/2022/11/irs-announces-big-increases-to-retirement-savings-limits-for-2023/) - The IRS recently announced the cost of living adjustments applicable to the various retirement plan limitations for 2023, with most of these tax advantaged savings opportunities increasing substantially from 2022 limits. Most working professionals have access to a 401k plan or 403b plan at work. Amounts contributed to these plans generally reduce your taxable earnings and always
- [Review Your Year-to-date Paystubs](https://schwartzaccountants.com/2022/10/review-your-year-to-date-paystubs/) - October is the perfect time of year to review your year-to-date paystubs to maximize pre-tax benefits and other withholding items. Examining your year-to-date paystub early in the final quarter of the year gives you a chance to make any needed adjustments before the opportunity passes by if you wait until the end of December. Are
- [Personal tax returns on extension – the filing due date is coming up.](https://schwartzaccountants.com/2022/09/personal-tax-returns-on-extension-the-filing-due-date-is-coming-up/) - If your 2021 personal income tax return is waiting to be completed and currently on extension, please note that the filing due date, October 17, 2022, is less than a month away. With the partnership and S-Corp extension filing date now behind us (Sept. 15), taxpayers that were waiting on late K-1’s should now have
- [MA to return excess annual tax revenue to eligible taxpayers](https://schwartzaccountants.com/2022/09/ma-to-return-excess-annual-tax-revenue-to-eligible-taxpayers/) - Recently, Massachusetts announced it would be returning tax revenue back to eligible taxpayers. Why? In this past fiscal year, Fiscal Year 2022 (FY22), Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts General Laws by $2.941 billion. This law requires the excess revenue be returned to taxpayers
- [Is retirement headed your way?](https://schwartzaccountants.com/2022/10/is-retirement-headed-your-way/) - For many taxpayers, retirement choices often include relocating to a warmer year-round climate. But what about tax considerations? Currently nine states have no state income tax requirements: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. However, if relocating to a “tax-free” state, do your homework first. States generate operating revenues somewhere,
- [Three Reasons Why You Are Not Raising Your Dental Practice Fees](https://schwartzaccountants.com/2022/10/three-reasons-why-you-are-not-raising-your-dental-practice-fees/) - From Guest writers Fortune Management: Inflation is at 9%, your overhead is increasing, your profitability is increasing. Despite this, many dentists are fearful that a raise in fees will cause a loss of patients. Those dentists end up sacrificing profitability. Just like death and taxes, however, raising fees is also inevitable. Keeping low fees are
- [Personal Tax Returns On Extension Due 10/17](https://schwartzaccountants.com/2022/10/personal-tax-returns-on-extension-due-10-17/) - Your 2021 tax return needs to be filed by Monday, October 17. With the partnership and S-Corp extension filing date of 9/15 behind us, taxpayers that were waiting on late K-1’s should have received them by now. For Mass residents, filing by October 17 will ensure that you receive the anticipated state refund equal to 13% of
- [Massachusetts Unclaimed Funds - for Individuals & Businesses](https://schwartzaccountants.com/2022/10/claim-your-massachusetts-unclaimed-funds/) - You’ve probably seen or heard the commercials about all the unclaimed assets that the Massachusetts Unclaimed Property Division is trying to return to the rightful owners. According to www.findmassmoney.com, unclaimed property consists of unclaimed financial assets such as checking and savings accounts, unpaid wages, securities, uncashed dividends, life insurance policies, uncashed checks, safe deposit boxes,
- [With Stock Markets Down This Year Consider Converting Retirement Accounts To A ROTH IRA](https://schwartzaccountants.com/2022/10/with-stock-markets-down-this-year-consider-converting-retirement-accounts-to-a-roth-ira/) - With the stock markets well below recent all-time highs, now might be a great time to consider converting your IRAs and other retirement accounts to a Roth to benefit with decades of tax-free growth. Start by figuring out how much post-tax dollars you have in your IRAs as of 12/31/21. If you’ve been tracking these
- [Energy and EV Credits in Recent Inflation Reduction Act](https://schwartzaccountants.com/2022/09/energy-and-ev-credits-in-recent-inflation-reduction-act/) - The primary goal of the bill signed by President Biden this past August 16 was to provide assistance to America’s working families to help them manage the recent surge in inflation. The Act’s objectives are to lower prescription drug costs, healthcare costs, and energy costs. The energy cost portion of the bill aims to improve
- [Utilizing Your Family’s 529 Accounts For The Upcoming Academic Year](https://schwartzaccountants.com/2022/09/utilizing-your-familys-529-accounts-for-the-upcoming-academic-year/) - Have you saved money in a 529 plan to pay for your kids’ college? Wondering which education expenses you can pay from the 529 account as qualified expenses and which expenses are non-qualified? With students heading back to school, now is a great time to begin planning for your 529 plan distributions for the coming
- [Practice Owners: Leadership Versus Management](https://schwartzaccountants.com/2022/09/practice-owners-leadership-versus-management/) - Leadership and management are two distinct functions at your practice. Leadership Did you know that great business leaders don’t ask what their staff can do for them? Instead, great leaders ask what they can do to help their staff improve. Perhaps the next time a staff person makes a mistake, don’t complain that the employee
- [Thinking About Giving Up Your PPOs?](https://schwartzaccountants.com/2022/09/thinking-about-giving-up-your-ppos/) - Dentistry has really changed in just a handful of years. Due to the consolidation we’re all witnessing, dental practice owners are now competing with huge dental factories taking every possible type of insurance. How can the single practice owner even think about competing in this new environment? Perhaps one solution is to move out of
- [Andrew Schwartz CPA To Speak At The BU Endodontic Alumni Meeting On 9/23](https://schwartzaccountants.com/2022/09/andrew-schwartz-cpa-to-speak-at-the-bu-endodontic-alumni-meeting-on-9-23/) - Andrew Schwartz CPA will be presenting on How to Turbocharge Your Savings Using Tax Advantaged Accounts at the BU Endodontic Alumni Meeting on Friday September 23rd. Ever wonder how much you need to retire? And then wonder how in the world you’ll be able to save that much money? During this one-hour session, Andrew will
- [Third Quarter Tax Estimates Due 9/15](https://schwartzaccountants.com/2022/09/third-quarter-tax-estimates-due-9-15/) - Third quarter estimated taxes are due 9/15. If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail. For anyone paying estimated taxes, we now recommend that you make those payments online. It’s safer than sending the IRS a check, and you receive an
- [Education Tax Planning for the Upcoming Academic Year](https://schwartzaccountants.com/2022/08/education-tax-planning-for-the-upcoming-academic-year/) - With students heading back to school in the next few weeks, now is a great time to think about education tax planning. We've recapped various options to think about: 529 Plan distributions - Learn about qualified and non-qualified education costs They're an incredibly popular savings tool for a child's education fund, but do you
- [Save Money and Headaches By Outsourcing Your Dental Billing](https://schwartzaccountants.com/2022/08/save-money-and-headaches-by-outsourcing-your-dental-billing/) - You’ve done the work. Now you need to get paid. With all the staffing challenges facing dental practice owners, have you considered outsourcing your dental billing processes? Alliadent can help you and your staff take these critical steps each and every time, and do so in a timely manner: Claims Handling – Submitting your claims
- [Supercharge Your Practice's Merchant Services With Rectangle](https://schwartzaccountants.com/2022/08/supercharge-your-practices-merchant-services-with-rectangle/) - Consider checking out Rectangle Health, an innovator of healthcare payment solutions since 1993, who now brings you Practice Management Bridge – a simple, safe, and secure payment platform. This turnkey technology interfaces seamlessly with your current EMR system, allowing you to easily track, manage, report, and reconcile patient payment information. From digital registration to contactless
- [Cost Cutting Opportunities For Your Practice](https://schwartzaccountants.com/2022/08/cost-cutting-opportunities-for-your-practice/) - Attracting and retaining staff has never been more competitive and expensive. Couple that with the highest inflation in more than four decades plus shortages caused by supply chain issues, and it’s no wonder that most practice owners are doing what you can to cut their overhead expenses. When figuring out ways to minimize the overhead
- [The Key Ingredient to Being More Mindful](https://schwartzaccountants.com/2022/08/the-key-ingredient-to-being-more-mindful/) - From Guest Writer George Loan Baker, Fortune Management: During a recent coaching call, a discussion that began with time management and making more space in the day led my client to an exasperating “if I only had a minute to breathe”. That got me thinking. Adults breathe, on average, 16 times a minute, 960 times
- [MA Practice Owners: Mandatory Sick Time Rules](https://schwartzaccountants.com/2022/08/ma-practice-owners-mandatory-sick-time-rules/) - Our Payroll Department often gets asked about Sick Time Rules so we've recapped below: In short, the MA Sick Law allows ALL employees (part-time, full-time, temps etc) to accrue Sick Time starting the first day of work at the rate of 1 hour for every 30 hours worked up to a max of 40 hours
- [ICHRAs Can Help You Attract and Retain Staff Looking For Health Insurance](https://schwartzaccountants.com/2022/08/ichras-can-help-you-attract-and-retain-staff-looking-for-health-insurance/) - Attracting and retaining staff has never been more competitive. We recently received this question from one of our clients who had a staff person inquire about health insurance: Q: I finally have a staff member who needs health insurance. What is my best option? I have insurance through my spouse. A: Practice owners can provide
- [Get A Mid-Year Checkup](https://schwartzaccountants.com/2022/08/get-a-mid-year-checkup/) - Do any of these situations apply to you? You have self-employment income You made a job change during the year You have a change in marital status You have multiple sources of income If so, contact your tax accountant for a midyear tax projection. It's a great tool to avoid any "surprises" on April 15th.
- [Are You Eligible For Public Service Loan Forgiveness?](https://schwartzaccountants.com/2022/08/are-you-eligible-for-public-service-loan-forgiveness/) - Check out the rules available at: Public Service Loan Forgiveness | Federal Student Aid that states If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program. The PSLF Program forgives the remaining balance on your Direct Loans after
- [IRS increases mileage rate for remainder of 2022](https://schwartzaccountants.com/2022/07/irs-increases-mileage-rate-for-remainder-of-2022/) - The IRS recently announced an increase of 4 cents to the optional standard mileage rate due to the increase in gas prices. The new rates are effective July 1, 2022- December 31, 2022: Business travel rate is now 62.5 cents per mile Deductible medical expenses is now 22 cents per mile Moving expenses (available for
- [False Assumptions That Dental Offices Make About Compliance (And How To Correct Them)](https://schwartzaccountants.com/2022/07/false-assumptions-that-dental-offices-make-about-compliance-and-how-to-correct-them/) - By Guest Writer Russell Kane, Compliance Consultant Dental Office Compliance of New England LLC Compliance, admittedly, is a dry topic and it’s not the reason you decided to become a dentist, RDH or DA in the first place. Nevertheless, every industry - particularly healthcare - has its own rules and regulations and non-compliance simply is
- [Avoid Huge Penalties By Filing Your Form 5500 For Your 401K/Profit Sharing Plan By 7/31/21](https://schwartzaccountants.com/2022/07/avoid-huge-penalties-by-filing-your-form-5500-for-your-401k-profit-sharing-plan-by-7-31-21-2/) - Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2021, you are required to file a Form 5500 by 7/31/22 (https://www.dol.gov/sites/dolgov/files/EBSA/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2019-sf.pdf). If you aren’t able to submit this paperwork prior to 7/31, please file for an extension using the Form 5558, https://www.irs.gov/pub/irs-pdf/f5558.pdf, giving yourself until 10/15 to file. There
- [BOA Practice Solutions 2.99% Introductory Rate For Commercial Real Estate](https://schwartzaccountants.com/2022/07/boa-practice-solutions-2-99-introductory-rate-for-commercial-real-estate/) - BOA practice solutions recently announced that they are offering a 2.99% introductory rate for the first 12 months for new commercial real estate secured loans. This offer also includes fee waivers on appraisals and originations including: Loan packaging, loan processing and miscellaneous fees on Practice Solutions commercial real estate secured loans Bank portion fee of
- [July 1st Kicks Off The Next Round of Provider Relief Fund (PRF) Self-Reporting](https://schwartzaccountants.com/2022/07/july-1st-kicks-off-the-next-round-of-provider-relief-fund-prf-self-reporting/) - Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between January 1, 2021 and June 30, 2021 are required to self-report using the PRF Reporting Portal during Reporting Period 3 (RP3) which runs through September 30th. Helpful resources can be found on the PRF Reporting Webpage and their Frequently Asked Questions (FAQs). Providers
- [Claiming a child as a dependent when parents are divorced, separated or live apart](https://schwartzaccountants.com/2022/07/claiming-a-child-as-a-dependent-when-parents-are-divorced-separated-or-live-apart/) - From IRS.gov - IRS Tax Tip 2022-98, June 28, 2022 Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the specific rules about who may be eligible to claim the child for tax purposes. This can make filing taxes
- [Tips for Your Kids and Their Employment](https://schwartzaccountants.com/2022/07/tips-for-your-kids-and-their-employment/) - It's summertime and we often get asked about how to handle taxes and forms for a child's summer job or first job out of college. We're recapping some tips below: Completing Form W-4 for summer jobs: When you child begins their summer job, their new employer will require them to complete a Form W-4, Employee’s
- [EPLI Can Pay Huge Dividends If A Disgruntled Employee Sues your Practice](https://schwartzaccountants.com/2022/06/epli-can-pay-huge-dividends-if-a-disgruntled-employee-sues-your-practice/) - The purpose of insurance is to protect against extraordinary or catastrophic financial losses. One potential loss to consider is when a terminated or disgruntled employee hires an attorney to sue your practice for wrongful termination or for an array of other situations while a member of your staff. Employment Practices Liability Insurance, or EPLI for
- [PPP2 Loan Forgiveness Applications Should Be Submitted Soon](https://schwartzaccountants.com/2022/06/ppp2-loan-forgiveness-applications-should-be-submitted-soon/) - If you haven’t already filed for forgiveness of your PPP2 loan, please do so soon. Otherwise, your PPP2 lender will require that you begin making payments on that loan. Any payments made will be refunded when the PPP loan is ultimately forgiven, but why not just take care of filing for full forgiveness now? Start
- [IRS Reminds Employers About Special Tax Credits To Help Employers Hire Staff](https://schwartzaccountants.com/2022/06/irs-reminds-employers-about-special-tax-credits-to-help-employers-hire-staff/) - From IRS News IR-2022-104, May 6, 2022 WASHINGTON — With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. For any business now hiring, the Work Opportunity Tax Credit may
- [How To Save $100,000 On Your Expiring Lease](https://schwartzaccountants.com/2022/06/how-to-save-100000-on-your-expiring-lease/) - By Guest Write Stefan Zelich, President/Founder of FOCUS Healthcare Realty Rent is typically a dental practice’s 2nd or 3rd highest expense behind payroll, but it’s also one of the most negotiable. This ability to negotiate one of the highest expenses to a practice allows doctors to improve their overall profitability significantly. I typically find most
- [Estimated Taxes Due 6/15/22 for 2nd Quarter 2022](https://schwartzaccountants.com/2022/06/estimated-taxes-due-6-15-22-for-2nd-quarter-2022/) - If we set up for you to pay quarterly estimated taxes, please make your Q2 payment by June 15th. Generally, taxpayers who are self-employed, are shareholders in S-Corporations that typically pay out distributions in addition to the wages paid to the owners, partners in profitable partnerships, and/or report a good amount of investment income should
- [Help - I missed the tax filing deadline!](https://schwartzaccountants.com/2022/05/help-missed-the-tax-filing-deadline/) - 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 for many taxpayers: The Failure to File penalty equals 5% of
- [Client Spotlight: Karen Leitner MD Coaching: Life Coaching For Women Doctors](https://schwartzaccountants.com/2022/05/client-spotlight-karen-leitner-md-coaching-life-coaching-for-women-doctors/) - 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 spend our time. When/if we prioritize family
- [5 Methods for Curing Imposter Syndrome](https://schwartzaccountants.com/2022/05/5-methods-for-curing-imposter-syndrome/) - 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 to be an adult who's capable of buying a home
- [ERC (Employee Retention Tax Credit) Update](https://schwartzaccountants.com/2022/05/erc-employee-retention-tax-credit-update/) - 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 941-X forms we prepared last fall AND
- [Health Savings Accounts Keep Getting Better](https://schwartzaccountants.com/2022/05/health-savings-accounts-keep-getting-better/) - 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 eligible, you need to be a participant in a qualifying high-deductible health insurance plan sponsored by your employer
- [I-Bond Alert: Interest Rate Jumps to 9.62% For The Next Six Months](https://schwartzaccountants.com/2022/05/i-bond-alert-interest-rate-jumps-to-9-62-for-the-next-six-months/) - We first wrote about I-Bonds in an article included with our November Newsletter available at: https://schwartzaccountants.com/2021/11/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 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 bond funds to decline in value too. If
- [ELT (Entity Level Tax) Update](https://schwartzaccountants.com/2022/05/elt-entity-level-tax-update/) - 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 purpose of the Entity Level Tax is to get around the $10k SALT (State and Local
- [IRS Reminds Taxpayers Of Penalty Relief Related To Claims For the ERC](https://schwartzaccountants.com/2022/05/irs-reminds-taxpayers-of-penalty-relief-related-to-claims-for-the-erc/) - 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 owing additional 2020 taxes on
- [Upcoming Deadlines](https://schwartzaccountants.com/2022/04/upcoming-deadlines/) - 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 Day holiday in Washington, DC Deadline to file personal (1040) tax returns for taxpayers
- [New Hiring and Training Grant Available for MA Employers](https://schwartzaccountants.com/2022/04/new-hiring-and-training-grant-available-for-ma-employers/) - 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 new employees. By providing employers with these flexible funds to facilitate quick hiring, the
- [Three V's to Success and Happiness](https://schwartzaccountants.com/2022/04/three-vs-to-success-and-happiness/) - 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 success: Vocation, Values, Vision
- [TCJA provides new rules for taxpayers' home mortgage interest deduction](https://schwartzaccountants.com/2019/02/tcja-provides-new-rules-for-taxpayers-home-mortgage-interest-deduction/) - [et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.14.9″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″] The newly enacted Tax Cuts and Jobs Act of 2017 (TCJA) both simplified and complicated many of the tax rules beginning with the 2018 tax filing season. One of these changes,
- [Two tax credits that can help cover the cost of higher education](https://schwartzaccountants.com/2022/03/two-tax-credits-that-can-help-cover-the-cost-of-higher-education/) - 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 help offset these costs - the American opportunity tax credit and
- [Tax Time Guide: Saving for retirement? IRA contributions for 2021 can be made until April 18](https://schwartzaccountants.com/2022/03/tax-time-guide-saving-for-retirement-ira-contributions-for-2021-can-be-made-until-april-18/) - 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 plan that lets employees and the self-employed set money aside for retirement
- [New Grant Opp for MA Small Biz $10k-$75k](https://schwartzaccountants.com/2022/03/new-grant-opp-for-ma-small-biz-10k-75k/) - 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, we encourage you to apply for further funding support! In response to the COVID-19 pandemic, the Commonwealth of Massachusetts has made
- [CE for Dental Staff is Both Their And Your (the Dentist's) Responsibility](https://schwartzaccountants.com/2022/04/ce-for-dental-staff-is-both-their-and-your-the-dentists-responsibility/) - 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 responsibility of the dentist who employs such staff. Consider the following: Continuing Education requirements must be
- [Five Structural Components Your Practice Must Have](https://schwartzaccountants.com/2022/03/five-structural-components-your-practice-must-have/) - 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 foundation is your vision, values, and team agreements. Built on top of the
- [Parents Can File Their Kids’ Tax Returns For Free Through IRS.gov](https://schwartzaccountants.com/2022/03/parents-can-file-their-kids-tax-returns-for-free-through-irs-gov-2/) - 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 2021) unless they also have investment income exceeding
- [Dental Office Compliance Of New England Is Here To Help](https://schwartzaccountants.com/2022/03/dental-office-compliance-of-new-england-is-here-to-help/) - 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 that holds all of your record keeping
- [Demystifying Crypto Currency](https://schwartzaccountants.com/2022/03/demystifying-crypto-currency/) - 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? According to the Form 1040 instructions: If, in 2021, you engaged in any
- [URGENT: March 31st Is Deadline To Satisfy Provider Relief Fund (PRF) Self-Reporting Requirement](https://schwartzaccountants.com/2022/03/urgent-march-31st-is-deadline-to-satisfy-provider-relief-fund-prf-self-reporting-requirement/) - 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 this requirement by March 31st will be deemed out of compliance with the
- [Non-Competition And Dental Practice Transitions In Massachusetts](https://schwartzaccountants.com/2022/03/non-competition-and-dental-practice-transitions-in-massachusetts/) - 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 Massachusetts?” Most attorneys will say “it depends”. Historically, the law surrounding non-competition agreements in
- [IRS Assistance Centers - Saturday Walk Ins](https://schwartzaccountants.com/2022/02/irs-assistance-centers-saturday-walk-ins/) - 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 assistance centers are designed to help taxpayers get the help
- [Start the 2022 tax year off right by checking your withholding](https://schwartzaccountants.com/2022/02/start-the-2022-tax-year-off-right-by-checking-your-withholding/) - 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 or too little tax withheld from their
- [MA Continues COVID-19 Temporary Paid Sick Leave Program Through 4/1/22](https://schwartzaccountants.com/2021/11/ma-continues-covid-19-temporary-paid-sick-leave-program-through-4-1-22/) - 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 Leave Through April 1, 2022, Massachusetts employers are required to provide
- [Deadline To Set Up A Retirement Plan For Your Office Extended To 3/15 Or Later](https://schwartzaccountants.com/2022/02/deadline-to-set-up-a-retirement-plan-for-your-office-extended-to-3-15-or-later/) - 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 extensions. Tax returns for S-Corps and partnerships are due 3/15
- [Clock Is Ticking To Avoid Forfeiture Of Provider Relief Funds Received In 2020](https://schwartzaccountants.com/2022/02/clock-is-ticking-to-avoid-forfeiture-of-provider-relief-funds-received-in-2020/) - 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 that received PRF Grants totaling more than $10k between 7/1/20 and
- [Annual Gift Tax Exclusion Increased to $16,000](https://schwartzaccountants.com/2022/01/annual-gift-tax-exclusion-increased-to-16000/) - 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 gifts given in excess of this exclusion limit, including
- [Are you a Locum Tenens physician?](https://schwartzaccountants.com/2022/01/are-you-a-locum-tenens-physician/) - 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 ins and outs of locum tenens taxes: https://www.bartonassociates.com/locum-tenens-tax-webinar-2022 Andrew Answers: What should
- [Self-Directed IRAs Offer Alternative Investment Choices for Unconventional Investors](https://schwartzaccountants.com/2022/01/self-directed-iras-offer-alternative-investment-choices-for-unconventional-investors/) - Regular IRAs (traditional and Roth) allow taxpayers investment choices such as commonly traded securities, bonds, mutual funds and exchange traded funds (ETFs) to invest their retirement funds into. Self-Directed IRAs (SDIRAs) offer investment choices in cryptocurrency, precious metals, real estate and other less commonly held investments which are not allowed to be held in a
- [Major Changes to the Public Service Loan Forgiveness Program](https://schwartzaccountants.com/2022/01/major-changes-to-the-public-service-loan-forgiveness-program/) - 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) after the individual’s having made 10 years (120 months) of qualifying monthly payments. Over
- [Processing delays continue throughout the IRS](https://schwartzaccountants.com/2022/01/processing-delays-continue-throughout-the-irs/) - 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 available staff. The IRS’s National Tax Advocate agency has reported that
- [SECURE Act Deadline Reminder](https://schwartzaccountants.com/2022/01/secure-act-deadline-reminder/) - 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 12/31/21, but now is your tax filing deadline with extensions. If you
- [Reminders For the Upcoming Tax Season](https://schwartzaccountants.com/2022/01/reminders-for-the-upcoming-tax-season/) - 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, the IRS plans to send taxpayers Letter 6419 in January
- [IRS Issues Standard Mileage Rates for 2022](https://schwartzaccountants.com/2022/01/irs-issues-standard-mileage-rates-for-2022/) - 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 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel
- [RE: 2022](https://schwartzaccountants.com/2022/01/re-2022/) - 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 to increase. And interest rates remain near historic lows even though inflation has risen significantly
- [Practice Owners - Provider Relief Fund Updates](https://schwartzaccountants.com/2022/01/practice-owners-provider-relief-fund-updates/) - 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) issued guidance available at: https://www.hhs.gov/sites/default/files/provider-post-payment-notice-of-reporting-requirements-june-2021.pdf. For Practices that received PRFs of more than $10k between
- [Record keeping rules for charitable donations of cash (and check and credit card payments) and marketable securities](https://schwartzaccountants.com/2021/12/record-keeping-rules-for-charitable-donations-of-cash-and-check-and-credit-card-payments-and-marketable-securities/) - 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 check or bank statement, or a written acknowledgement
- [Ten Tips to Cut Your 2021 Taxes](https://schwartzaccountants.com/2021/12/ten-tips-to-cut-your-2021-taxes/) - 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 been contributing at the maximum rate all year. This
- [IRS Announces Increases To Retirement Savings Limits For 2022](https://schwartzaccountants.com/2021/12/irs-announces-increases-to-retirement-savings-limits-for-2022/) - 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 401k plan or 403b plan at work. Amounts contributed to these plans generally reduce your taxable earnings and
- [IRS Letters for Advanced Child Tax Credit and Third Economic Impact Payments](https://schwartzaccountants.com/2021/12/irs-letters-for-advanced-child-tax-credit-and-third-economic-impact-payments/) - 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 of advance Child Tax Credit payments that were disbursed to taxpayers either via
- [Charity deduction for taxpayers that do not itemize their tax returns](https://schwartzaccountants.com/2021/12/charity-deduction-for-taxpayers-that-do-not-itemize-their-tax-returns/) - 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 married filing separate filers. Joint filers are allowed a maximum deduction
- [Identity Protection Personal Identification Number (IP PIN) reminder](https://schwartzaccountants.com/2021/12/identity-protection-personal-identification-number-ip-pin-reminder/) - 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 other annual tax documents
- [2021 Might Be The Last Year To Convert Your IRAs To A Roth IRA](https://schwartzaccountants.com/2021/11/2021-might-be-the-last-year-to-convert-your-iras-to-a-roth-ira/) - 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 converted tax-free into a Roth IRA starting in 2022 - depending on how the new rules play out
- [Phase 4 Of The Provider Relief Fund Application Due 10/26/21](https://schwartzaccountants.com/2021/10/phase-4-of-the-provider-relief-fund-application-due-10-26-21/) - Let’s start at HRSA’s Phase 4 Fact Sheet (hrsa.gov) to view a summary of the instructions for the PRF Phase 4 funded with $17 Billion, including: Who is eligible? Providers or suppliers who bill Medicare fee-for-service (Parts A, B, and C), Medicaid (fee-for-service or managed care) and/or CHIP as well as: Dental Service Provider that
- [Social Security Max Increase To $147,000 For 2022](https://schwartzaccountants.com/2021/11/social-security-max-increase-to-147000-for-2022/) - 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 Security taxes that your employer will withhold
- [Earn A Guaranteed And Risk-Free 7.12% Interest Rate Through April While Making Your Portfolio A Little More Conservative By Purchasing I-Bonds](https://schwartzaccountants.com/2021/11/earn-a-guaranteed-and-risk-free-7-12-interest-rate-through-april-while-making-your-portfolio-a-little-more-conservative-by-purchasing-i-bonds/) - 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 to decline in value? According to the website:
- [Nov. 30th Marks The End Of The Grace Period For Recipients Of Phase-1 Of The Provider Relief Fund To Self-Report](https://schwartzaccountants.com/2021/11/nov-30th-marks-the-end-of-the-grace-period-for-recipients-of-phase-1-of-the-provider-relief-fund-to-self-report/) - 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 challenges providers are facing given the COVID-19 surges and natural disasters around the country, a 60-day
- [3/31/22 Deadline Set For Most Provider Relief Fund Recipients To Self-Report](https://schwartzaccountants.com/2021/12/3-31-22-deadline-set-for-most-provider-relief-fund-recipients-to-self-report/) - 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: https://www.hhs.gov/sites/default/files/provider-post-payment-notice-of-reporting-requirements-june-2021.pdf. For medical practices that received more than $10k prior to 6/30/20, the self-reporting period already
- [12/31/21 Deadline For Targeted EIDL Advance and Supplemental Targeted Advance](https://schwartzaccountants.com/2021/12/12-31-21-deadline-for-targeted-eidl-advance-and-supplemental-targeted-advance/) - 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 Advance is $5,000 and has more strict eligibility requirements. The eligibility requirements for these
- [MA Announces New Entity Level Tax to Help MA Practice Owners Save Taxes](https://schwartzaccountants.com/2021/12/ma-announces-new-entity-level-tax-to-help-ma-practice-owners-save-taxes/) - 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 state and local tax (SALT) deduction added in the 2017 federal Tax Cuts and Jobs Act. Massachusetts joins several other states in enacting
- [Summary of Proposed Tax Law Changes](https://schwartzaccountants.com/2021/09/summary-of-proposed-tax-law-changes/) - Looks like tax changes are on the way. Below are some of the recommendations that President Biden’s team and the House Ways and Means Committee have each proposed recently that will impact the federal income taxes paid by successful healthcare professionals if enacted into law: PROPOSED CHANGES TO PERSONAL TAXES Restore the top tax rate
- [Check Out B of A’s Record Low Interest Rate Offer For Dental Practices](https://schwartzaccountants.com/2021/09/check-out-b-of-as-record-low-interest-rate-offer-for-dental-practices/) - Just like the baseball and football season, the fall is where things really start to heat up in the Dental Practice Acquisition market. To that end, Bank of America is launching an extremely low interest rate loan product for dentists who are seeking financing to purchase a practice. HISTORICALLY LOW INTEREST RATES! Highlights of the
- [HRSA Announces Phase 4 of the Provider Relief Fund](https://schwartzaccountants.com/2021/09/hrsa-announces-phase-4-of-the-provider-relief-fund/) - More stimulus money is now available to small healthcare practices. According to HRSA at: https://www.hrsa.gov/provider-relief/future-payments: On September 29, 2021, health care providers will be able to apply for $25.5 billion in relief funds, including $8.5 billion in American Rescue Plan (ARP) resources for providers who serve rural patients and $17 billion for Provider Relief Fund
- [HRSA Announces 60-Day Grace Period For Provider Relief Fund Self-Reporting Submissions Due 9/30](https://schwartzaccountants.com/2021/09/hrsa-announces-60-day-grace-period-for-provider-relief-fund-self-reporting-submissions-due-9-30/) - Medical and other healthcare providers who received more than $10k in Provider Relief Funds prior to 6/30/20 are required to self-report by 9/30/21 that those funds were utilized correctly. Due to very lackluster self-reporting submission rates, HRSA recently announced a 60-day grace period for Reporting Period 1 only at: https://www.hrsa.gov/provider-relief/reporting-auditing: Announcing 60-Day Grace Period
- [Exclusive Offer For Our Dental Practice Clients Using Antiquated Practice Management Software](https://schwartzaccountants.com/2021/09/exclusive-offer-for-our-dental-practice-clients-using-antiquated-practice-management-software/) - Do you: Return to the office to complete an e-script after hours? Find yourself paying for server upgrades and experiencing server crashes? Spend 30 minutes waiting for a patient to complete their forms? Still schedule one phase at a time for a treatment plan? Never receive any evidence-based guidance from your dental software? Oryx can
- [Update On The ERC](https://schwartzaccountants.com/2021/08/update-on-the-erc/) - One more ERC update as we prepare to contact our practice owner clients with an approximation of the amount of the Employee Retention Tax Credit their practice should be eligible to receive. Earlier this month, the IRS announced that the wages of owners of more than 50% of the value of the practice won’t qualify
- [Third Quarter Estimated Taxes Due 9/15 – Consider Paying Online](https://schwartzaccountants.com/2021/08/third-quarter-estimated-taxes-due-9-15-consider-paying-online/) - Our friends at the IRS continue to be way behind with processing their mail. Believe it or not, that includes many checks that the IRS has received in the mail since COVID hit last March. For that reason, if you pay quarterly estimates, consider making those payments online at https://www.irs.gov/payments. I started paying my quarterlies
- [SBA Launches Direct Forgiveness Portal To Streamline PPP Loan Forgiveness](https://schwartzaccountants.com/2021/08/sba-launches-direct-forgiveness-portal-to-streamline-ppp-loan-forgiveness/) - Great news if you feel your PPP lender is making the loan forgiveness process too complicated. The SBA recently announced that they set up their own Direct Forgiveness Portal “to streamline forgiveness processing for PPP Borrowers. After registration, you may use this streamline process to automatically submit your forgiveness request to your lender.” The SBA
- [Exclusive Offer For Schwartz & Schwartz Clients Using PracticeWorks or Softdent](https://schwartzaccountants.com/2021/08/exclusive-offer-for-schwartz-schwartz-clients-using-practiceworks-or-softdent/) - Are you currently using PracticeWorks or SoftDent and looking for an effective way to move into the 21st century with a more robust cloud-based alternative? How about unlimited data storage that eliminates the need for future costly server upgrades? Maybe it’s time to consider an alternative such as Orxy Dental Software that provides an all-in-one
- [Looking For A Practice in Downtown Boston](https://schwartzaccountants.com/2021/08/looking-for-a-practice-in-downtown-boston/) - If you or one of your colleagues is hoping to purchase a general dentist office in downtown Boston, please email andrew@schwartzaccountants.com and we will reach out to you with information on this well established and very profitable practice in the next few weeks. You will also be able to reserve a spot for a private
- [Updated Summer ToDo List For Practice Owners](https://schwartzaccountants.com/2021/07/updated-todo-list-for-practice-owners/) - Practice owners who received grants and subsidies through the CARES ACT or other sources can finally see the light at the end of the tunnel. Here are the remaining steps to take in connection with these grants and subsidies. PPP1 Loan Forgiveness: Most practices received their PPP1 loans back in April or May 2020. They
- [Business Can Temporarily Deduct 100% Of Meals For 2021 And 2022](https://schwartzaccountants.com/2021/07/business-can-temporarily-deduct-100-of-meals-for-2021-and-2022/) - From The IRS News - edition IR-2021-79, April 8, 2021 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 amount that businesses may deduct for food or beverages. The temporary
- [For tax year 2021 - Recent tax legislation targeting families with children](https://schwartzaccountants.com/2021/07/for-tax-year-2021-recent-tax-legislation-targeting-families-with-children/) - Various changes were made to the Child Tax Credit and Dependent Care Tax Credit for 2021, including: Dependent Care Expenses qualifying for the dependent care tax credit have increased from $3,000 to $8,000 for one qualifying child and from $6,000 to $16,000 for two or more qualifying children. The allowed dollar amount parents can fund
- [Is your child working a summer job?](https://schwartzaccountants.com/2021/07/is-your-child-working-a-summer-job/) - Is your child working a summer job? If so, check out these basic financial planning tips: If you child’s wages will only be a few thousand dollars this summer, most likely he or she will not be subject to federal income taxes. The standard deduction for single filers in 2021 is $12,550. Earned income less
- [A Strategy To Go Out Of Network With A Pro And Become An Unrestricted Provider](https://schwartzaccountants.com/2021/06/a-strategy-to-go-out-of-network-with-a-pro-and-become-an-unrestricted-provider/) - By Cirrus Dental. (www.mycirrusdental.com) As dental industry trends change, many dentists are realizing their relationships with dental insurers are not necessarily beneficial to them or their patients. And, as they review their financial situations, some of these dentists realize that becoming an Unrestricted Provider is a great option for their practice. An Unrestricted Provider is
- [Avoid Huge Penalties By Filing Your Form 5500 For Your 401k/Profit Sharing Plan By 7/31/21](https://schwartzaccountants.com/2021/06/avoid-huge-penalties-by-filing-your-form-5500-for-your-401k-profit-sharing-plan-by-7-31-21/) - Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2020, you are required to file a Form 5500 by 7/31/21 (https://www.dol.gov/sites/dolgov/files/EBSA/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2019-sf.pdf). If you aren’t able to submit this paperwork prior to 7/31, please file for an extension using the Form 5558, https://www.irs.gov/pub/irs-pdf/f5558.pdf, giving yourself until 10/15 to file. There
- [Don’t Forget The $100k Subsidy For Practices That Started After 2/15/20](https://schwartzaccountants.com/2021/06/dont-forget-the-100k-subsidy-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 with annual revenue of less than $1 Million. The ERTC for RSB’s is only
- [ERTC Summary](https://schwartzaccountants.com/2021/06/ertc-summary/) - The Employee Retention Tax Credit (ERTC) has had quite a journey since first being introduced as part of the CARES Act last March. Originally, business owners who took the PPP Loan weren’t eligible for this valuable payroll tax credit. That all changed in December when Trump signed his stimulus package into law. Suddenly, anyone who
- [HRSA Provides Update On The Provider Relief Fund (PRF) Self-Reporting Requirement](https://schwartzaccountants.com/2021/06/hrsa-provides-update-on-the-provider-relief-fund-prf-self-reporting-requirement/) - If your practice received a Provider Relief Fund Grant from HRSA of more than $10k, 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: https://www.hhs.gov/sites/default/files/provider-post-payment-notice-of-reporting-requirements-june-2021.pdf The table below summarizes the deadline to use the funds as well as the reporting
- [Barton Associates Shares Webinar on Taxes for Independent  Contractors](https://schwartzaccountants.com/2018/05/barton-associates-shares-webinar-on-taxes-for-independent-contractors/) - by Jess Huckins How can you make filing your taxes as an independent contractor as easy as possible? How will tax reform affect your locum tenens career in the years to come? Barton Associates' locum tenens tax guide author and healthcare tax specialist Andrew D. Schwartz, CPA addressed these questions and more in our recent
- [Tabitha's Tips -  Overhead High? This Will Help](https://schwartzaccountants.com/2020/07/tabithas-tips-overhead-high-this-will-help/) - From our Friends at ShelleyRenee Practice Consulting: I am not a fan of statements. They should not be standard practice. Do you track the number of statements that are sent out each month? What does the number of statements sent represent? Each statement represents a non-collection. Most practices I visit have a payment
- [Tabitha's Tip: Hygiene Capacity, What Can Your Patient Base Support?](https://schwartzaccountants.com/2020/07/tabithas-tip-hygiene-capacity-what-can-your-patient-base-support/) - Hygiene capacity is an interesting topic. Owners frequently define a full hygiene schedule with few openings to be at capacity. The mistaken belief is that a full schedule denotes success. This definition is very limiting, since few owners are truly tapping the potential capacity that they already have. Often they are experiencing a scheduling problem
- [Looking for KN95 Masks?](https://schwartzaccountants.com/2020/06/looking-for-kn95-masks/) - One of our non-healthcare clients is Green Streets USA Inc, a distributor of paper and cleaning products to businesses throughout New England, New York and New Jersey, has stocked up on KN95 masks and is now offering this deal to Schwartz& Schwartz clients: KN95 Face mask - FDA approved *Full size, easily covering nose and
- [What To Do If Your 401(k) Account  Value Declines](https://schwartzaccountants.com/2019/07/what-to-do-if-your-401k-account-value-declines/) - From CBS Interactive/ By Steve Vernon Have you ever opened your 401(k) account statement and stressed out because the balance has declined? Don't panic. Instead, try these strategies to address the inevitable stock market fluctuations that will occur during your lifetime. Workers Under 50: If you're less than 50 years old, "do nothing" is most
- [This Summer, Work Through Your 2019 Tax Projection](https://schwartzaccountants.com/2019/07/this-summer-work-through-your-2019-tax-projection/) - As we shared this winter in an article called Why Is Your Tax Refund Smaller for 2018 (written by Shira Schoenberg and including quotes from Andrew Schwartz CPA), many individuals were surprised that they had smaller tax refunds or owed more in federal income taxes than they had expected in connection with filing their 2018
- [Summer Job Alert - Have Your Working Children claim "Exempt" on the W-4 Form](https://schwartzaccountants.com/2020/07/summer-job-alert-have-your-working-children-claim-exempt-on-the-w-4-form/) - Seems that many high school and college aged kids are incorrectly having federal and state income taxes withheld from their summer job wages. Please note that a working child will generally owe no federal income taxes unless wages earned exceed $12,400 (in 2020) or investment income exceeds $350 while total income exceeds $1,100. Most kids,
- [Tips for Kids with a Summer Job](https://schwartzaccountants.com/2019/06/tips-for-kids-with-a-summer-job/) - Will your child be working at a summer job? If so, here are a few items to consider: How to complete Form W-4. When you child begins their summer job and will be paid as a W-2 employee, their new employer will require them to complete a Form W-4, instructing the employer how to withhold
- [Update For Taxpayers Who Qualified For The $10,200 Exclusion on Unemployment Benefits But Filed Too Early to Get It](https://schwartzaccountants.com/2021/06/update-for-taxpayers-who-qualified-for-the-10200-exclusion-on-unemployment-benefits-but-filed-too-early-to-get-it/) - Taxpayers who received unemployment benefits during 2020 could exclude the first $10,200 of benefits received from their taxable income as long as their total income reported on their tax returns was less than $150,000. This rule wasn't enacted until March causing eligible taxpayers who filed their returns prior to mid-March 2021 to miss out on
- [Where’s My Refund?](https://schwartzaccountants.com/2021/06/wheres-my-refund-2/) - If you have filed your tax return and are waiting on your refund, you can get an update on the status of the processing of your federal tax return by going to the IRS link: https://www.irs.gov/refunds and clicking on the Check My Refund Status button. Be prepared to provide the following information: Your social security
- [Additional Plug-In Vehicles Qualify for Tax Credit of Up To $7,500](https://schwartzaccountants.com/2021/06/additional-plug-in-vehicles-qualify-for-tax-credit-of-up-to-7500/) - Plug-in electric drive motor vehicles are picking up steam. According to the IRS: Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a
- [MASS Finally Conforms With Federal Rules For PPP Loans and EIDL Advances](https://schwartzaccountants.com/2021/05/mass-finally-conforms-with-federal-rules-for-ppp-loans-and-eidl-advances/) - During March, Massachusetts passed legislation to make PPP Loan Forgiveness and EIDL Grants not taxable to Massachusetts business owners. Other grants, including the those issued by the MGCC or the HHS, continue to be taxable for federal and Mass taxes. According to the Mass Department of Revenue at: Tax Filing Season Frequently Asked Questions |
- [Still No Update By HHS On The PRF Self-Reporting Requirement](https://schwartzaccountants.com/2021/05/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 with the PRF self-reporting requirement. Reporting Questions How can I report on the use of funds? Providers will be notified when they should complete the second step of the
- [Businesses Can Temporarily Deduct 100% of Meals As Of 1/1/21](https://schwartzaccountants.com/2021/05/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 amount that businesses may deduct for food or beverages. The temporary exception allows a 100%
- [Additional EIDL Advance Funds May Be Available](https://schwartzaccountants.com/2021/05/additional-eidl-advance-funds-may-be-available-2/) - 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 additional grant now. To qualify for the Targeted EIDL Advance, your practice must be located in a low-income community per the
- [ERTC Update](https://schwartzaccountants.com/2021/05/ertc-update-2/) - 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 employee per quarter, which translates to $28k per employee for 2021.
- [PPP Loan Forgiveness](https://schwartzaccountants.com/2021/05/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 the IRS. Practice owners with PPP loans of $150k or less
- [New $100K Subsidy Available For Practices That Started After 2/15/20](https://schwartzaccountants.com/2021/05/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 with annual revenue of less than $1 Million. The ERTC for RSB’s is only
- [PPP Updates for Small Practices and Sole Proprietors](https://schwartzaccountants.com/2021/04/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 be subject to federal income
- [Recap of Changes to Tax Deadlines](https://schwartzaccountants.com/2021/04/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 4/15/21 For FINANCIAL PLANNING and RETIREMENT: Due date
- [Need Help With Locum Tenens Providers?](https://schwartzaccountants.com/2021/04/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 healthcare providers. Their vast database of providers includes physicians, dentists, nurse practitioners, physician assistants, CRNAs, and psychologists/iatrists. Having such
- [IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021](https://schwartzaccountants.com/2021/03/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 refund. This follows a previous announcement from the IRS on March 17, that the federal
- [President Signs Third Stimulus Package](https://schwartzaccountants.com/2021/03/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 on addressing unemployment benefits and issuing a third stimulus payment for
- [Employee Retention Credit Update](https://schwartzaccountants.com/2021/03/ertc-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 claimed for their staff salaries on their 2020 practice tax return by
- [PPP Formula Enhanced For Sole Proprietors Earning Less Than $100K:](https://schwartzaccountants.com/2021/03/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 support by revising the PPP’s funding formula for these categories of applicants Since first being introduced last March, the PPP formula required that sole proprietors, independent contractors, and self-employed individuals base their PPP
- [PPP For Small Business and Sole Proprietors](https://schwartzaccountants.com/2021/02/6236/) - 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 practitioners even if they have no staff. Self-employed practitioners that have no staff should qualify for
- [ERTC Spells Opportunity But Also Filing Delays For Practice Owners](https://schwartzaccountants.com/2021/03/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 Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments
- [Are You Eligible for the Home Office Deduction for 2020?](https://schwartzaccountants.com/2021/03/am-i-eligible-for-a-home-office-tax-deduction-this-year/) - 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 are paid via a W-2), the Tax Cuts
- [Mass Confusion for Massachusetts Practice Owners](https://schwartzaccountants.com/2021/03/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 legislation will be passed soon to address this situation. Unless new laws are
- [Multiple benefits available to rental property owners from a Section 1031 Like-Kind Exchange.](https://schwartzaccountants.com/2021/02/multiple-benefits-available-to-rental-property-owners-from-a-section-1031-like-kind-exchange/) - Is a 1031 exchange (like-kind exchange) something you’ve been pondering with regard to your rental real estate investment? A significant tax benefit from transacting a 1031 exchange results in deferring taxes on the gain from the sale until a later year – when the taxpayer ultimately sells the replacement rental property or properties in a
- [Be proactive is you’ve been a victim of Unemployment Fraud this year.](https://schwartzaccountants.com/2021/03/be-proactive-is-youve-been-a-victim-of-unemployment-fraud-this-year/) - One of the recurring notifications our office saw this past year was unemployment fraud. There were numerous reported cases of scammers attempting to collect the unemployment benefits being offered by the government. Such scammers were filing false claims using stolen personal information. If this happened to you, be on the lookout for a form 1099-G
- [IRS expands Use of Taxpayer ID PINs](https://schwartzaccountants.com/2021/02/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 number being used on a fraudulently filed tax return earlier in that
- [MA Paid  Family And Medical Leave – Recorded Webinar By Integrated Human Resources](https://schwartzaccountants.com/2021/02/ma-paid-family-and-medical-leave-recorded-webinar-by-integrated-human-resources/) - Presented by Laurie LaBrie, SPHR, SHRM-SCP, and President of Integrated Human Resources, inc. In this 6-minute overview, Laurie covers how the new MA PFML award and how the new system is working by reviewing: Employer Responsibilities PFML Timeline Employer PFML Portals MA PFML Benefit Reductions Parental Leave Timeline WATCH HERE: https://schwartzaccountants.com/aiovg_videos/ma-pfml-the-first-month-by-laurie-labrie-integrated-hr-team/ For more info, please
- [Stress Management Webinar – Live Webinar By Integrated Human Resources](https://schwartzaccountants.com/2021/02/stress-management-webinar-live-webinar-by-integrated-human-resources/) - Many Are Feeling It and Few Are Addressing It Laurie LaBrie of Integrated Human Resources, Inc (https://www.integratedhrteam.com/) is pleased to invite our clients to attend her webinar on Stress Management to be held Thursday, February 11 at noon. With the workplace significantly more demanding with the pandemic response, employees are indicating that stress is a
- [You Might Qualify For Additional PPP1 Funds](https://schwartzaccountants.com/2021/02/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 week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be
- [No Update By HHS On The PRF Self-Reporting Requirement](https://schwartzaccountants.com/2021/02/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 with the PRF self-reporting requirement. Providers will be notified when they should complete the second step of the process and report on the use of funds. This functionality is
- [How To Spend Your PPP2 Money](https://schwartzaccountants.com/2021/02/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: https://www.journalofaccountancy.com/news/2021/jan/sba-treasury-issue-ppp2-guidance.html: Eligible costs PPP borrowers can have their first- and second-draw loans forgiven if the
- [Additional EIDL Advance Funds May Be Available](https://schwartzaccountants.com/2021/02/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, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure
- [Highlights of the Non-Business Provisions Included in the $900 Billion Stimulus Package](https://schwartzaccountants.com/2021/01/highlights-of-the-non-business-provisions-included-in-the-900-billion-stimulus-package/) - On December 27th, President Trump moved forward and signed the COVID-19 relief bill. This legislation had expeditiously passed both the House and Senate the prior Monday and was waiting for the President’s signature to make it official. This bill is the second major stimulus package passed in 2020. The final version of this bill provides
- [Quick 2021 Tax Filing Season Facts](https://schwartzaccountants.com/2021/02/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 return submitted to
- [Keys to Minimizing IRS Audit “Red Flags” and IRS Tax Notices](https://schwartzaccountants.com/2021/02/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 common than you may think. Keeping
- [New 1099 Form For Independent Contractors](https://schwartzaccountants.com/2021/01/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 2020 is 1/31/21. More info is available at: https://www.irs.gov/instructions/i1099msc
- [RE: 2021](https://schwartzaccountants.com/2021/01/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 industries severely impacted by the Covid-19 pandemic . The stock markets ended the year at all time highs. Real estate prices around the
- [PPP Round 2 Applications Now Being Accepted](https://schwartzaccountants.com/2021/01/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, your practice must show at least one quarter
- [Provider Relief Fund Recipients Need To Register At New HRSA Portal](https://schwartzaccountants.com/2021/01/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 user. Keep in mind that your Optum ID login credentials used to originally apply for
- [Create A Winning Plan](https://schwartzaccountants.com/2021/01/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 those who fall short? What things can you do
- [PPP + ERTC = Opportunity For Practices That Were Temporarily Closed Last Spring](https://schwartzaccountants.com/2021/01/ppp-ertc-opportunity-for-practices-that-were-temporarily-closed-last-spring/) - 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. What does that mean for you and your practice? To be eligible for the ERTC, you either needed to
- [FFCRA Deadline Extended From 12/31/20 TO 3/31/21](https://schwartzaccountants.com/2021/01/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 to workers and employers about protections and relief offered by the Families First Coronavirus Response
- [All You Need To Know About Gifting](https://schwartzaccountants.com/2021/01/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 value of the gifts given in a year from
- [PPP Update](https://schwartzaccountants.com/2021/01/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 self-employed practitioners, practice owners who didn’t apply for PPP Round 1, and those practitioners
- [MA Growth Capital Corportation (MGCC) Grant Update](https://schwartzaccountants.com/2021/01/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 might not be available to most healthcare practices. For starters, MGCC clearly states as part of the Program
- [Employee Retention Tax Credit (ERTC) Updates](https://schwartzaccountants.com/2021/01/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 amount of this tax credit and made qualifying easier. Most healthcare practices should
- [President Trump signs $900B Stimulus Bill](https://schwartzaccountants.com/2020/12/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 major stimulus package passed in 2020. The final version of this bill
- [Additional SBA Filing Requirements For Practices With An EIDL](https://schwartzaccountants.com/2020/12/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 the PPP Loan and EIDL Advance, a
- [HHS Announces Payout Formula For Phase-3 of the HHS Provider Relief Fund](https://schwartzaccountants.com/2020/12/hhs-announces-payout-formula-for-phase-3-of-the-hhs-provider-relief-fund/) - According to the ADANews at: https://www.ada.org/en/publications/ada-news/2020-archive/december/hhs-provider-relief-fund-phase-3-payments-underway: The U.S. Department of Health and Human Services said Dec. 16 that the next round of Provider Relief Fund distributions is now underway. The Provider Relief Fund was established by the Coronavirus Aid, Relief and Economic Security Act — known as the CARES Act — to help dentists and
- [Massachusetts Announces $668 Million Second Round For COVID-19 Grants to Small Businesses](https://schwartzaccountants.com/2020/12/massachusetts-announces-668-million-second-round-for-covid-19-grants-to-small-businesses/) - Last week the Massachusetts Growth Capital Corporation (MGCC) started paying out the first round of the Covid-19 Grants totaling $50.8 Million to just over 1,100 of the 10,000 business that applied. A few of our clients with practices received this $75k grant. The state also recently announced at: https://www.mass.gov/news/baker-polito-administration-announces-668-million-small-business-relief-package that they earmarked an additional $668
- [Stimulus Bill Allows $5k per Employee Retention Tax Credit Even If You Got The PPP](https://schwartzaccountants.com/2020/12/stimulus-bill-allows-5k-per-employee-retention-tax-credit-even-if-you-got-the-ppp/) - One provision apparently included in the Stimulus Package that hasn’t gotten much press is that practices would be able to claim the Employee Retention Tax Credit (ERTC) of up to $5k per employee even if the practice received a PPP Loan. The payroll tax credit is equal to 50% of the first $10k of wages
- [Most Recent Stimulus Bill Allows Deductibility of Expenses Paid With PPP](https://schwartzaccountants.com/2020/12/most-recent-stimulus-bill-allows-deductibility-of-expenses-paid-with-ppp/) - Congress did it. As part of the recently passed Stimulus Bill, expenses paid with your PPP loan and EIDL Advance (that would also now be forgivable thanks to this bill) are fully deductible. This bill supersedes prior announcements made by the IRS to the contrary. And President Trump signed this bill into law on Sunday
- [Reduce Your Risk of Internet Theft From Online Shopping](https://schwartzaccountants.com/2020/12/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 plus unlimited other items have made this the year of the
- [IRS Expands Use of Taxpayer IP PINs](https://schwartzaccountants.com/2020/12/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 number being used on a fraudulently filed tax return
- [HHS Began Distributing Phase-3 Provider Relief Funds Last Week](https://schwartzaccountants.com/2020/12/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 HHS. I would never have received the
- [Ten Tips To Cut Your 2020 Taxes](https://schwartzaccountants.com/2020/12/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 pushing too much taxable income
- [Schedule C individuals - Review Your Business Bottom Line](https://schwartzaccountants.com/2020/12/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 your prior year net income – reach out to your tax preparer
- [Two Charitable Donation Updates for 2020](https://schwartzaccountants.com/2020/12/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 taxpayers claiming the standard deduction. However, beginning in 2020, taxpayers who do
- [Are you turning 50?](https://schwartzaccountants.com/2020/12/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, if you are age 50 or older, you can make an extra “catch-up”
- [Solar Panel Credit - Act Now](https://schwartzaccountants.com/2020/12/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, taxpayers were allowed a tax credit on their tax
- [Using Donor Advised Funds for Charitable Giving (12/31 Deadline)](https://schwartzaccountants.com/2020/11/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 that cash is the least efficient asset that you can donate and
- [New Service - SCHWARTZ & SCHWARTZ PC Offers Dental Practice Valuation Service](https://schwartzaccountants.com/2020/11/new-service-schwartz-schwartz-pc-offers-dental-practice-valuation-service/) - Looking to get your practice valued? Maybe you’re planning to have an Associate buy into your practice. Perhaps you need to know what your practice is worth for estate planning or financial planning purposes. Or you might just be taking this step as you prepare to find a buyer for your practice. Whatever the reason,
- [COVID-19 Guidelines For Practice Owners With Staff](https://schwartzaccountants.com/2020/11/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 reasons, the Federal Government has enacted the Families First Coronavirus
- [IRS Announces That Expenses Paid With PPP Loan To Be Forgiven Are Non-Deductible In 2020](https://schwartzaccountants.com/2020/11/irs-announces-that-expenses-paid-with-ppp-loan-to-be-forgiven-are-non-deductible-in-2020/) - On November 17th, the IRS issued guidance on how the PPP Loan forgiveness impacts how businesses will deduct expenses paid with the PPP funds. According to the IRS Bulletin at: https://content.govdelivery.com/accounts/USIRS/bulletins/2acfa3f: Revenue Ruling 2020-27 provides guidance on whether a Paycheck Protection Program (PPP) loan participant that paid or incurred certain otherwise deductible expenses can deduct those
- [IRS Code Section 139 Allows Your Practice To Make Tax-Free Payments To You And Selected Staff During The COVID-19 Pandemic](https://schwartzaccountants.com/2020/11/irs-code-section-139-allows-your-practice-to-make-tax-free-payments-to-you-and-selected-staff-during-the-covid-19-pandemic/) - Code Section 139 starts with this general rule: Gross income shall not include any amount received by an individual as a qualified disaster relief payment. In other words, your practice deducts any money paid out to you and selected staff under Section 139 while you and those staff members owe no taxes on amounts received.
- [Schedule C and PPP Loan](https://schwartzaccountants.com/2020/11/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 can be found at the following links: https://schwartzaccountants.com/2020/10/no-rush-on-your-ppp-loan-forgiveness-application/
- [Alex's Advice Corner - Year end Reminders](https://schwartzaccountants.com/2020/11/alexs-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 consider as you close out the year: Max out your 401(k) or
- [Small Business Energy Exemption](https://schwartzaccountants.com/2020/11/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 business must also have 5 or fewer full-time employees and the energy
- [Free Webinar 1/13/2021- Investment Vision for 2021](https://schwartzaccountants.com/2020/11/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 plan and navigate 2021. Join Alex Oliver, Wealth Manager at First National Corporation, as
- [Free Webinar 12/16 - Year End Planning for Practice Owners](https://schwartzaccountants.com/2020/11/free-webinar-12-16-year-end-planning-for-practice-owners/) - Andrew Schwartz, CPA 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 get your practice's financial house in order for year
- [What To Do If You Received Notices From One of These Agencies](https://schwartzaccountants.com/2020/11/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 Unemployment Claims Notice from Dept. of Family and Medical Leave
- [Social Security Max Increases To $142,800 For 2021](https://schwartzaccountants.com/2020/11/social-security-max-increases-to-142800-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 Security taxes that your employer will
- [Real Estate Conversations To Boost Practice Profitability During COVID-19](https://schwartzaccountants.com/2020/11/real-estate-conversations-to-boost-practice-profitability-covid-19/) - By Guest Writer: Stefan Zelich, Broker, CARR Healthcare Every landlord is different. Same goes for every deal too. We’ve seen some landlords give concessions we typically wouldn’t, whiles others are now willing to budge off their pre-Covid pricing. How to approach a landlord for temporary rent relief: Every situation is different, so healthcare organizations should
- [Friday 11/6 Is Deadline To File For Phase-3 Of The HHS Provider Relief Fund](https://schwartzaccountants.com/2020/11/friday-11-6-is-deadline-to-file-for-phase-3-of-the-hhs-provider-relief-fund/) - As we posted last month, the HHS announced that additional Provider Relief Funds are available to healthcare professionals. You can read that post at: https://schwartzaccountants.com/2020/10/hhs-announces-additional-provider-relief-funds-application-due-11-6/. Phase-3 has been expanded to include previously ineligible providers including behavioral health practitioners and also those healthcare providers that began practicing during the first quarter of 2020. The deadline to
- [Thursday 11/12 Is Deadline To Apply For Massachusetts COVID-19 Grant For Small Businesses](https://schwartzaccountants.com/2020/11/thursday-11-12-is-deadline-to-apply-for-massachusetts-covid-19-grant-for-small-businesses/) - According to information available at: https://www.empoweringsmallbusiness.org/covid-19-response/covid-19-grants-massachusetts-small-businesses , 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 be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic. No
- [Free Webinar 11/18 For Year-End Tax Planning For Individuals](https://schwartzaccountants.com/2020/11/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 also cover actions to take for 2021 to
- [IRS Announces Few Increase To 2021 Retirement Savings Limits](https://schwartzaccountants.com/2020/11/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 office retirement plan. Amounts contributed to these plans generally reduce your taxable earnings and always grow
- [Massachusetts Announces COVID-19 Grants For Small Businesses](https://schwartzaccountants.com/2020/10/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 be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic. Grant funding
- [Beware Of Scammers Coming To Your Practice Posing As SBA Agents](https://schwartzaccountants.com/2020/10/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 March. When contacted, the SBA states that they do not conduct site visits
- [What To Do If A Fraudulent Unemployment Claim Was Filed Under Your Name](https://schwartzaccountants.com/2020/10/what-to-do-if-a-fraudulent-unemployment-claim-was-filed-under-your-name/) - It’s a sad state of affairs in our country when scammers are preying on each state’s unemployment funds. We first posted info on this big problem a few months ago at: https://schwartzaccountants.com/2020/06/ma-is-now-being-inundated-with-fraudulent-unemployment-claims/. Beyond notifying your state unemployment department immediately upon learning that a fraudulent unemployment claim was filed under your name, here are some additional
- [7/24 Deadline to Apply for the HHS PPE Subsidy Equal to 2% of 2019 Collections](https://schwartzaccountants.com/2020/07/7-24-deadline-to-apply-for-the-hhs-ppe-subsidy-equal-to-2-of-2019-collections/) - The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice. Please apply for this HHS subsidy at: https://cares.linkhealth.com/#/. According to the HHS at https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/dental-distribution/index.html, to be eligible to receive the PPE subsidy equal
- [Household Employers - How the Families First Act impacts you](https://schwartzaccountants.com/2020/04/nanny-clients-how-the-families-first-act-impacts-you/) - The Families First Act took effect April 1 and does cover household employers. However, the Department of Labor has the discretion to exempt businesses with under 50 employees if the business can demonstrate that the new requirements would jeopardize its viability. Two parts of the Families First Act impact household employers: the paid sick leave
- [Big Changes to Unemployment for Self-Employed & Independent Contractors](https://schwartzaccountants.com/2020/03/big-changes-to-unemployment/) - The CARES Act allows people not paid as W2 employees to collect unemployment. Never eligible in the past, self-employed individuals and independent contracts can now file for unemployment benefits as long as their loss in income is connected to the current pandemic crisis. What does this mean to you? If your practice is temporarily closed,
- [Student Loan Forgiveness](https://schwartzaccountants.com/2020/03/student-loan-forgiveness/) - The CARES Act includes a provision suspending payments and waiving the interest on any federal student loans through September 30, 2020. Please go online with your loan servicer to make sure that they are following through on this valuable break from paying these loans. There is also a new rule allowing employers to repay up
- [COVID-19 Stimulus Payments](https://schwartzaccountants.com/2020/03/covid-19-stimulus-payments/) - In the Coronavirus Bill passed today by Congress, most adults will get $1,200 stimulus payments and do not need to file any type of application to get this relief. There is an income threshold, however. Single filers with an AGI of $75k or less will get the full $1,200 amount. Married filers with no kids
- [Filing Info & Relief For Individual Tax Payers](https://schwartzaccountants.com/2020/03/filing-info-relief-for-individual-tax-payers/) - Update 3.27.2020 Massachusetts and New York have officially extended the tax deadline date to July 15, 2020 which matches the IRS extended deadline date. Read MA DOR Announcement Info for Individual Taxpayers: The IRS relief provisions resulting from COVID-19 might be changing by the day but this is what we now know: - The 2019
- [Unemployment Assistance Available for Self-Employed and Independent Contractors](https://schwartzaccountants.com/2020/05/unemployment-assistance-available-for-self-employed-and-independent-contractors/) - Included in the recently passed CARES Act is Pandemic Unemployment Assistance (PUA) which provides additional unemployment insurance benefits to those who normally would not qualify to receive unemployment benefits. Recipients of PUA include self-employed individuals such as single-member LLC's, sole proprietors, and independent contractors. Self-employed individuals who are not working due to COVID-19 are eligible
- [MA is Now Being Inundated with Fraudulent Unemployment Claims](https://schwartzaccountants.com/2020/06/ma-is-now-being-inundated-with-fraudulent-unemployment-claims/) - Beware. We've now heard from multiple clients that fraudulent unemployment claims were filed under their name and SSN. Scary stuff. Here is the advice we're giving to those clients: There is a Mass website to report suspected fraudulent claims: https://www.mass.gov/forms/unemployment-fraud-reporting-form. And it probably makes sense to freeze your credit too. More info is available at
- [Q1 and Q2 Estimated Tax Payments Due 7/15/20](https://schwartzaccountants.com/2020/06/q1-and-q2-estimated-tax-payments-due-7-15-20/) - The deadline to file and pay your 2019 federal income taxes has been extended to 7/15/20. Same deadline applies for Q1 and Q2 estimates for your 2020 federal taxes as well as for most states. However, some states including ME, NH, NY and RI appear to have pushed their estimated tax deadline back to only
- [Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)](https://schwartzaccountants.com/2020/07/buy-yourself-3-months-on-july-15th-for-some-tax-filings-but-not-all/) - File Something on or Before 7/15 If you can't get your tax returns completed by July 15th, make sure to file for an automatic extension. Filing something on July 15th is the only way to avoid the Failure to File Penalty equal to five percent per month on any 2019 federal income taxes due as
- [Two New Dental Practice Opportunities](https://schwartzaccountants.com/2020/07/two-new-dental-practice-opportunities/) - #1: Open House for a Really Great General Practice - Saturday 8/8 We started working with our first dental practice clients back in 1995. Since then, we've worked with hundreds of practices, and many of those for as long as our client owned the practice. Without exaggeration, this practice located on Route 20 between Routes 95 and
- [COVID-19 HR Links From HR Specialist Laurie LaBrie](https://schwartzaccountants.com/2020/06/covid-19-hr-links-from-hr-specialist-laurie-labrie/) - Last week Laurie LaBrie presented to members of the Massachusetts Society of CPAs to get us practice owners up to speed with what business owners in Mass need to do to keep their staff safe during these challenging times. Laurie's talk included the following very helpful links: Develop COVID-19 Control Plan COVID-19 Control Plan: https://www.mass.gov/doc/covid-19-reopening-control-plan-template/download
- [This Sat - Open House - Great Practice For Sale](https://schwartzaccountants.com/2020/08/this-sat-open-house-great-practice-for-sale/) - We started working with our first dental practice clients back in 1995. Since then, we've worked with hundreds of practices, and many of those for as long as our client owned the practice. Without exaggeration, this practice located on Route 20 between Routes 95 and 495 is truly one of the best GP practices that
- [8/31 is Deadline to Repay Any Required Minimum Distributions Taken in 2020 Including From Inherited IRAs](https://schwartzaccountants.com/2020/08/8-31-is-deadline-to-repay-any-required-minmum-distributions-taken-in-2020-including-from-inherited-iras/) - Another recent development gives people until 8/31/20 to repay any Required Minimum Distributions taken so far in 2020, including RMDs from inherited IRAs. According to the IRS at: IR-2020-127, June 23, 2020 WASHINGTON - The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement
- [Best Year Ever](https://schwartzaccountants.com/2020/08/best-year-ever/) - By Guest writer Don Khouri, Managing Director, Fortune Management Northeast After ten weeks of staying at home (except for an occasional trip to the supermarket), my hair was pretty long. When I finally got my haircut, I only needed one haircut. I didn't need two or three. One did the trick. Dentistry is different. The
- [PPP Forgiveness FAQS From Our Friends At TD Bank](https://schwartzaccountants.com/2020/08/ppp-forgiveness-faqs-from-our-friends-at-td-bank/) - Below is a list of "Frequently Asked Questions" put together by our friends at TD Bank to help answer some of their clients' questions. This info should be helpful to anyone who received a PPP Loan. Loan Forgiveness Q: How do I apply for loan forgiveness? TD Bank will have a digital application process for
- [NH Healthcare System Relief Fund Application Is Due 8/13/20](https://schwartzaccountants.com/2020/08/nh-healthcare-system-relief-fund-application-is-due-8-13-20/) - Practice owners with offices in New Hampshire (NH) should be aware that they only have until August 13th to complete the online application to tap New Hampshire's COVID-19 Emergency Healthcare System Relief Fund (CEHSRF). Info is available at: https://www.goferr.nh.gov/covid-expenditures/healthcare-system-relief-fund. According to that website: The Governor has authorized the allocation and expenditure of a total of
- [Trump Issues Executive Order Allowing Employees To Defer Paying Some Taxes](https://schwartzaccountants.com/2020/08/trump-issues-executive-order-allowing-employees-to-defer-paying-some-taxes/) - Over this past weekend, President Trump issued an Executive Order allowing your employees earning less than $4k per bi-weekly pay period to defer having Social Security and Medicare taxes withheld from their pay starting September 1, 2020 through the remainder of 2020. Please note that as things currently stand, your employees will somehow need to
- [Installment Plan Available to Pay Your Tax Bill](https://schwartzaccountants.com/2020/08/installment-plan-available-to-pay-your-tax-bill/) - Given the current economic dilemma facing taxpayers as a result from the COVID19 pandemic, many taxpayers may be looking at a tax balance owed for their 2019 taxes that they are unable to pay in full in 2020. If you are faced with a tax balance due for your income taxes and you cannot pay
- [Two Electric Vehicle Programs to Save You $$](https://schwartzaccountants.com/2020/08/two-electric-vehicle-programs-to-save-you/) - Electric Vehicle Charging Station Tax Credit Retroactively Extended Prior to 2018, taxpayers were allowed a tax credit for the costs incurred related to installing an electric vehicle (EV) charging station in their primary home. This tax credit expired the end of 2017. However, little known to many taxpayers, the EV charging station tax credit was
- [Values Collision: How To Ruin A Great Day At Work](https://schwartzaccountants.com/2020/08/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! Then, two critical team members want to discuss another
- [Dental Practice Opportunities](https://schwartzaccountants.com/2020/08/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 software, has three operatories, and includes: digital intraoral digital panorex machine two Marus new
- [9/15 Deadline For Q3 Estimated Taxes Will Be Challenging For Practice Owners](https://schwartzaccountants.com/2020/08/9-15-deadline-for-q3-estimated-taxes-will-be-challenging-for-practice-owners/) - 2020 has been a crazy year for taxes. The 2019 filing deadline was pushed back from 4/15/20 to 7/15/20. Q1 and Q2 estimates normally due 4/15/20 and 6/15/20 were also pushed back to 7/15/20. For some practice owners, July 15th was a very expensive day for taxes. Now, just two months after all those taxes
- [New Book And Website Launched To Help Dentists With Their Finances](https://schwartzaccountants.com/2020/08/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 issue by far. My book finally addresses these issues and more and provides the solution graduating
- [Attestation Matters For The HHS Provider Relief Fund Subsidy](https://schwartzaccountants.com/2020/08/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 attestation that the funds will be used properly. We have
- [Maine's New Recovery Grant Program Not Available To Doctors](https://schwartzaccountants.com/2020/08/5263/) - 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 economy recover from the impacts of the global pandemic by supporting Maine-based businesses and non-profit organizations through an Economic Recovery Grant Program. The funding originates from the federal Coronavirus
- [8/28 Deadline To File For HHS Provider Relief Fund Subsidy Is Quickly Approaching](https://schwartzaccountants.com/2020/08/8-28-deadline-to-file-for-hhs-provider-relief-fund-subsidy-is-quickly-approaching/) - We have posted a lot of information regarding the Provider Relief Fund subsidy on our Covid-19 Recourse Blog available at: https://schwartzaccountants.com/covid19resources/, along with other timely information pertaining to the various stimulus opportunities available to help practice owners survive these challenging economic times. If you haven't yet finalized your filing for this HHS PPE subsidy equal
- [PPP Rules On The Required Good-Faith Certification For Loans Less Than $2M](https://schwartzaccountants.com/2020/08/ppp-rules-on-the-required-good-faith-certification-for-loans-less-than-2m/) - According to the Paycheck Protection Program Loan FAQs #46 as of August 11, 2020 available at: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf: Question: How will SBA review borrowers required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that current economic uncertainty makes this loan request necessary
- [Q3 Estimated Tax Payments Due 9/15](https://schwartzaccountants.com/2020/08/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 in the week, we sent out our estimated tax reminders to our clients who we set up to pay Q3 2020 estimates to either the IRS or the states where
- [Did You Receive An IRS Notice For 2019? If So, Please Don't Pay The Balance Due Yet!](https://schwartzaccountants.com/2020/08/did-you-receive-an-irs-notice-for-2019-if-so-please-dont-pay-the-balance-due-yet/) - It's been a crazy year for everyone. Unfortunately, that includes the IRS too. Evidently the IRS hasn't been able to process the tax payments they are receiving in a timely manner and/or didn't update their computers to reflect that the deadline to pay 2019 taxes was extended to 7/15. What did they IRS do instead?
- [Private practice? Deadline to Apply for HHS Provide Relief Fund Subsidy is 9/13](https://schwartzaccountants.com/2020/08/private-practice-deadline-to-apply-for-hhs-provide-relief-fund-subsidy-is-9-13/) - If you're a mental health professional with a private practice, please consider applying for the HHS Provider Relief Fund Subsidy equal to 2% of gross private practice revenue as reported on your most recently filed tax return. The deadline to apply is 9/13. ** A self-employed therapist with gross revenue of $350,000 would qualify for
- [Avoid Huge Penalties By Filing Your Form 5500 For Your 401k/Profit Sharing Plan By 10/15/20](https://schwartzaccountants.com/2020/08/avoid-huge-penalties-by-filing-your-form-5500-for-your-401k-profit-sharing-plan-by-10-15-20/) - Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2019, you are required to file a Form 5500 by 7/31/20 (https://www.dol.gov/sites/dolgov/files/EBSA/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2019-sf.pdf). If you weren't able to submit this paperwork prior to 7/31, you should have filed for an extension using the Form 5558, https://www.irs.gov/pub/irs-pdf/f5558.pdf, giving you until to 10/15
- [Trump's Executive Order Allowing Your Employees to Defer Social Security Taxes Kicks In On Tuesday 9/1. Are You Ready?](https://schwartzaccountants.com/2020/09/trumps-executive-order-allowing-your-employees-to-defer-social/) - Earlier this month, President Trump's issued an Executive Order allowing your employees earning less than $4k per bi-weekly pay period to defer having Social Security withheld from their pay starting September 1, 2020 and continuing through the remainder of 2020. The Whitehouse Memorandum of Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
- [Deadline to Apply For The HHS Provider Relief Fund Extended to 9/13](https://schwartzaccountants.com/2020/09/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 Provider Relief Fund subsidy on our Covid-19 Recourse Blog available at: https://schwartzaccountants.com/covid19resources/, along with other timely information pertaining to the various stimulus opportunities available to help
- [Tabitha's Tip: Best Practices To Handle Old Patient Receivables - From Guest Writer Tabitha Lugo](https://schwartzaccountants.com/2020/09/dental-practice-tips-from-guest-writer-tabitha-lugo/) - Q: I've been in practice for over 20 years and my books are full of uncollectible Accounts Receivables. Do you have any best practices for how to handle this? A:?What I usually suggest to clients is that once they turn an account over to a collection agency, or in this case have uncollectible accounts sitting
- [Great Promotion From Our Friends at Bank of America Practice Solutions](https://schwartzaccountants.com/2020/09/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, "Dave and I are excited to announce our Q4 promotion
- [Employee Social Security Tax Deferral FAQ](https://schwartzaccountants.com/2020/09/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 employees.? I am not sure if this is mandatory.
- [IRS is issuing interest on personal tax refunds](https://schwartzaccountants.com/2020/09/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 to July 15, 2020, interest is being
- [On Extension? Your Deadline is Almost Here](https://schwartzaccountants.com/2020/09/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 direct deposit to receive your refund. - If you
- [No Rush On Your PPP Loan Forgiveness Application](https://schwartzaccountants.com/2020/10/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 you have 10 months following the end of
- [How To Pay Off the EIDL Loan](https://schwartzaccountants.com/2020/10/how-to-pay-off-the-eidl-loan-2/) - 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: https://schwartzaccountants.com/2020/05/more-info-about-eidls/, there are various pitfalls that come along with this SBA loan.
- [Tabitha's Tips: Convenient And Inexpensive Patient Payment Plan Option](https://schwartzaccountants.com/2020/10/tabithas-tips-convenient-and-inexpensive-patient-payment-plan-option/) - By Guest Writer - Tabitha Lugo, Shelley Renee Practice Consulting Q: I have a quick question for you. We wanted to see if you can give some guidance or any resources regarding payment plans and specifically payment plan arrangement documents. For example, we have an Invisalign patient who wants a payment plan with some down-payment
- [Are You Required To Pay Staff Who Can't Work Due To Childcare Issues?](https://schwartzaccountants.com/2020/10/are-you-required-to-pay-staff-who-cant-work-due-to-childcare-issues/) - Q: I have an assistant who has two small kids and has not been coming to the office since she does not have babysitting. She wants to know if she is eligible to still be paid by my office and, if so, how do we go about paying her and do we get a tax
- [2/15/21 Deadline For Recipients of HHS Provider Relief Fund to Self-Report](https://schwartzaccountants.com/2020/10/2-15-21-deadline-for-recipients-of-hhs-provider-relief-fund-to-self-report/) - According to the HHS at: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/reporting-auditing/index.html: "All recipients of more than $10,000 of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary." Required reporting includes lost revenues and/or expenses attributable to coronavirus, as well as other
- [SBA Announces Simplified Forgiveness Applications For PPP Loans Under $50K](https://schwartzaccountants.com/2020/10/sba-announces-simplified-forgiveness-applications-for-ppp-loans-under-50k/) - The SBA recently issued Form 3508S (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf) which greatly simplifies the loan forgiveness application for practices that received PPP Loans of less than $50k. If you complete the forfeiture calculation simplify Initial the box next to each of the 7 questions, including the first question that asks the practice owner to confirm: The dollar amount
- [HHS Announces Additional Provider Relief Funds. Application Due 11/6](https://schwartzaccountants.com/2020/10/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 be eligible for Phase-3 as follows: - Providers who previously received, rejected or accepted a General
- [New "Check-the-Box" FTE Safe Harbor Helps Practices Maximize Forgiveness](https://schwartzaccountants.com/2020/06/new-check-the-box-fte-safe-harbor-helps-practices-maximize-forgiveness/) - When it comes to having the PPP Loan fully forgiven, what was keeping practice owners up at night was the requirement to re-staff to 2/15/20 levels by 6/30/20 to qualify for full forgiveness.? The revised PPP Loan Forgiveness Application available at: ?https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf provides much needed relief. First, the original FTE safe harbor deadline is now
- [Let CARR Healthcare Negotiate Your Lease - Especially During These Crazy Times](https://schwartzaccountants.com/2020/07/let-carr-healthcare-negotiate-your-lease-especially-during-these-crazy-times/) - Looking for a company to help you with lease negotiating or with the purchase of commercial space? How about a company where the fee for their services is actually paid by your landlord or by the person you purchase the real estate from, and isn?t paid you? We routinely refer our clients to Matt Kolcum
- [Try Not To Be Skeptical To Gov't Subsidies Being Offered To Healthcare Practices](https://schwartzaccountants.com/2020/07/try-not-to-be-skeptical-to-govt-subsidies-being-offered-to-healthcare-practices/) - For 2 months or so, people throughout the U.S. were mostly quarantined in their homes which substantially reduced the number of visits made for medical and dental services.? For the Medicare and Medicaid systems, that means that very little money was spent during those few months. The federal government is looking to find ways to
- [Be Aware - Unemployment compensation is taxable income](https://schwartzaccountants.com/2020/09/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 work (and includes the Pandemic Unemployment Assistance (PUA) many received in 2020), these
- [Five Steps to A Successful Dental Employee Performance Appraisal](https://schwartzaccountants.com/2020/09/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 accountability and allows the team member to measure their success. Second, it helps to foster
- [Out From Behind the Covid Wall - From Guest Writer Brenda Loan Baker](https://schwartzaccountants.com/2020/09/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 some it seems like a lifetime. Early on in the pandemic,
- [Temporary Changes Regarding Deducting Charitable Contributions](https://schwartzaccountants.com/2020/09/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 Gross Income (AGI) and now allow individuals to deduct qualified contributions of up to 100
- [Tabitha's Tips - From Our Friends At Shelley Renee Coaching](https://schwartzaccountants.com/2020/07/tabithas-tips-from-our-friends-at-shelleyrenee-coaching/) - Is your team writing off your paycheck? Details matter. ?Small changes can equal thousands in practice savings. ?One area to be aware of is the insurance write-offs. ?Do you know if your team is calculating them correctly? This week while conversing with a practice owner, we discovered that the team was taking off insurance adjustments
- [Fortune Management Shares How To Avoid The 2020 Hygiene Disaster](https://schwartzaccountants.com/2020/08/fortune-management-shares-how-to-avoid-the-2020-hygiene-disaster/) - Don Khouri, Managing Director, Fortune Management Northeast Most dental practices proactively pre-appoint their hygiene patients for their next visit. For healthy patients, that means six months from now and for perio patients, 3 months from now. Let?s think about this for a minute. If you were not seeing hygiene patients from March 16 to on
- [Seven Ways To Get Your Reluctant Patients Back](https://schwartzaccountants.com/2020/08/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 back in for treatment. We are finding that many patients are reluctant to
- [Deadline To Apply For The HHS PPE Subsidy Extended To 8/28](https://schwartzaccountants.com/2020/08/deadline-to-apply-for-the-hhs-ppe-subsidy-extended-to-8-28/) - Good news for procrastinators. The deadline to apply for this subsidy has been pushed back until 8/28. We posted information about this subsidy at: https://schwartzaccountants.com/2020/07/7-24-deadline-to-apply-for-the-hhs-ppe-subsidy-equal-to-2-of-2019-collections/. The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to
- [Two New Refundable Payroll Tax Credits](https://schwartzaccountants.com/2020/03/two-new-refundable-payroll-tax-credits/) - Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave IR-2020-57, March 20, 2020 WASHINGTON ? Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small
- [Practice Owners-Small Business Recovery Loan](https://schwartzaccountants.com/2020/03/practice-small-business-recovery-loan/) - There?s a small business recovery loan being offered to small businesses to help with cash flow during closures.? ?This is being offered by MA Growth Capital Corporation. https://www.empoweringsmallbusiness.org/what-we-offer/emergency-loan-funds/covid-19-loan-fund HIGHLIGHTS: Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits Negative impact must be verifiable Loan amounts up to
- [Payroll - What To Do For Employers](https://schwartzaccountants.com/2020/03/practice-payroll-covid-19/) - The COVID-19 pandemic is a fluid situation and we are trying our best to keep our clients informed as new information is released. GUIDES: Mass Dental Society - Temp Office Closing Guide How to file for Unemployment MA1 How to file for Unemployment MA2 ADVISE YOUR EMPLOYEES TO FILE FOR UNEMPLOYMENT DURING A SHUT DOWN
- [Mass Dental Society : What Employers Need to Know About Temporary Office Closures](https://schwartzaccountants.com/2020/03/mass-dental-society-what-employers-need-to-know-about-temporary-office-closures/) - For our dental practice clients: MA Dental Society has developed a section on their website to help you navigate COVID-19 and temporary office closures: https://www.massdental.org/Member-Resources/Practice-Management/Coronavirus They also featured the following webinar/video to help you: https://www.youtube.com/watch?v=YZXyaOMLCkk&feature=youtu.be
- [Unemployment FAQS](https://schwartzaccountants.com/2020/03/unemployment-faqs/) - We recently posted information and links regarding some of the rules for practices that need to shut down temporarily and have their staff (and themselves) collect unemployment. The Mass Dental Society put out a great memo on Staffing Considerations in Connection with a Temporary Office Closure available at: https://schwartzaccountants.com/wp-content/uploads/2020/03/Mass-Dental-Society-Temp-Office-Closing-Guide.pdf. Since emailing that information to our
- [SBA Disaster Assistance in Response to the Coronavirus](https://schwartzaccountants.com/2020/03/sba-disaster-assistance-in-response-to-the-coronavirus/) - Last week, we posted information and a link to a Small Business Recovery Loan offered by MA Growth Capital Corporation at: https://schwartzaccountants.com/2020/03/practice-small-business-recovery-loan/. It turns out that program was woefully underfunded and stopped taking loan applications by noon of the following day. From what I?ve been reading, it appears the SBA program is the one that
- [Practice Loans-Relief from Lenders](https://schwartzaccountants.com/2020/03/practice-loans-relief-from-lenders/) - We reached out to our network of lenders to see what they plan to offer as relief to Practice owners. Here?s a sampling of what they said. - Official announcements will be coming directly from the lenders shortly. For any existing clients, our solutions range from reducing payments to interest only or full payment deferrals.
- [Repost of ADA Article - CARES ACT Relief Bill](https://schwartzaccountants.com/2020/03/repost-ada-article-cares-act-relief-bill/) - REPOST FROM ADA (American Dental Association): Senate passes CARES Act, 3rd COVID-19 relief bill Hello, Fellow Dentists: For the last few weeks, the American Dental Association has advocated on your behalf as federal lawmakers debate the best way to respond to the deepening economic crisis caused by the COVID-19 outbreak. Congress is finalizing legislation that
- [Financial Incentives for Practice Owners to Retain Their Staff](https://schwartzaccountants.com/2020/03/financial-incentives-for-practice-owners-to-retain-their-staff/) - The CARES Act passed last Friday included a few excellent incentives for small employers to retain their staff. The ?Paycheck Protection Program? SBA 7(a) loan: The loan is equal to 2.5 times your average monthly payroll costs from the 12 months prior to the loan date. New practices without 12 months of payroll history will
- [Cares Act Distributes $50 Billion to Medicare Fee-For-Service (FFS) Providers](https://schwartzaccountants.com/2020/04/cares-act-distributes-50-billion-to-medicare-fee-for-service-ffs-providers/) - As Part of the CARES Act Provider Relief Fund, $50 billion has been allocated to Medicare facilities and providers impacted by COVID-19.? The funds are being distributed directly to Medicare providers in order to help offset reduced revenue and additional healthcare related expenses resulting from the COVID-19 pandemic.? This $50B is being distributed expediently as
- [Interesting Insight From One of the Major Dental Lenders](https://schwartzaccountants.com/2020/05/interesting-insight-from-one-of-the-major-dental-lenders/) - According to one of the local dental lenders: We are soon expecting an update from management and SBA about forgiveness, I shall keep you posted. You can apply as early as June 30th for forgiveness. That?s when the first phase customers 8 weeks end. Rumor is that date may be extended for businesses that are
- [Getting Stuck Paying FFCRA (Familes First Coronavirus Response Act) Benefits to Staff](https://schwartzaccountants.com/2020/05/getting-stuck-paying-ffcra-familes-first-coronavirus-response-act-benefits-to-staff/) - Here is a question we got from one of our clients and the response provided by our firm?s payroll manager Greta Malstrom (payroll@schwartzaccountants.com): Q: Two of my staff members have contracted this virus while on furlough. I am trying to find out the legal obligations for me to provide sick leave once the office is
- [Use IRS Form 7200 To Accelerate The Repayment Of Wages Paid By You Under FFCRA](https://schwartzaccountants.com/2020/06/use-irs-form-7200-to-accelerate-the-repayment-of-wages-paid-by-you-under-ffcra/) - According to the DOL at: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave: The?Families First Coronavirus Response Act (FFCRA or Act)?requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor?s (Department) Wage and Hour Division (WHD) administers and enforces the new law?s paid leave requirements.
- [MA Dept of Unemployment - Link to Employer Guide](https://schwartzaccountants.com/2020/06/ma-dept-of-unemployment-link-to-employer-guide/) - MA DUA has updated their site with information that answers many unemployment questions as it relates to employees refusing to come back to work and how unemployment is related to the PPP loan. Unemployment Insurance Benefits and Returning to Work: Guide for Employers https://www.mass.gov/info-details/unemployment-insurance-benefits-and-returning-to-work-guide-for-employers#frequently-asked-questions-
- [Let CARR Healthcare Realty Help You Out](https://schwartzaccountants.com/2020/06/let-carr-healthcare-realty-help-you-out/) - Looking for a company to help you with lease negotiating or with the purchase of commercial space? How about a company where the fee for their services is actually paid by your landlord or by the person you purchase the real estate from, and isn?t paid you? We routinely refer our clients to Matt Kolcum
- [Does It Still Make Sense to Own the Real Estate for Your Practice Under the "New Normal"?](https://schwartzaccountants.com/2020/06/does-it-still-make-sense-to-own-the-real-estate-for-your-practice-under-the-new-normal/) - U.S. Unemployment jumped from a record low of close to 3% last fall to the current unforeseen historic highs.? Add to this that many white-collar workers are forcibly getting accustomed to working from home.? And think back to your Economics 101 class to the situation where demand is falling while supply is fixed.? With these
- [How To Defer Your 2020 Social Security Match Into 2021 & 2022](https://schwartzaccountants.com/2020/06/how-to-defer-your-2020-social-security-match-into-2021-2022/) - Practice owners with staff, or self-employed individuals without staff, can take advantage of an interest-free loan?in the form of a deferral of 2020 matching Social Security taxes into 2021 and 2022. Practice owners are required to withhold Social Security taxes from their staff salaries at a rate of 6.2% on the first $137,700 (in 2020)
- [New Tax-Free Employee Benefit To Pay Up To $5,250 Towards Your Staff's Student Loans Expires On 12/31/20](https://schwartzaccountants.com/2020/06/new-tax-free-employee-benefit-to-pay-up-to-5250-towards-your-staffs-student-loans-expires-on-12-31-20/) - The CARES Act included a provision allowing employers to repay up to $5,250 of their employee?s student loans as a tax-free benefit. That?s a great benefit for any staff member burdened with student loan debt. Practice owners benefit too since they can write off the full amount paid without owing any payroll taxes on the
- [Federal Subsidy Now Available For Practices That Treat Medicaid Patients](https://schwartzaccountants.com/2020/06/federal-subsidy-now-available-for-practices-that-treat-medicaid-patients/) - Last week the HHS (Health and Human Services) announced there will be a Provider Relief Fund Distribution (established by the CARES Act) for Medicaid/CHIP providers.? The funds granted do not have to be repaid. Payments to each provider will be at least 2% of reported gross revenue from patient care, with the actual amount each
- [No Rush to Submit PPP Forgiveness Calculations to Your Lender](https://schwartzaccountants.com/2020/07/no-rush-to-submit-ppp-forgiveness-calculations-to-your-lender/) - For many of you, the initial 8-week PPP Covered Period ended, and we?ve received a lot of inquiries about helping submit the forgiveness paperwork to their lenders. Please be patient as there is no rush. For starters, the Covered Period is now 24 weeks, so everyone is still able to spend money that counts towards
- [New EZ PPP Loan Forgiveness Application](https://schwartzaccountants.com/2020/06/new-ez-ppp-loan-forgiveness-application/) - In a move to make it even easier for small business owners to have 100% of their PPP loans forgiven, the SBA issued a simplified version of the PPP Loan forgiveness application as follows: Form 3508EZ: https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf Instructions to the Form 3508EZ: https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf According to the instructions, you qualify to use the EZ version if
- [Potential PPP Pitfall Eliminated For Self-Employed Individuals](https://schwartzaccountants.com/2020/06/potential-ppp-pitfall-eliminated-for-self-employed-individuals/) - Until the most recent revision to the PPP loan forgiveness rules, there was a potential PPP pitfall for self-employed individuals who have no staff nor pay rent or utilities for office space.? Having 100% of their PPP loan forgiven would have been virtually impossible. Remember, small business owners calculated the amount of their PPP loan
- [Timing Of Non-Payroll Costs Eligible For PPP Forgiveness Calculation](https://schwartzaccountants.com/2020/06/timing-of-non-payroll-costs-eligible-for-ppp-forgiveness-calculation/) - According to the SBA on Page 4 of the information available at: https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf: A nonpayroll cost is eligible for forgiveness if it was: Paid during the covered period; or incurred during the covered period and paid on or before the next regular billing date, even if the billing date is after the covered period. ?Example:
- [PPP Update For Including Owner Benefits In The Loan Forgiveness Calculation:](https://schwartzaccountants.com/2020/06/ppp-update-for-including-owner-benefits-in-the-loan-forgiveness-calculation/) - The rules concerning whether retirement plan contributions and health insurance premiums paid on behalf of practice owners can be included in the PPP forgiveness calculation were revised yet again. According to the SBA on Page 4 of the information available at: https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf: S-corporation owner-employees are capped by the amount of their 2019 employee cash compensation
- [How To Pay Off The EIDL Loan](https://schwartzaccountants.com/2020/06/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 last month at: https://schwartzaccountants.com/2020/05/more-info-about-eidls/, there are various pitfalls that come along with
- [6/30 Deadline To Apply For A PPP Loan Quickly Approaching](https://schwartzaccountants.com/2020/06/6-30-deadline-to-apply-for-a-ppp-loan-quickly-approaching/) - June 30th is the deadline for business owners to apply for a PPP loan if they haven?t already done so. Believe it or not, the SBA recently issued a revised PPP Loan Application form available at: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form-Revised-June-12-2020.pdf Business owners and sole proprietors apply for this SBA loan through a bank and not directly with the
- [Form 5500 For 401K/Profit Sharing Plans Due 7/31](https://schwartzaccountants.com/2020/06/form-5500-for-401k-profit-sharing-plans-due-7-31/) - If your practice had a 401k/Profit Sharing Plan in place during 2019, make sure to file a Form 5500 for your practice retirement plan by July 31st.? There are no taxes due with this form. Instead, the Form 5500 is an informational filing only. ?SEPs and SIMPLEs are exempt from this annual filing requirement. While
- [7/31 Deadline To File Payroll Tax Forms To Defer Social Security Match](https://schwartzaccountants.com/2020/07/7-31-deadline-to-file-payroll-tax-forms-to-defer-social-security-match/) - As we wrote last month, practice owners with staff can take advantage of an interest-free loan in the form of a deferral of 2020 matching Social Security taxes into 2021 and 2022. Completing the quarterly payroll tax filing due 7/31 is an essential step for anyone looking to maximize this opportunity. Practice owners are required
- [7/20 Deadline For Practices Accepting Medicaid To Apply For Federal Subsidy](https://schwartzaccountants.com/2020/07/5113/) - Last month the HHS (Health and Human Services) announced there will be a Provider Relief Fund Distribution (established by the CARES Act) for Medicaid/CHIP providers.? The funds granted do not have to be repaid. The deadline to apply for this federal subsidy is July 20th. Payments to each provider will be at least 2% of
- [7/15 Deadline For Tax Payments Approaching](https://schwartzaccountants.com/2020/07/7-15-deadline-for-tax-payments-approaching/) - According to the IRS in: IR-2020-131, June 26, 2020 WASHINGTON???As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response
- [6/30 Deadline For PPP Loan Application Probably Extended To 8/8](https://schwartzaccountants.com/2020/07/6-30-deadline-for-ppp-loan-application-probably-extended-to-8-8/) - With almost $130 Billion in PPP funds still available for business owners, the Senate and House both passed bills extending the 6/30 due date to apply for this forgivable loan to 8/8.? Assuming President Trump signs this bill into law, please consider applying for a PPP loan for your practice soon if you haven?t already
- [ADA Announces New Stimulus Opportunity For Dentists](https://schwartzaccountants.com/2020/07/ada-announces-new-stimulus-opportunity-for-dentists/) - According to the ADA on July 10th at: https://www.ada.org/en/publications/ada-news/2020-archive/july/hhs-opens-provider-relief-fund-to-dentists: HHS opens Provider Relief Fund to dentists July 10, 2020 By Mary Beth Versaci Dentists who were previously ineligible for relief can now apply to receive funding from the U.S. Department of Health and Human Services' Provider Relief Fund. The American Dental Association worked closely with
- [Deadline To Apply For The HHS PPE Subsidy Extended To 8/3](https://schwartzaccountants.com/2020/07/deadline-to-apply-for-the-hhs-ppe-subsidy-extended-to-8-3/) - The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice.? Please apply for this HHS subsidy known as the Provider Relief Fund (PRF) at: https://cares.linkhealth.com/#/. The deadline to apply for this subsidy has
- [Coronavirus-Related Opportunities For People With Retirement Plans And IRAs](https://schwartzaccountants.com/2020/07/coronavirus-related-opportunities-for-people-with-retirement-plans-and-iras/) - The CARES Act provides for easy access to IRAs and other retirement plans for anyone who ?experienced adverse financial consequences as a result of closing or reducing hours of a business that you own or operate.? Sounds like a great opportunity, right? Let?s start by saying that retirement accounts for working people should be used
- [FTEs Matter](https://schwartzaccountants.com/2020/05/ftes-matter/) - Understanding how the number of Full Time Equivalents (FTEs) working at your office impacts the PPP loan forgiveness calculation is essential for anyone looking to max out the portion of this SBA loan that will ultimately be forgiven.? According to the SBA rules available at https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf, the first three steps are straightforward. Calculate the number
- [Practice Owner "To-Do List" Following the Passing of the CARES Act](https://schwartzaccountants.com/2020/03/practice-owner-to-do-list-following-the-passing-of-the-cares-act/) - Now that the CARES Act has been passed into law, now is the time to finalize your planning for this period of time that your office is temporarily closed and also for when the office reopens later this year. ? Submit the paperwork with the SBA to receive the $10k EIDL (Economic Injury Disaster Loan)
- [Opportunities for Small Employers](https://schwartzaccountants.com/2020/03/opportunities-for-small-employers/) - The CARES Act focuses on helping small employers with less than 500 employees keep their doors open and retain their staff. Let?s first take a look at the forgivable loan being offered. Known as SBA 7(a) loans, the rules move the processing of these loans from the overburdened SBA to the banks and credit unions
- [How to Best Time When to Apply for your PPP Loan](https://schwartzaccountants.com/2020/04/how-to-best-time-when-to-apply-for-your-ppp-loan/) - Hindsight is 2020. That being said, you don?t have the luxury of hindsight when it comes to figuring out when is the best time to apply for a PPP 7(a) loan for your practice. Let?s assume you meet these three conditions: You have temporarily closed your practice and laid off most or all of your
- [How to Best Utilize Your PPP Loan](https://schwartzaccountants.com/2020/04/how-to-best-utilize-your-ppp-loan/) - Congratulations if you received either your PPP 7(a) loan or notification from your lender that you will receive those funds soon. Now you need to figure out how to make the best use of this forgivable loan. Please remember that the primary purpose of the PPP loan is to provide money to small businesses to
- [Should You Pay Back Your PPP By Thursday 5/14?](https://schwartzaccountants.com/2020/05/should-you-pay-back-your-ppp-by-thursday-5-14/) - Many of our clients got the PPP during the initial phase three or four weeks ago.? Others got their PPP loans much more recently.? Either way, should you consider fully repaying the PPP loan by Thursday, May 14th? One big issue that impacts your decision is whether the SBA will allow any flexibility with the
- [Please Put PPP Forfeiture in Perspective](https://schwartzaccountants.com/2020/05/please-put-ppp-forfeiture-in-perspective/) - Maximizing the portion of your PPP loan to be forgiven should be one of your goals.? Taking steps to ensure that the full amount of your loan is forgiven might be short-sighted. Too many clients seem singularly focused on doing whatever it takes for the full PPP to be forgiven. For starters, the maximum portion
- [How To Max Out The Loan Forgiveness](https://schwartzaccountants.com/2020/05/how-to-max-out-the-loan-forgiveness/) - The clock is ticking. Assuming your office has been closed for more than a month, what can you do now to maximize the loan forgiveness? The first step is to determine if you will be able to fully staff up by 6/30/20 to qualify for the Safe-Harbor described above.? That means both your staff hours
- [Congress and IRS Disagree on Deductibility of Expenses Paid Using PPP Loan Funds](https://schwartzaccountants.com/2020/06/congress-and-irs-disagree-on-deductibility-of-expenses-paid-using-ppp-loan-funds/) - A battle seems to be brewing between Congress and the IRS on whether businesses can write off expenses paid with PPP funds that are forgiven. As a general rule, ?forgiveness of debt? is taxable to businesses that are solvent. Even so, Congress and the IRS both agree that the amount of the PPP loans that
- [Review Of Recent Changes Made To PPP Loan Rules](https://schwartzaccountants.com/2020/06/review-of-recent-changes-made-to-ppp-loan-rules/) - Last week brought great news for practice owners who want to best utilize their PPP money. Here are the changes made to the PPP rules by the Paycheck Protection Program Flexibility Act (PPPFA) enacted into law the end of last week: Extends the 8-week Covered Period to 24 weeks, giving practice owners triple the time
- [New PPP Loan Rules Reduce Payroll Cost Requirement to 60%](https://schwartzaccountants.com/2020/06/new-ppp-loan-rules-reduce-payroll-cost-requirement-to-60/) - The Paycheck Protection Program Flexibility Act (PPPFA) signed into law on June 5, 2020 had some extremely beneficial changes for practice owners. One of the more significant changes reduces the minimum percentage of the PPP loan proceeds required to be spent on payroll costs from 75% to 60% for the practice to still qualify for
- [Looks Like More Changes on the Way for the PPP Loan Forgiveness Calculation](https://schwartzaccountants.com/2020/06/looks-like-more-changes-on-the-way-for-the-ppp-loan-forgiveness-calculation/) - Last week brought great news for practice owners who haven?t spent all their PPP money yet. On Thursday May 27th, the House of Representatives passed a bill making the following changes to the PPP forgiveness calculation: Extends the 8-week Covered Period to 24 weeks, giving small practice owners triple the time to spend their PPP
- [Very Favorable Changes Enacted For The PPP Loan Forgiveness Calculation](https://schwartzaccountants.com/2020/06/very-favorable-changes-enacted-for-the-ppp-loan-forgiveness-calculation/) - On Friday, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law.? Let?s start with the To Do List based on the recently revised PPP rules: PPP TO DO LIST (Updated after new rules enacted on 6/5/20): If you haven?t yet applied for the PPP Loan for your practice, please do so right
- [Increase PPP Forgiveness With Health Insurance Premiums and Retirement Plan Contributions](https://schwartzaccountants.com/2020/05/increase-ppp-forgiveness-with-health-insurance-premiums-and-retirement-plan-contributions/) - Last week we posted information about how the PPP loan forgiveness calculation works at: https://schwartzaccountants.com/2020/05/ppp-forgiveness-guidelines-finally-issued. Included in that post was the following vague guidance from the SBA about how certain employee benefits factor into the forgiveness calculation. The line numbers below refer to the applicable line on the Paycheck Protection Program Loan Forgiveness Application. Line
- [PPP Forgiveness Guidelines Finally Issued](https://schwartzaccountants.com/2020/05/ppp-forgiveness-guidelines-finally-issued/) - Over the weekend, the SBA finally issued guidelines on how the loan forgiveness calculation will work.? The Paycheck Protection Program Loan Forgiveness Application is available at: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf Let?s start with the bad news.? Looks like there will not be much flexibility with the 8-week coverage period.? According to the instructions of the SBA Form 3508,
- [We Can Help With The PPP Forgiveness Paperwork](https://schwartzaccountants.com/2020/05/we-can-help-with-the-ppp-forgiveness-paperwork/) - Later this year, most likely during June or July, our payroll team and staff accountants will be proactively helping our clients who utilize our firm?s payroll service with the info needed to prepare the loan forgiveness application.? Remember, we need the 6/30/20 payroll to be able to make the Safe Harbor calculation to help you
- [PPP Forgiveness Calculation Now Includes Up To $20,833 For Owner Comp](https://schwartzaccountants.com/2020/06/ppp-forgiveness-calculation-now-includes-up-to-20833-for-owner-comp/) - The revised rule allowing practice owners to include up to $20,833 of their compensation towards the PPP loan forgiveness calculation extends to S-Corp owners too. Previously, owner comp was capped at $15,385, which is a max salary of $100k divided by 52 weeks multiplied by 8 for the Covered Period. Your salary only qualifies for
- [Revised PPP Forgiveness Application Now Available](https://schwartzaccountants.com/2020/06/revised-ppp-forgiveness-application-now-available/) - The SBA incorporated the revised forgiveness rules in the updated PPP Loan Forgiveness Application available at: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf.
- [Instructions to completing the EIDL Application](https://schwartzaccountants.com/2020/03/instructions-to-completing-the-eidl-application/) - We?ve received numerous calls and emails about completing the EIDL Application with the SBA. Now that I?ve spent some time looking at the forms and limited instructions, I see why. Here are line by line instructions (based on my understanding of how they should be completed) that you can use as a guide. Let?s start
- [Economic Injury Disaster Loans (EIDL) are Now Granted](https://schwartzaccountants.com/2020/05/economic-injury-disaster-loans-eidl-are-now-granted/) - By the end of last week, a few clients reached out to us to let us know that they received the SBA approval for their EIDL loan.? The amount for most loans came in at $150k. We were then asked if they should take advantage of these loans. We are recommending that practice owners take
- [More Info About EIDLS](https://schwartzaccountants.com/2020/05/more-info-about-eidls/) - As we wrote last week, the SBA is now reaching out to small business owners that their Economic Injury Disaster Loans are now available.? That article is available at: https://schwartzaccountants.com/2020/05/economic-injury-disaster-loans-eidl-are-now-granted/ There are a variety of issues to be aware of an you make your decision whether to take the EIDL. According to info available at:
- [Mortgage Interest Rates Remain At Record Low](https://schwartzaccountants.com/2020/07/mortgage-interest-rates-remain-at-record-low/) - With home mortgage rates at ALL TIME LOWS hovering at just 2.5% for a 30-year home mortgage, now is a great time to look at refinancing your home mortgage. If you can lock in a fixed-rate mortgage for at least .5% less than your current rate, then it?s the proverbial ?no-brainer?. Start by reaching out
- [Maybe Chewsi Can Help](https://schwartzaccountants.com/2020/07/maybe-chewsi-can-help/) - The dental industry is changing ? from practice consolidations and growth challenges to complex benefits administration and now we?re all dealing with a pandemic, sourcing PPE and dealing with anxious patients seeking ways to save on their dental care. Through all these changes, Chewsi is here to make it easier for your practice to get
- [Mortgage Interest Rates Are At Record Lows](https://schwartzaccountants.com/2020/06/mortgage-interest-rates-are-at-record-lows/) - With home mortgage rates at ALL TIME LOWS, now is a great time to look at refinancing your home mortgage. If you can lock in a fixed-rate mortgage for at least .5% less than your current rate, then it?s the proverbial ?no-brainer?. Start by reaching out to the mortgage person who helped you with your
- [Penalty-Free Retirement Plan Distributions](https://schwartzaccountants.com/2020/03/penalty-free-retirement-plan-distributions/) - Let me start by saying that retirement accounts for working people should be used only as a last resort. That being said, the CARES act includes a provision allowing you to withdraw up to $100k from your IRA or work Retirement Plan penalty-free if you are affected by the virus. I want to point out
- [Check Out The New W4 Form](https://schwartzaccountants.com/2020/02/check-out-the-new-w4-form/) - By Andrew D. Schwartz CPA After decades of misleading all but the most straightforward of taxpayers, the W4 form has been replaced with a new W4 form. This is the form you fill out with your employer when you start working that determines the rate you will have federal income taxes withheld from your pay.
- [The IRS is Getting Serious About Virtual Currency Transactions](https://schwartzaccountants.com/2020/02/the-irs-is-getting-serious-about-virtual-currency-transactions/) - By Andrew D. Schwartz CPA When the IRS adds a check box on Schedule 1 of the personal tax return asking: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? ...you know they mean business.?With more and more people investing in crypto currencies
- [IRS Issues Standard Mileage Rates for 2020](https://schwartzaccountants.com/2020/02/irs-issues-standard-mileage-rates-for-2020/) - FROM IRS NEWS: IR-2019-215, December 31, 2019 WASHINGTON ? The Internal Revenue Service today issued the?2020 optional standard mileage rates (PDF)?used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups
- [Upper Limits on Conforming Mortgages Increasing for 2020](https://schwartzaccountants.com/2020/01/upper-limits-on-conforming-mortgages-increasing-for-2020/) - By Bob Cahill, Leader Bank Big changes for 2020! The?Federal Housing Finance Agency announced the conforming limit for one to four unit properties is increasing.??For a complete list by states/counties please?click here. Investopedia defines Conforming Loans as: What Is the Conforming Loan Limit? The conforming loan limit is the dollar cap on the size of
- [2019 and 2020 Tax Facts](https://schwartzaccountants.com/2020/01/2019-and-2020-tax-facts/) - For 2019, the standard deduction for a single individual is $12,200 and for a married couple is $24,400. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes) AND real estate taxes limited to $10k per year, mortgage interest, charitable
- [Cyber Security Lesson for Your Kids](https://schwartzaccountants.com/2020/01/cyber-security-lesson-for-your-kids/) - Here's one more New Year's Resolution you might add to your list: Training your children to be aware of internet/online security or cyber security. As many are aware, cyber security is the protection of assets and data from electronic attack. This includes protecting your personal computers, mobile phones and tablets. In today's world, it is
- [RE: 2020](https://schwartzaccountants.com/2020/01/re-2020/) - Personal financial planning is an ongoing process.? The good news is that financially speaking, 2019 was another really good year. The stock markets once again hit all time highs.? Real estate prices around the country continue to increase.? And interest rates and inflation both remain near historic lows. Hello 2020.? Who knows how financially friendly
- [Tax and Financial Planning Calendar for January 2020](https://schwartzaccountants.com/2020/01/tax-and-financial-planning-calendar-for-january-2020/) - Month Income Taxes Saving and Investing JANUARY 4th quarter 2019 estimates due 1/15/20 Expect to receive W-2s and 1099s by January 31, 2020 Review your withholdings for 2020, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare a W-2 for your Nanny by January 31st if you paid
- [Review of the 2019 Rules for Itemizing Your Deductions](https://schwartzaccountants.com/2019/11/review-of-the-2019-rules-for-itemizing-your-deductions/) - Medical Expenses For 2019, medical expenses are deductible to the extent they exceed 10% of your Adjusted Gross income (AGI). The IRS also allows a deduction of 20 cents/medical miles driven so don?t forget to track your medical mileage. Planning Opportunity:? Check out IRS Publication 502, Medical and Dental Expenses.? If your allowable medical expenses
- [Checklist to Cut Your 2019 Taxes](https://schwartzaccountants.com/2019/11/checklist-to-cut-your-2019-taxes/) - It's not too late to cut your 2019 tax bill.? Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. If you?re self-employed, consider setting up a Solo 401(k) by 12/31. Take a look at your withholdings and instruct your employer to withhold additional
- [IRS Announces Higher Retirement Plan Limits for 2020](https://schwartzaccountants.com/2019/11/irs-announces-higher-retirement-plan-limits-for-2020/) - Most working professionals have access to a 401(k) plan or a 403(b) plan at work.? Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred.? You can contribute up to $19,500 into a 401(k) or 403(b) plan through salary deferrals in 2020. Anyone 50 or older by December 31, 2020
- [Benefits of small business owners of hiring family members Part II:](https://schwartzaccountants.com/2019/11/benefits-of-small-business-owners-of-hiring-family-members-part-ii/) - Consider adding your teenage children onto your company payroll. If you are self-employed and have children that are old enough to work, consider adding them onto your company payroll.? There are several tax benefits and opportunities for income shifting within the family when children become employees of your small business. Under the recently passed Tax
- [Gifting Rules](https://schwartzaccountants.com/2019/11/gifting-rules/) - Does part of your family's financial planning include gifting? If so, here are a dozen tips to follow: Annual gift exclusion is $15,000 per year by an individual to another individual, or Annual gift exclusion is $30,000 per year gifted jointly from a married couple to another individual (assuming the gift is joint property). However,
- [IRS Gets Serious About Cryptocurrency](https://schwartzaccountants.com/2019/11/irs-gets-serious-about-cryptocurrency/) - Have you been dabbling in cryptocurrency trading? The IRS is stepping up its efforts to provide guidance to taxpayers around cryptocurrency transactions and has enacted some new compliance measures. On 2019 tax returns, the IRS will require taxpayers to check off a box if they engaged in any virtual currency transactions during the year. The
- [New SSN Scam](https://schwartzaccountants.com/2019/11/new-ssn-scam/) - Scammers are at it again, this time calling up taxpayers, impersonating the IRS, and threatening to suspend or cancel social security numbers. According to the IRS, these calls can come in as ?robocall? voicemails, requesting people to call back. The scammers may mention overdue taxes. If you receive a call threatening to suspend your SSN
- [IRS Releases New Tax Gap Estimates](https://schwartzaccountants.com/2019/10/irs-releases-new-tax-gap-estimates/) - From IRS News IR-2019-159, September 26, 2019 The Internal Revenue Service released a new set of tax gap estimates on tax years 2011, 2012 and 2013. The results show the nation's tax compliance rate is substantially unchanged from prior years. The gross tax gap is the difference between true tax liability for a given period
- [Benefits of small business owners of hiring family members -  Part I:](https://schwartzaccountants.com/2019/11/benefits-of-small-business-owners-of-hiring-family-members-part-i/) - Consider hiring your spouse as your company?s first employee.? For many taxpayers beginning a new business, there are always concerns and questions about decisions to be made.? How to finance the new endeavor, where to locate the office, and who to choose as the right advisors such as a CPA/attorney/IT consultant, etc.?? And being a
- [Tax and Financial Planning Calendar for November 2019](https://schwartzaccountants.com/2019/11/tax-and-financial-planning-calendar-for-november-2019/) - Month Income Taxes Saving and Investing NOVEMBER Need to make applicable elections in connection with employer's flexible spending account Good time to make semi-annual donation of clothing and 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 deduction. Contact an MDTAXES
- [Defer and Possibly Reduce Taxes on Capital Gains By Investing in a Qualified Opportunity Fund](https://schwartzaccountants.com/2019/11/defer-and-possibly-reduce-taxes-on-capital-gains-by-investing-in-a-qualified-opportunity-fund/) - ?One of the most interesting wrinkles of the Tax Cuts and Jobs Act was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. Under a nomination process completed in June 2018, 8,761 communities?in all 50 states, the District of Columbia, and
- [How to "FIRE": Strategies for Becoming Financially Independent and Retiring Early](https://schwartzaccountants.com/2019/11/how-to-fire-strategies-for-becoming-financially-independent-and-retiring-early/) - Last month, our firm hosted a live webinar in our Financial Boot Camp series titled?"How to FIRE: Strategies for Becoming Financially Independent and Retiring Early""?which was recorded and is now available online. According to the presenter Alex Oliver from First National Corporation: ?With the stock market on a record long run, the FIRE movement to
- [Social Security Max Increases to $137,700 For 2020](https://schwartzaccountants.com/2019/11/social-security-max-increases-to-137700-for-2020/) - by?Andrew D. Schwartz CPA Most years, the government bumps up the maximum Social Security taxes that you can pay. ?For 2020, the maximum wage base jumps to $137,700, an increase of $4,800, or 3.6%, over the max of $132,900 that was in place for 2019. At a rate of 6.2%, the maximum Social Security taxes
- [New Opportunity to Defer (And Possibly Eliminate) Capital Gains Tax](https://schwartzaccountants.com/2019/10/new-opportunity-to-defer-and-possibly-eliminate-capital-gains-tax/) - One of the most interesting wrinkles of the Tax Cuts and Jobs Act was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. Under a nomination process completed in June 2018, 8,761 communities in all 50 states, the District of Columbia,
- [Audit 101](https://schwartzaccountants.com/2019/10/audit-101/) - Why Did You Get Audited? The IRS uses random selection as one method to choose which tax returns to audit. They may also flag tax returns because: You?re in a higher income tax bracket You have math errors on your tax return You report no income or not all of your income Your tax return
- [Interesting Metrics for Personal Tax Returns - 2018 vs 2017](https://schwartzaccountants.com/2019/10/interesting-metrics-for-personal-tax-returns-2018-vs-2017/) - 2018 was the first year that incorporated the majority of the tax law changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA) enacted just prior to the end of 2017. While many taxpayers were very concerned with the loss of certain tax deductions that had benefited them over the past tax years,
- [IRS Audit Rate Decreases in 2018](https://schwartzaccountants.com/2019/10/irs-audit-rate-decreases-in-2018-2/) - Continuing a downward trend from the prior year, the IRS audited 7% fewer tax returns in 2018 than they audited in 2017. Of the 150 million personal tax returns filed for the 2017 tax year, only 892,000 were audited ? a meager 0.59% of all personal tax returns being filed. That rate is the lowest
- [Tax & Financial Planning Calendar for October 2019](https://schwartzaccountants.com/2019/10/tax-financial-planning-calendar-for-october-2019/) - Month Income Taxes Saving and Investing OCTOBER Tax returns on extension due 10/15/19 Find out how to complete your W-4 form correctly using the IRS' On-line Withholding Calculator Taxpayers on extension must fund retirement accounts by October 15th 5500s for retirement plans that were put on extension by 07/31/19 need to be filed by 10/15/19
- [Game of Loans: Income Based Repayment Options vs Refinancing](https://schwartzaccountants.com/2019/10/game-of-loans-income-based-repayment-options-vs-refinancing/) - Earlier this month, my firm hosted a live webinar in our Financial Boot Camp series titled?"Game of Loans: Income Based Repayment Options vs Refinancing "?which was recorded and is now available online. According to the presenter Alex Oliver from First National Corporation: ?The biggest hurdle for a young doctor to overcome financially is the incredible
- [Andrew Schwartz To Present Free Online CPE Seminar on Growing A Niche Practice](https://schwartzaccountants.com/2019/09/andrew-schwartz-to-present-free-online-cpe-seminar-on-growing-a-niche-practice/) - WHEN: Thursday, Sept. 26, 2019 11:00 am - 12:00 pm (Pacific Price: FREE In a profession where many CPAs and accountants operate as generalists, specializing within a niche can provide a huge competitive advantage.??Many firms have realized that the more focused their practices become, the more their practices grow.? Plus, clients and prospects will
- [IRS Audit Rate Decreases in 2018](https://schwartzaccountants.com/2019/09/irs-audit-rate-decreases-in-2018/) - Continuing a downward trend from the past year, 2018 saw 7% fewer IRS audits of tax returns than the amount that were audited in 2017. 150 million personal tax returns filed for the 2017 tax year.? Of that amount 892,000 were audited representing only 0.59% of all personal tax returns being filed.? This rate is
- [Tax and Financial Planning Calendar for September 2019](https://schwartzaccountants.com/2019/09/tax-and-financial-planning-calendar-for-september-2019/) - Month Income Taxes Saving and Investing SEPTEMBER 3rd quarter estimates due 9/16/19 "Calendar year" Corporate and Partnership tax returns on extension are due 9/16/19 SIMPLE/IRAs and Safe-Harbor 401k's need to be set up by 10/1 Back to school - Read the monthly blog posted by Our Friends At Strategies for College Sign up for our
- [2019 Tax Amount Updates](https://schwartzaccountants.com/2019/09/2019-tax-amount-updates/) - For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes) AND real estate taxes limited to $10k per year, mortgage interest, charitable
- [Making Estimated Tax Payments To Avoid IRS Penalties](https://schwartzaccountants.com/2019/09/making-estimated-tax-payments-to-avoid-irs-penalties/) - by Richard S Schwartz CPA CVA If your tax situation may be changing this year as a result of receiving additional investment or consulting income that you were not expecting when you had met with your tax preparer last spring, you most likely will need to pay to the government additional taxes related to this
- [Two Practical Personal Finance Lessons For College Students](https://schwartzaccountants.com/2019/09/two-practical-personal-finance-lessons-for-college-students-3/) - by Andrew D. Schwartz CPA ?(Originally written for the September 2016 newsletter.) Last week, my wife and I dropped off our older child at college to start his freshman year.? He is eager to spend the next four years taking classes in a variety of interesting subjects while working towards his degree. A lot of
- [NEW MA Paid Family & Medical Leave](https://schwartzaccountants.com/2019/05/new-ma-family-medical-leave/) - [et_pb_section bb_built=”1″ admin_label=”section”][et_pb_row admin_label=”row” background_position=”top_left” background_repeat=”repeat” background_size=”initial”][et_pb_column type=”4_4″][et_pb_text background_position=”top_left” background_repeat=”repeat” background_size=”initial” _builder_version=”3.18.8″] In 2018, Massachusetts signed into law a statute that provides paid family and medical leave (PFML) benefits to workers. Employers and employees must begin making contributions in October?of 2019 to a new state fund which will administer and distribute the benefits beginning in
- [Interesting Metrics for Personal Tax Returns - 2018 vs. 2017](https://schwartzaccountants.com/2019/07/tax-season-metrics-for-personal-tax-returns-comparing-2018-with-2017/) - 2018?was the first year that incorporated the majority of the tax law changes resulting from the Tax Cuts and Jobs Act of 2017 (TCJA) enacted just prior to the end of 2017.? While many taxpayers were very concerned with the loss of certain tax deductions that had benefited them over the past tax years, the
- [Still Waiting For Your Refund?](https://schwartzaccountants.com/2019/07/still-waiting-for-your-refund/) - Did you file your tax return this spring and are still waiting for your refund? The IRS issues more than 9 out of 10 refunds in fewer than 21 days. However, it's possible that some tax returns require further review and take longer to process. Some common reasons that your refund is delayed: If you
- [Here's the 411 on Who Can Deduct Car Expenses on Their Tax Returns](https://schwartzaccountants.com/2019/08/heres-the-411-on-who-can-deduct-car-expenses-on-their-tax-returns/) - From IRS News - Tax Tip July 29, 2019 Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here?s a breakdown of which taxpayers can claim this deduction when they file their tax returns.
- [Tax and Financial Planning Calendar for August 2019](https://schwartzaccountants.com/2019/08/tax-and-financial-planning-calendar-for-august-2019/) - Month Income Taxes Saving and Investing AUGUST Returns on extension are no longer due 8/15.? For 2018, you have until 10/15 to file returns that have been put on extension. Work through a Tax Projection to avoid any surprises next winter, especially with the new tax changes that took effect 1/1/18. Consider rolling your old
- [Save the Date - Sept 27 Annual Client Event](https://schwartzaccountants.com/2019/07/save-the-date-sept-27-annual-client-event/) - Please join us for our annual fall client event on Friday, Sept. 27 at Cafe Escadrille from 11 am - 4 pm. This year we expanded the focus of our annual financial and practice management summit to include two groups of healthcare professionals: For?Mental Health Professionals- Sessions include: How To Choose Your Business Entity Type
- [You?ve Got Questions ~ We?ve Got The Answer: Family Loans](https://schwartzaccountants.com/2019/07/youve-got-questions-weve-got-the-answer-family-loans/) - Q: My parents would like to give me a loan of $150k. How can we structure this loan so that we are in compliance with any rules from the IRS? A: To structure a loan in compliance with the IRS rules, you need to take the following steps: ? Prepare a written loan document. It?s
- [Refinancing This Summer? Buying A New Home?](https://schwartzaccountants.com/2019/07/refinancing-this-summer-buying-a-new-home/) - Don?t forget these 10 points when considering and selecting your lender and loan officer: 1. Research the lender and loan officer to ensure they are a good fit for you. 2. What is their knowledge, experience, and commitment to service? 3. Are they local and respected by the realtor community? 4. Will your lender be
- [Ten Considerations When Selecting Your Lender and Loan Officer](https://schwartzaccountants.com/2019/06/ten-considerations-when-selecting-your-lender-and-loan-officer/) - By Guest writer Bob Cahill - Leader Bank???? Research the lender and loan officer to ensure they are a good fit for you. What is their knowledge, experience, and commitment to service? Are they local and respected by the realtor community? Will your lender be willing to meet in person, if that is important to
- [2019 Fast Tax Facts](https://schwartzaccountants.com/2019/06/2019-fast-tax-facts/) - Starting in 2018, personal exemptions are no longer deductible.? The?maximum earnings subject to?social security taxes is $132,900 for 2019,?up from $128,400 in 2018. The?standard mileage rate?is $.58 per business mile?as of January 1, 2019, up from $.545 for 2018. The?maximum annual salary deferral?into a?401(k) plan?or a?403(b) plan?is $19,000 in 2019, up from $18,500 in 2018.?
- [Andrew Schwartz to Speak on How to Build a Successful Niche Accounting Practice](https://schwartzaccountants.com/2019/06/andrew-schwartz-to-speak-on-how-to-build-a-successful-niche-accounting-practice/) - Please join Andrew Schwartz CPA in Toronto on Monday September 9th where he will be speaking at the Accounting and Finance Show being held at the Metro Toronto Convention Centre.? More info about this conference is available at: https://www.terrapinn.com/exhibition/accounting-finance-show-toronto/index.stm. The session is called: Turbo Charge the Niche Focus Within Your Practice. The business world becomes
- [IRS Warns That the "Dirty Dozen" Represents the Worst of Tax Scams](https://schwartzaccountants.com/2019/06/irs-warns-that-the-dirty-dozen-represents-the-worst-of-tax-scams/) - Compiled annually, the "Dirty Dozen" lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. Don't fall prey. IRS concludes "Dirty Dozen" list of tax scams for 2019: Agency encourages taxpayers to
- [Are You Eligible for a Refund of Underpayment Penalties Assessed?](https://schwartzaccountants.com/2019/05/are-you-eligible-for-a-refund-of-underpayment-penalties-assessed/) - Most taxpayers saw their federal income taxes decrease thanks to the new tax rules issues at the end of December 2017. Many taxpayers also saw their refunds fall or their balance due increase for their 2018 taxes as compared with prior years. That's because the 2018 withholding tables were adjusted to reduce people's withholding by
- [Newly enacted MA tax law to impact Airbnb, HomeAway and other short-term rentals](https://schwartzaccountants.com/2019/05/newly-enacted-ma-tax-law-to-impact-airbnb-homeaway-and-other-short-term-rentals/) - By Richard Schwartz, CPA If you are one of the numerous short-term ?Hosts? or ?Operators? providing your home to vacationers, business professionals and other short-term renters, be aware of the new tax law that will impact short-term rentals in the Commonwealth of MA. The newly passed legislation will expand the Massachusetts hotel tax to include
- [Family Loans](https://schwartzaccountants.com/2019/05/family-loans/) - By Andrew Schwartz, CPA Here is a question I recently received from one of my clients: My parents would like to give me a loan of $150k. How can we structure this loan so that we are in compliance with any rules from the IRS? To structure a loan in compliance with the IRS rules,
- [This Year's Most Interesting Tax-Season Observation](https://schwartzaccountants.com/2019/05/this-years-most-interesting-tax-season-observation/) - Andrew Schwartz, CPA By Andrew Schwartz, CPA This year's most interesting observation has nothing to do with taxes or personal finances but instead deals with civility and kindness. The world we live in has really become quite nasty: Our political leaders on both sides of the aisle have become extremely partisan and uncivil in recent
- [Mortgage Financing Today: The Value of Working with a Local Lender](https://schwartzaccountants.com/2019/05/mortgage-financing-today-the-value-of-working-with-a-local-lender/) - By Bob Cahill, Leader Bank Nowadays, you can find almost anything on line.??? It is hard to beat the convenience and ease of shopping at the push of a button.? In most cases, if you do not like what you have bought or if it does not fit, you can simply return it.? That may
- [Women and Social Security](https://schwartzaccountants.com/2019/03/women-and-social-security/) - This month, we've assemble resources to educate women about Social Security, a key component of your retirement planning! Take a listen to our webinar "Get What's Yours: Maximizing Social Security". We cover the basics to help evaluate the best claiming strategies for you and ensure you maximize this lifetime annuity. Take a read of the
- [IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018](https://schwartzaccountants.com/2019/03/irs-waives-penalty-for-many-whose-tax-withholding-and-estimated-tax-payments-fell-short-in-2018/) - The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total
- [Why is Your Tax Refund Smaller in 2018?](https://schwartzaccountants.com/2019/03/why-is-your-tax-refund-smaller-in-2018/) - Originally published on www.masslive.com By Shira Schoenberg | sschoenberg@repub.com Is your tax refund smaller this year? You?re not alone. As of Feb. 1, the IRS had issued 4.67 million refunds this year, compared to 6.17 million at the same time last year. The average refund was $1,865, down from $2,035. But tax experts say, most
- [Locum Tenens Tax Guide by Andrew Schwartz, CPA](https://schwartzaccountants.com/2019/02/locum-tenens-tax-guide-by-andrew-schwartz-cpa/) - How can you make filing your taxes as an independent contractor as easy as possible? How will tax reform affect your locum tenens career in the years to come? Our very own Andrew Schwartz has authored a locum tenens tax guide for Barton Associates and recently presented a webinar for them on the material. DOWNLOAD
- [Tax & Financial Planning Calendar for February 2019](https://schwartzaccountants.com/2019/02/tax-financial-planning-calendar-for-february-2019/) - Month Income Taxes Saving and Investing FEBRUARY Get a jump on your tax prep and call by 2/28/19 to set up an appointment Organize your tax information Try to have holiday credit card balances paid off by 2/28/19
- [IRS Operations Affected by Recent (and Future) Shutdowns](https://schwartzaccountants.com/2019/02/irs-operations-affected-by-recent-and-future-shutdowns/) - The most recent government shutdown has come to an end, but there is a very good chance another shutdown could begin in less than three weeks,? Below is information provided by the IRS about which of their services are impacted during a shutdown. Please plan ahead accordingly during the next few weeks in the event
- [New Recorded Webinar on Maximizing Social Security](https://schwartzaccountants.com/2019/02/new-recorded-webinar-on-maximizing-social-security/) - You have been paying into Social Security for all of your working life, and now it's time to get your money back. However, the Social Security system is full of arcane rules, secrets, and claiming surprises. This webinar will help you learn the basics to help evaluate the best claiming strategy for you and ensure
- [Clock Is Ticking For The Tesla Tax Credit](https://schwartzaccountants.com/2019/02/clock-is-ticking-for-the-tesla-tax-credit/) - Is one of your New Year's resolutions trading in your current automobile for a new environmentally friendly vehicle? One of the more popular "green" vehicles available for purchase has been a Tesla. The purchase of a qualifying Tesla made prior to 2019 qualified a taxpayer to claim a plug-in electric motor vehicles tax credit in
- [Update on IRS Contingency Plan](https://schwartzaccountants.com/2019/01/update-on-irs-contingency-plan/) - On January 15, 2019 the government invoked the Lapsed Appropriations Contingency Plan (Tax Year 2018 Filing Season).?? This is a plan that is updated annually and which outlines procedures for the IRS to follow when there is a temporary lapse in appropriations.? As the government shutdown continues, this plan allows for the IRS to recall
- [Partial Government Shutdown Impacts IRS](https://schwartzaccountants.com/2019/01/partial-government-shutdown-impacts-irs/) - Although most Americans have not felt the impact of the recent government shutdown, now closing in on three weeks in length and making it the second longest shutdown in US history, this impact may soon change as tax filing season is less than a month away.?? With the recent partial shutdown ?non-essential government workers? have
- [Tax & Financial Planning Calendar for January 2019](https://schwartzaccountants.com/2019/01/tax-financial-planning-calendar-for-january-2019/) - Month Income Taxes Saving and Investing JANUARY 4th quarter 2018 estimates due 1/15/19 Expect to receive W-2s and 1099s by January 31, 2019 Review your withholdings for 2019, and, if necessary, file a new W-4 Form with your employer to adjust your withholding Prepare a W-2 for your Nanny by January 31st if you paid
- [2018 & 2019 Tax Facts](https://schwartzaccountants.com/2019/01/2018-2019-tax-facts-2/) - ? For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes) AND real estate taxes limited to $10k per year, mortgage interest,
- [IRS Issues Standard Mileage Rates for 2019](https://schwartzaccountants.com/2019/01/irs-issues-standard-mileage-rates-for-2019/) - From IR-2018-251, December 14, 2018 WASHINGTON - The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or
- [RE: 2019](https://schwartzaccountants.com/2019/01/re-2019/) - Personal financial planning is an ongoing process. The good news is that financially speaking, most of 2018 was another really good year. The stock markets once again hit an all time high before giving back all of those gains at the end of the year . Real estate prices around the country continue to increase.
- [Tesla tax credit will be limited beginning January 1, 2019](https://schwartzaccountants.com/2019/01/tesla-tax-credit-will-be-limited-beginning-january-1-2019/) - Is one of your New Year?s resolutions trading in your current automobile for a new environmentally friendly vehicle? One of the more popular ?green? vehicles available for purchase has been a Tesla. The purchase of a qualifying Tesla made prior to 2019 qualified a taxpayer to claim a plug-in electric motor vehicles tax credit in
- [A New Opportunity to Defer (and Possibly Wipe Out) Capital Gains Tax](https://schwartzaccountants.com/2018/11/a-new-opportunity-to-defer-and-possibly-wipe-out-capital-gains-tax/) - One of the most interesting wrinkles of the Tax Cuts and Jobs Act, passed last December, was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization.? Under a nomination process completed in June 2018, 8,761 communities in all 50 states, the
- [New Rules for Small Business Energy Exemption](https://schwartzaccountants.com/2018/11/new-rules-for-small-business-energy-exemption/) - As of January 1, 2019, the process for claiming a small business energy exemption will be changing.? For 2019 and later years, small businesses will apply online for an exemption certificate rather than submitting Form ST-13 to their energy provider.? The certificate will be effective for two years, rather than one year as it had
- [Buying and Selling Mutual Funds at Year End ? Be aware of Year-End Distributions](https://schwartzaccountants.com/2018/11/buying-and-selling-mutual-funds-at-year-end-be-aware-of-year-end-distributions-2/) - With the year-end upon us, many investors see it as the time to rebalance their investment portfolios.? However, savvy investors need to be aware of just when the timing is ?right? or ?wrong? to make that buy or sell trade happen. Mutual funds are required by law to distribute the income earned within the fund
- [Review of the 2018 Rules for Itemizing Your Deductions](https://schwartzaccountants.com/2018/10/review-of-the-2018-rules-for-itemizing-your-deductions/) - Earlier this year, the IRS released a draft of the 2018 Schedule A, Itemized Deductions form.? Let's review the rules for itemizing your deductions for 2018: Medical Expenses For 2018, and only for 2018, medical expenses are deductible to the extent they exceed 7.5% of your Adjusted Gross income (AGI). Staring 1/1/19, the threshold reverts
- [Checklist to Cut Your 2018 Taxes](https://schwartzaccountants.com/2018/11/checklist-to-cut-your-2018-taxes/) - It's not too late to cut your 2018 tax bill.? Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. This year you can put away up to $18,500 ($24,500 if 50 or older) into your 401(k) or 403(b) plan.? If you?re self-employed, consider
- [The IRS Has An App For That!](https://schwartzaccountants.com/2018/10/the-irs-has-an-app-for-that/) - FROM IRS NEWS ??https://www.irs.gov/newsroom/irs2goapp RS2Go is the official mobile app of the IRS Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more! IRS2Go is available in both English and Spanish. You can download IRS2Go for your mobile device by visiting: IRS2Go offers many
- [IRS Announces Higher Retirement Plan Limits for 2019](https://schwartzaccountants.com/2018/11/irs-announces-higher-retirement-plan-limits-for-2019/) - Contributing to a retirement plan is one of the best tax shelters available to you during your working years.? Recently, the IRS announced that many of the retirement savings limits will increase for 2019. Employer Sponsored Plans Most working professionals have access to a 401(k) plan or a 403(b) plan at work.? Amounts contributed to
- [Social Security Max Increases to $132,900 for 2019](https://schwartzaccountants.com/2018/11/social-security-max-increases-to-132900-for-2019/) - Most years, the government bumps up the maximum Social Security taxes that you can pay. ?For 2019, the maximum wage base jumps to $132,900, an increase of $4,500, or 3.5%, over the max of $128,400 that was in place for 2017. At a rate of 6.2%, the maximum Social Security taxes that your employer will
- [It's Open Enrollment Season. Time to Take a Good Look at HSAs](https://schwartzaccountants.com/2018/11/its-open-enrollment-season-time-to-take-a-good-look-at-hsas/) - To the best of my knowledge, contributing to a Health Savings Account (HSA) is the only investment opportunity that allows for tax-deductible contributions and tax-free withdrawals. Please note that only individuals with a qualifying high-deductible health insurance in place are allowed to contribute to an H.S.A. You can ask your health insurance provider if the
- [2018 & 2019 Tax Facts](https://schwartzaccountants.com/2018/11/2018-2019-tax-facts/) - For 2018, the standard deduction for a single individual is $12,000 and for a married couple is $24,000. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes) AND real estate taxes limited to $10k per year, mortgage interest, charitable
- [The New Section 199A Qualified Business Income Deductions](https://schwartzaccountants.com/2018/08/the-new-section-199a-qualified-business-income-deductions/) - By Yuling Liu, CPA What is qualified business income deduction? Section 199A qualified business income deduction is available from 2018 to 2025. Taxpayers may deduct 20% of Qualified Business Income from Partnerships, S Corporations, Sole Proprietorships (Schedule C's) and Real Estate Rental Activities (Schedule E's). This deduction was enacted to help pass-through entities who didn't
- [Are You Prepared for a Disaster?](https://schwartzaccountants.com/2018/10/are-you-prepared-for-a-disaster/) - A natural disaster can strike at any time. Take time now to: Document valuables ? including by photographing or videotaping the contents of your home. Review and update your emergency plans annually. Visit Ready.gov for help with planning. Create electronic copies of key documents such as bank statements, tax returns, identification documents and insurance policies.
- [How the New Tax Law May Impact Taxpayers with High Incomes, Dependents, or Complex Returns](https://schwartzaccountants.com/2018/10/how-the-new-tax-law-may-impact-taxpayers-with-high-incomes-dependents-or-complex-returns/) - The Tax Cuts and Jobs Act, the tax reform legislation passed last December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and changing tax rates and tax brackets. Any of these far-reaching changes could have a big impact
- [IRS Introduces New Tax Transcript to Better Protect Taxpayer Data](https://schwartzaccountants.com/2018/10/irs-introduces-new-tax-transcript-to-better-protect-taxpayer-data/) - The IRS has recently launched a new format for individual tax transcripts to protect taxpayer data from unauthorized disclosure and theft. The new format will redact personally identifiable information from the Form 1040 series.? Financial entries will remain visible, which will give taxpayers and third-parties the data they need for tax preparation and income verification.
- [Are scholarships and fellowships taxable?](https://schwartzaccountants.com/2018/08/are-scholarships-and-fellowships-taxable/) - We recently received an interesting question from a client that I know many of you may have as well: The Question: "My son-in-law is doing a PhD and has an NSF Fellowship from the government.? Interestingly, the government does not take out taxes nor provide a W2 or 1099 form.? I presume that the income
- [Tax and Financial Planning Calendar for October 2018](https://schwartzaccountants.com/2018/10/tax-and-financial-planning-calendar-for-october-2018/) - Month Income Taxes Saving and Investing OCTOBER Tax returns on extension due 10/15/18 Find out how to complete your W-4 form correctly using the IRS' On-line Withholding Calculator Taxpayers on extension must fund retirement accounts by October 15th 5500s for retirement plans that were put on extension by 07/31/18 need to be filed by
- [Chewsi? is the New Dental Solution for Your Office](https://schwartzaccountants.com/2018/09/chewsi-is-the-new-dental-solution-for-your-office/) - Frustrated with Dental Insurance? Meet Chewsi.? Chewsi is liberating patients and dentists from the hassles of traditional dental insurance. With Chewsi, there?s no paperwork, no claims and no restrictions ? meaning you can provide dental care to patients on your terms. Chewsi connects patients who need care with practices just like yours ? making your
- [RSVP for our Annual S&S Dental Clients Seminar on November 2](https://schwartzaccountants.com/2018/09/rsvp-for-our-annual-ss-dental-clients-seminar-on-november-2/) - Join us for lively?topics that?focus on helping you improve?your financial well-being. Sessions include: The Ins & Outs of Basic Financial Planning What You Need to Know About the Recent Tax Law Changes How to Increase Your Practice's Top Line Retirement Planning for Dentists and Practice Owners Included in our day will be a delicious lunch
- [2017 and 2018 Tax Facts](https://schwartzaccountants.com/2018/09/2017-and-2018-tax-facts/) - For 2017, the standard deduction for a single individual is $6,350 and for a married couple is $12,700. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes), real estate taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses.
- [Tax and Financial Planning Calendar for September 2018](https://schwartzaccountants.com/2018/09/tax-and-financial-planning-calendar-for-september-2018/) - Month Income Taxes Saving and Investing SEPTEMBER 3rd qtr estimates due 9/17/18 Corporate and Partnership tax returns on extension are due 9/17/18 SIMPLE/IRAs and Safe-Harbor 401k's need to be set up by 10/1 Back to school - Read the monthly blog posted by Our Friends At Strategies for College Listen to Financial Planner Alex Oliver's
- [IRS Wraps up "Dirty Dozen" List of Tax Scams for 2018; Encourages Taxpayers to Remain Vigilant](https://schwartzaccountants.com/2018/09/irs-wraps-up-dirty-dozen-list-of-tax-scams-for-2018-encourages-taxpayers-to-remain-vigilant/) - From IRS News: IR-2018-66, March 21, 2018 WASHINGTON - The Internal Revenue Service today concluded its annual "Dirty Dozen" list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year. This year's "Dirty Dozen" list highlights a wide variety of schemes that taxpayers may encounter
- [How to Calculate "Breakeven" on Equipment Purchased for Your Practice](https://schwartzaccountants.com/2018/09/how-to-calculate-breakeven-on-equipment-purchased-for-your-practice/) - Looking to purchase new equipment for your practice but not sure it makes financial sense to do so? Let's review how to calculate "Breakeven"?for equipment you purchase by working through an example with these assumptions: Revenue: Each exam with this new equipment is reimbursed at $40 each Attainable capacity is 4 exams per hour Demand
- [This Thursday - Free Webinar](https://schwartzaccountants.com/2018/08/this-thursday-free-webinar/) - Sign up for our August 16th Webinar on Economic and Investment Overview: Looking Past the Headlines presented by Alex Oliver, First National Corporation What will be covered: North Korea. Trade wars. The Fed. Oil prices. With today?s sensationalized media, it can be tough to break through the noise and understand how the economy is actually
- [Tax and Financial Planning Calendar for August 2018](https://schwartzaccountants.com/2018/08/tax-and-financial-planning-calendar-for-august-2018/) - Month Income Taxes Saving and Investing AUGUST Returns on extension are no longer due 8/15.? For 2017 tax returns, you have until 10/15 to file returns that have been put on extension. Work through a Tax Projection to avoid any surprises next winter, especially with the new tax changes taking effect 1/1/18. Consider rolling your
- [Two Practical Personal Finance Lessons for College Students](https://schwartzaccountants.com/2018/08/two-practical-personal-finance-lessons-for-college-students-2/) - by Andrew D. Schwartz CPA (Originally written for the September 2016 newsletter.) Last week, my wife and I dropped off our older child at college to start his freshman year.? He is eager to spend the next four years taking classes in a variety of interesting subjects while working towards his degree. A lot of
- [This Year's Most Interesting Tax-Season Observations](https://schwartzaccountants.com/2018/07/this-years-most-interesting-tax-season-observations-5/) - By Andrew D, Schwartz, CPA This year's most interesting observation actually has more to do with next year's taxes.? The tax software we use comes with a Tax Projection option, and I prepared a 2018 tax projection for many of the clients I met with during the winter to see how their taxes would change
- [HSAs Make a Great Buy and Hold Proposition](https://schwartzaccountants.com/2018/07/hsas-make-a-great-buy-and-hold-proposition/) - Are you aware that there is an investment option available that allows for tax-deductible contributions and also for tax-free distributions? First introduced back in 2004, Health Savings Accounts offer individuals that unique winning combination. The favorable tax advantages of HSAs has caused them to become increasingly more popular in recent years. To be eligible to
- [Upcoming Financial Boot Camps](https://schwartzaccountants.com/2018/07/upcoming-financial-boot-camps/) - Sign up now for our FREE financial boot camps. You won?t break a sweat like those gym boot camps, but you will become financially stronger and learn how to flex your money muscles! All events are online and begin at 12 noon. For more info and to RSVP, please visit www.SchwartzAccountants.com/events or use the links
- [Trade Rhetoric Buries Strong Economic Fundamentals](https://schwartzaccountants.com/2018/07/trade-rhetoric-buries-strong-economic-fundamentals/) - By Alex Oliver, Investment Advisor, First National Corporation Volatility returned to the markets this past quarter as fears of inflation, trade wars, and privacy issues with technology companies flooded the headlines. The S&P 500 fell as much as 10%, the first time in fifteen months this has happened. After the steep rise in stocks with
- [IRS Explains Deducting Mortgage & Equity Loan Interest](https://schwartzaccountants.com/2018/07/irs-explains-deducting-mortgage-equity-loan-interest/) - From IRS NEWS ? Issue IR-2018-32 The Internal Revenue Service advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a
- [July 2018 Tax and Financial Planning Calendar](https://schwartzaccountants.com/2018/06/july-2018-tax-and-financial-planning-calendar/) - Month Income Taxes Saving and Investing JULY If you changed jobs, give one of our CPAs a call to discuss filling out new W-4 Forms Now's the time to work through your 2018 income tax projection, especially to figure out how things look due to the recent tax law changes If you have working kids
- [This Summer is an Important Time to Work Through Your 2018 Tax Projections](https://schwartzaccountants.com/2018/06/this-summer-is-an-important-time-to-work-through-your-2018-tax-projections/) - The end of 2017 saw the passing of the Tax Cuts and Jobs Act of 2017 (TCJA).? This new tax law is considered to be the largest tax reform in 30 years and we anticipate that most individual taxpayers will be impacted beginning with the 2018 tax year.? ?????????????????????? The new legislation brings a variety
- [Fannie Mae Announces Changes that can Lower Interest Rates for Many Condo Owners](https://schwartzaccountants.com/2018/06/fannie-mae-announces-changes-that-can-lower-interest-rates-for-many-condo-owners/) - As you may have already heard, effective June 5, 2018, Fannie Mae announced many updates to their condo?approval guidelines that will now loosen the requirements for "warrantable" condos.? Effectively, these changes will allow many condos that would otherwise be considered "non-warrantable" with higher interest rates to now be "warrantable" and approved with lower interest rates.?And
- [Planning for the Rising Cost of College](https://schwartzaccountants.com/2018/06/3880/) - We recently held the fourth live webinar in our Financial Boot Camp series titled?"Planning for the Rising Cost of College"?which was recorded and is now online. Alex Oliver from First National Corporation?a?discussed a variety of topics. Did you know that for a child born today, four years at UMass Amherst will cost them a projected
- [Tax and Financial Planning Calendar for June 2018](https://schwartzaccountants.com/2018/05/tax-and-financial-planning-calendar-for-june-2018/) - Income Taxes: 2nd quarter estimates due 6/15/18 Income tax returns (or extension requests) for Ex-Patriots due 6/15/18 Saving and Investing: See if you have adequate Disability Insurance and Life Insurance in place.
- [Andrew Schwartz CPA To Speak About How To Build A Successful Niche Practice](https://schwartzaccountants.com/2018/06/andrew-schwartz-cpa-to-speak-about-how-to-build-a-successful-niche-practice/) - The business world becomes more complicated every year. Yet most CPAs and other professionals continue to operate as generalists and serve a handful of clients in a wide range of industries.? That being said: Why would a prospect go to a generalist when they can work with a specialist for a similar value? Why would
- [2018 Tax Talking Points](https://schwartzaccountants.com/2018/06/2018-tax-talking-points/) - by?Andrew D. Schwartz, CPA Let's start with the usual advice we dole out each year. Max out your 401k or 403b at work. The retirement savings accounts remain the best tax shelter available to working people Salary Deferral Limit increased to $18.5k for 2018 People 50 or older can contribute $24.5k Can borrow against your
- [Tax Benefits of Establishing a Donor-Advised Fund (DAF)](https://schwartzaccountants.com/2018/04/tax-benefits-of-establishing-a-donor-advised-fund-daf/) - Are you a Trump Tax Bill ?tweener?, a taxpayer making sizable charitable contributions each year but with the new tax law recently enacted at the end of 2017, no longer being able to itemize your deductions nor claiming a tax deduction for those charitable contributions you will be making in the next year. With the
- [IRS Shares What to do if You Missed April 18th Filing Deadline](https://schwartzaccountants.com/2018/05/irs-shares-what-to-do-if-you-missed-april-18th-filing-deadline/) - ?IR-2018-102, April 23, 2018 WASHINGTON - While the federal income tax-filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes people who still haven't filed, people who haven't paid their taxes or those who are waiting for their tax refund. The IRS offers these tips for handling some
- [Estate Planning: Intro to the Essentials](https://schwartzaccountants.com/2018/04/estate-planning-intro-to-the-essentials/) - On March 13, my firm held the third live webinar in our Financial Boot Camp series titled?"Estate Planning: Introduction to the Essentials"?which was recorded and is now online. Alex Oliver from First National Corporation?and?Sean Hagan from Eskow Law Group?discussed a variety of topics. Please view the webinar and skip to the topics most relevant to
- [IRS Explains How to File For An Extension](https://schwartzaccountants.com/2018/04/irs-explains-how-to-file-for-an-extension/) - Extension of Time to File Your Tax Return April 17 is the deadline for most taxpayers to file an extension and to?pay taxes owed?to avoid penalty and interest charges. If you file for an extension, your return is due October 15, 2018. Special rules may apply if you're in the?military?or?live outside the U.S. Need more
- [Deadline: March 15](https://schwartzaccountants.com/2018/03/deadline-march-15/) - March 15, 2018, is the deadline for filing 2017 S-Corp and partnership tax returns, or extensions, 2018 S-Corp elections, and 2018 Section 475 elections. Don?t forget! Don't think you can file in time??2017 S-Corp and partnership extensions give six additional months to file a tax return, by Sep. 17, 2018. Give us a call and
- [IRS Explains New Rules for Deducting Mortgage & Equity Loan Interest](https://schwartzaccountants.com/2018/03/irs-explains-new-rules-for-deducting-mortgage-equity-loan-interest/) - From IRS NEWS ? Issue IR-2018-32 The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on
- [Real Estate: Three Common Mistakes Healthcare Professionals Make](https://schwartzaccountants.com/2018/03/real-estate-three-common-mistakes-healthcare-professionals-make/) - by?Matt Kolcum, Carr Healthcare Realty Real estate is the second highest expense behind payroll for most healthcare practices. The benefits of capitalizing during lease negotiations can include a healthy raise through increased profitability, reduced debt, a nicer office and more. On the contrary, if negotiations are not handled properly, the results can be decreased profitability;
- [Tax Guide for Physicians Working as Independent Contractors](https://schwartzaccountants.com/2018/03/tax-guide-for-physicians-working-as-independent-contractors/) - Our friends at?Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving physicians, nurse practitioners, and hospitals, medical practices and companies throughout the United States. Barton
- [2017 & 2018 Tax Amounts](https://schwartzaccountants.com/2018/02/2017-2018-tax-amounts/) - For 2017, the standard deduction for a single individual is $6,350 and for a married couple is $12,700. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or sales taxes), real estate taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses.
- [IRS Announces Slightly Higher Standard Mileage Rates fr 2018](https://schwartzaccountants.com/2018/02/irs-announces-slightly-higher-standard-mileage-rates-fr-2018/) - The IRS announced that the standard mileage rate will increase to 54.5 cents per business mile driven in 2018.? That is an increase of one cent from the 53.5 cents allowed in 2017.? According to the IRS, "Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the
- [Married Couples Might Save Taxes by Bunching Deductions Every Other Year](https://schwartzaccountants.com/2018/01/married-couples-might-save-taxes-by-bunching-deductions-every-other-year/) - As part of the new tax rules that took effect 1/1/18, the standard deduction jumped to $12k for single individuals and $24k for married couples.? Additionally, the combined deduction for state and local income taxes and real estate taxes is now capped at $10k. Other allowable itemized deductions are now limited to medical expenses in

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- [Meet Our Whole Team](https://schwartzaccountants.com/meetallteams/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” _builder_version=”4.27.2″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” global_colors_info=”{}”][et_pb_fullwidth_header title=”Meet Our Whole Team” background_overlay_color=”gcid-primary-color” title_font_color=”#ffffff” _builder_version=”4.27.2″ title_font=”–et_global_heading_font||||||||” title_text_color=”#ffffff” background_color=”rgba(255, 255, 255, 0)” background_layout=”light” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{%22gcid-primary-color%22:%91%22background_overlay_color%22%93}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.27.2″ global_colors_info=”{}”][et_pb_row _builder_version=”4.27.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||”
- [Affiliations and Memberships](https://schwartzaccountants.com/about/affiliations/) - [et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Affiliations and Memberships” content_max_width=”none” title_font_color=”#ffffff” subhead_font_color=”#ffffff” admin_label=”Fullwidth Header” _builder_version=”4.27.2″ title_font=”–et_global_heading_font||||||||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off” sticky_enabled=”0″][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”4.16″
- [Careers](https://schwartzaccountants.com/careers/) - [et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Careers at Schwartz & Schwartz” content_max_width=”none” title_font_color=”#ffffff” subhead_font_color=”#ffffff” _builder_version=”4.27.2″ title_font=”–et_global_heading_font||||||||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” sticky_enabled=”0″][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_row column_structure=”2_3,1_3″
- [Managing Partners](https://schwartzaccountants.com/about/managing-partners/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”4.16″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” global_colors_info=”{}”][et_pb_fullwidth_header title=”Managing Partners” background_overlay_color=”gcid-primary-color” content_max_width=”none” admin_label=”Fullwidth Header” _builder_version=”4.27.2″ title_font=”–et_global_heading_font||||||||” background_color=”rgba(255, 255, 255, 0)” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{%22gcid-primary-color%22:%91%22background_overlay_color%22%93}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”
- [Client Resources](https://schwartzaccountants.com/client-resources/) - [et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Client Links & Resources” title_font_color=”#ffffff” subhead_font_color=”#ffffff” _builder_version=”4.27.2″ title_font=”–et_global_heading_font||||||||” title_text_color=”#ffffff” content_font=”–et_global_body_font|300|||||||” subhead_text_color=”#ffffff” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”4.27.2″ hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text
- [Services](https://schwartzaccountants.com/services/) - [et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Our Services” content_max_width=”none” title_font_color=”#ffffff” subhead_font_color=”#ffffff” admin_label=”Fullwidth Header” _builder_version=”4.27.2″ title_font=”–et_global_heading_font||||||||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off” content_font=”–et_global_body_font|300|||||||” sticky_enabled=”0″][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”4.27.2″ hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column_inner
- [About Us](https://schwartzaccountants.com/about/) - Since 1993, Schwartz & Schwartz has provided tax preparation, accounting, payroll, and practice management services to healthcare providers.
- [2019 Mid-Year Newsletter](https://schwartzaccountants.com/2019-midyear-newsletter/) - 2019 Midyear newsletter
- [Pay your invoice](https://schwartzaccountants.com/client-resources/payyourinvoice/) - [et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_heading title=”PAY YOUR INVOICE” _builder_version=”4.27.2″ _module_preset=”default” title_font=”|600|||||||” title_font_size=”35px” global_colors_info=”{}”][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” text_font_size=”16px” custom_padding=”||0px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″] Schwartz and Schwartz is excited to announce our new online payment portal! With Aiwyn, you are now able to make payments
- [Meet Our Teams](https://schwartzaccountants.com/about/meet-our-teams/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” _builder_version=”4.16″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” global_colors_info=”{}”][et_pb_fullwidth_header title=”Meet Our Teams” title_font_color=”#ffffff” _builder_version=”4.16″ title_font=”|on|||” title_text_color=”#ffffff” background_color=”rgba(255, 255, 255, 0)” background_layout=”light” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text
- [Community Service](https://schwartzaccountants.com/about/community-service/) - Schwartz & Schwartz CPAs is proud to support our local community with financial contributions and volunteer Days of Service.
- [Events](https://schwartzaccountants.com/events/) - [et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Upcoming Events” title_font_color=”#ffffff” subhead_font_color=”#ffffff” _builder_version=”4.16″ title_font=”|on|||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||”
- [My Playlists](https://schwartzaccountants.com/my-playlists/) - [aiovg_playlist]
- [Practice Owners](https://schwartzaccountants.com/services/practice-owners/) - [et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Services to Practice Owners” content_max_width=”none” title_font_color=”#ffffff” subhead_font_color=”#ffffff” admin_label=”Fullwidth Header” _builder_version=”4.16″ title_font=”|on|||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”4.16″ custom_padding=”|||”
- [Healthcare Professionals](https://schwartzaccountants.com/services/healthcare-professionals/) - [et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_header title=”Services to Healthcare Providers” content_max_width=”none” title_font_color=”#ffffff” subhead_font_color=”#ffffff” admin_label=”Fullwidth Header” _builder_version=”4.16″ title_font=”|on|||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”4.16″ custom_padding=”|||”
- [Andrew Schwartz](https://schwartzaccountants.com/andrew-schwartz/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”4.16″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” global_colors_info=”{}”][et_pb_fullwidth_header title=”Andrew D. Schwartz, C.P.A.” content_max_width=”none” admin_label=”Fullwidth Header” _builder_version=”4.16″ title_font=”|700|||||||” title_text_color=”#FFFFFF” background_color=”rgba(255, 255, 255, 0)” background_layout=”light” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ global_colors_info=”{}” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row column_structure=”3_4,1_4″ admin_label=”row”
- [Account Setup for Payroll Reports Online](https://schwartzaccountants.com/account-setup-for-payroll-reports-online/) - [et_pb_section fb_built=”1″ _builder_version=”4.17.4″ global_colors_info=”{}”][et_pb_row _builder_version=”4.17.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image _builder_version=”4.17.4″ _module_preset=”default” alt=”Schwartz logo new layout” title_text=”Schwartz Logo NEW LAYOUT” src=”https://schwartzaccountants.com/wp-content/uploads/2018/12/NEW-LAYOUT.jpg” hover_enabled=”0″ sticky_enabled=”0″ width=”55%”][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.17.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.17.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″ header_text_color=”#00467f” header_font_size=”26px” header_3_text_color=”#00467f”] Account Signup Information for Online Payroll Reports [/et_pb_text][et_pb_text _builder_version=”4.17.4″
- [For our payroll clients - worksheet for insurance survey](https://schwartzaccountants.com/wp-content-uploads-2019-11-health-insur-responsibility-disclosure-worksheet-pdf/) - For our payroll clients - worksheet for insurance survey
- [Disclaimer](https://schwartzaccountants.com/disclaimer/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header title=”Disclaimer” content_max_width=”none” admin_label=”Fullwidth Header” _builder_version=”4.8.2″ title_font=”|700|||||||” title_text_color=”#FFFFFF” background_color=”rgba(255, 255, 255, 0)” background_layout=”light” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off” sticky_enabled=”0″][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row column_structure=”2_3,1_3″ admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column
- [Search Videos](https://schwartzaccountants.com/search-videos/) - 22 videos found 1:01 2025 Tax Guide for Locum Tenens 515 views Taxes and Income For Individuals 45:30 Going Out of Network from Insurance Companies 339 views Dental Practices 59:27 Locum Tenens & Taxes Webinar 2022 636 views Taxes and Income For Individuals 23:05 Save Thousands with Pandemic Relief for Dentists 303 views Dental Practices,Payroll/Employer
- [Video Form](https://schwartzaccountants.com/video-form/) - Username or Email Address Password Remember Me Forgot your password?
- [Video Tag](https://schwartzaccountants.com/video-tag/) - dental practice dentists Featured videos insurance
- [Video Category](https://schwartzaccountants.com/video-category/) - Home » Video Category College/Student Loans 2 videos Dental Practices 12 videos Payroll/Employer 7 videos Retirement/Savings 3 videos Stock Market/Economy 0 videos Taxes and Income For Individuals 12 videos
- [2019 Fall Newsletter](https://schwartzaccountants.com/2019-fall-newsletter/) - [et_pb_section bb_built=”1″ fullwidth=”on” specialty=”off” next_background_color=”#000000″][et_pb_fullwidth_header title=”2019 Fall Newsletter” background_layout=”light” background_color=”#0653a0″ title_font=”|on|||” title_text_color=”#ffffff” _builder_version=”3.18.8″ button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” max_width_tablet=”50px” /][/et_pb_section][et_pb_section bb_built=”1″ fullwidth=”off” specialty=”on” prev_background_color=”#000000″][et_pb_column type=”2_3″ specialty_columns=”2″][et_pb_row_inner admin_label=”Row”][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”2_3″][et_pb_text use_border_color=”off” text_text_color=”#fb5005″ background_position=”top_left”
- [2018 Year End Newsletter](https://schwartzaccountants.com/2018-year-end-newsletter/) - [et_pb_section admin_label=”Section” fullwidth=”on” specialty=”off”][et_pb_fullwidth_header admin_label=”Fullwidth Header” title=”2018 Year End Newsletter” background_layout=”light” text_orientation=”left” header_fullscreen=”off” header_scroll_down=”off” background_color=”#023775″ parallax=”off” parallax_method=”off” content_orientation=”center” image_orientation=”center” title_font_color=”#ffffff” title_font=”|on|||” custom_button_one=”off” button_one_letter_spacing=”0″ button_one_use_icon=”default” button_one_icon_placement=”right” button_one_on_hover=”on” button_one_letter_spacing_hover=”0″ custom_button_two=”off” button_two_letter_spacing=”0″ button_two_use_icon=”default” button_two_icon_placement=”right” button_two_on_hover=”on” button_two_letter_spacing_hover=”0″][/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label=”Section” fullwidth=”off” specialty=”on”][et_pb_column type=”2_3″ specialty_columns=”2″][et_pb_row_inner admin_label=”Row”][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”2_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] Download the pdf version here:?2018 SS Year End
- [Richard Schwartz](https://schwartzaccountants.com/richard-schwartz/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header title=”Richard Schwartz, C.P.A., C.V.A.” content_max_width=”none” admin_label=”Fullwidth Header” _builder_version=”4.8.2″ title_font=”|700|||||||” title_text_color=”#FFFFFF” background_color=”rgba(255, 255, 255, 0)” background_layout=”light” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row column_structure=”3_4,1_4″ admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left”
- [Mike Bohigian](https://schwartzaccountants.com/mike-bohigian/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header content_max_width=”none” _builder_version=”4.8.2″ background_color=”rgba(255, 255, 255, 0)” background_layout=”light” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” title=”Michael Bohigian, C.P.A.”
- [Kevin Miller](https://schwartzaccountants.com/kevin-miller/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header content_max_width=”none” _builder_version=”4.8.2″ background_color=”rgba(255, 255, 255, 0)” background_layout=”light” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” title=”Kevin Miller, C.P.A.”
- [Jake Heath](https://schwartzaccountants.com/jake-heath/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header content_max_width=”none” _builder_version=”4.8.2″ background_color=”rgba(255, 255, 255, 0)” background_layout=”light” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” title=”Jacob Heath, E.A.,
- [Anita Cziraki](https://schwartzaccountants.com/anitacziraki/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header content_max_width=”none” _builder_version=”4.8.2″ background_color=”rgba(255, 255, 255, 0)” background_layout=”light” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” title=”Anita Cziraki, C.P.A.,
- [Amanda Mauriello](https://schwartzaccountants.com/amanda-mauriello/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on”][et_pb_fullwidth_header content_max_width=”none” _builder_version=”4.8.2″ background_color=”rgba(255, 255, 255, 0)” background_layout=”light” hover_enabled=”0″ button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null” title=”Amanda Mauriello, C.P.A.”
- [User Dashboard](https://schwartzaccountants.com/user-dashboard/) - Username or Email Address Password Remember Me Forgot your password?
- [User Videos](https://schwartzaccountants.com/user-videos/) - 22 videos found 1:01 2025 Tax Guide for Locum Tenens 515 views Taxes and Income For Individuals 45:30 Going Out of Network from Insurance Companies 339 views Dental Practices 59:27 Locum Tenens & Taxes Webinar 2022 636 views Taxes and Income For Individuals 23:05 Save Thousands with Pandemic Relief for Dentists 303 views Dental Practices,Payroll/Employer
- [Player Embed](https://schwartzaccountants.com/player-embed/)
- [Helpful Videos](https://schwartzaccountants.com/events/bootcamp/) - [et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”3.22″][et_pb_fullwidth_header title=”Our Financial Boot Camp Video Series” title_font_color=”#ffffff” subhead_font_color=”#ffffff” _builder_version=”3.18.8″ title_font=”|on|||” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row column_structure=”2_3,1_3″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”2_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.8.1″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off”] FREE ONLINE FINANCIAL “BOOT CAMPS” You won’t break a sweat like those gym boot camps, but you will become financially stronger and learn
- [Practice Resources](https://schwartzaccountants.com/client-resources/practice_resources/) - [et_pb_section fb_built=”1″ fullwidth=”on” custom_padding_last_edited=”on|desktop” admin_label=”section” _builder_version=”3.22″ background_color=”#00467f” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” transparent_background=”off” padding_mobile=”off”][et_pb_fullwidth_header title=”Resources For Practices” _builder_version=”3.18.8″ title_font=”|700|||||||” background_color=”rgba(255, 255, 255, 0)” max_width_tablet=”50px” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left”
- [Concierge Tax Program](https://schwartzaccountants.com/services/healthcare-professionals/concierge-tax-program/) - [et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Section” _builder_version=”3.22″][et_pb_fullwidth_header title=”Concierge Tax Program” content_max_width=”none” title_font_color=”#ffffff” admin_label=”Fullwidth Header” _builder_version=”3.16″ title_font=”|on|||” title_text_color=”#ffffff” background_color=”#01428c” background_layout=”light” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” _builder_version=”3.22″][et_pb_row admin_label=”Row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” column_structure=”1_3,2_3″][et_pb_column type=”1_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”https://schwartzaccountants.com/wp-content/uploads/2016/08/doctor-outline-v336.jpg” align_tablet=”center” align_last_edited=”on|desktop” admin_label=”Image” _builder_version=”3.23″ animation=”off”
- [COVID-19 Resources for Our Clients](https://schwartzaccountants.com/covid19resources/) - [et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”3.22″][et_pb_fullwidth_header title=”COVID-19 Resources for Our Clients” _builder_version=”3.18.8″ title_font=”|on|||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” max_width_tablet=”50px” button_one_text_size__hover_enabled=”off” button_one_text_size__hover=”null” button_two_text_size__hover_enabled=”off” button_two_text_size__hover=”null” button_one_text_color__hover_enabled=”off” button_one_text_color__hover=”null” button_two_text_color__hover_enabled=”off” button_two_text_color__hover=”null” button_one_border_width__hover_enabled=”off” button_one_border_width__hover=”null” button_two_border_width__hover_enabled=”off” button_two_border_width__hover=”null” button_one_border_color__hover_enabled=”off” button_one_border_color__hover=”null” button_two_border_color__hover_enabled=”off” button_two_border_color__hover=”null” button_one_border_radius__hover_enabled=”off” button_one_border_radius__hover=”null” button_two_border_radius__hover_enabled=”off” button_two_border_radius__hover=”null” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_one_bg_color__hover=”null” button_two_bg_color__hover_enabled=”off” button_two_bg_color__hover=”null”][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22″ custom_padding=”1px|1px|1px|1px”][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text module_id=”top” _builder_version=”4.6.1″
- [Directions](https://schwartzaccountants.com/contactus/directions/) - [et_pb_section fb_built=”1″ fullwidth=”on” admin_label=”Section” _builder_version=”3.22″][et_pb_fullwidth_header title=”Directions to our Offices” content_max_width=”none” title_font_color=”#ffffff” subhead_font_color=”#ffffff” admin_label=”Fullwidth Header” _builder_version=”3.16″ title_font=”|on|||” title_text_color=”#ffffff” subhead_text_color=”#ffffff” button_one_letter_spacing_hover=”0″ button_two_letter_spacing_hover=”0″ button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”on” button_one_letter_spacing__hover=”0″ button_two_letter_spacing__hover_enabled=”on” button_two_letter_spacing__hover=”0″ button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=”1″ specialty=”on” admin_label=”Section” _builder_version=”3.22″][et_pb_column type=”2_3″ specialty_columns=”2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_row_inner admin_label=”Row” _builder_version=”3.25″][et_pb_column_inner saved_specialty_column_type=”2_3″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.6.1″ background_size=”initial”
- [Equifax Data Breach - What Our Clients Should Do](https://schwartzaccountants.com/blog/equifax-data-breach-what-our-clients-should-do/) - [et_pb_section admin_label=”section” fullwidth=”on” specialty=”off” inner_shadow=”off” parallax=”off” background_color=”#2ea3f2″][et_pb_fullwidth_header admin_label=”Fullwidth Header” title=”Equifax Data Breach – What Our Clients Should Do” background_layout=”dark” text_orientation=”left” header_fullscreen=”off” header_scroll_down=”off” background_color=”#00467f” parallax=”off” parallax_method=”off” content_orientation=”center” image_orientation=”center” custom_button_one=”off” button_one_letter_spacing=”0″ button_one_use_icon=”default” button_one_icon_placement=”right” button_one_on_hover=”on” button_one_letter_spacing_hover=”0″ custom_button_two=”off” button_two_letter_spacing=”0″ button_two_use_icon=”default” button_two_icon_placement=”right” button_two_on_hover=”on” button_two_letter_spacing_hover=”0″] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] As you may have heard, Equifax,
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## Videos

- [2025 Tax Guide for Locum Tenens](https://schwartzaccountants.com/aiovg_videos/2024-tax-guide-for-locum-tenens/) - As a locum tenens doctor, physician assistant, nurse, dentist, or CRNA, you work as an independent contractor! Andrew Schwartz, CPA., helps locum tenens providers understand how to navigate and file their taxes.
- [Going Out of Network from Insurance Companies](https://schwartzaccountants.com/aiovg_videos/7672/) - As a dental practice owner, you know how frustrating it is to deal with insurance. Delays in payment, limitations, exclusions, and especially large write-offs, all take a toll. This makes it very challenging to keep up with rising costs. It might sound like a dream, but you CAN get off insurance WITHOUT losing a large
- [Locum Tenens & Taxes Webinar 2022](https://schwartzaccountants.com/aiovg_videos/locum-tenens-taxes-webinar-2022/) - Are you wondering how to navigate tax season as an independent contractor? Andrew Schwartz, CPA, covers the ins and outs of locum tenens taxes and tips to make the process of taxes as easy as possible. Presented by Barton Associates Jan. 2022
- [Save Thousands with Pandemic Relief for Dentists](https://schwartzaccountants.com/aiovg_videos/save-thousands-with-pandemic-relief-for-dentists/) - Andrew Schwartz, CPA, discusses how dentists can save thousands with employee retention tax credits.
- [MA PFML - The First Month - By Laurie LaBrie, Integrated HR Team](https://schwartzaccountants.com/aiovg_videos/ma-pfml-the-first-month-by-laurie-labrie-integrated-hr-team/) - Presented by Laurie LaBrie, SPHR, SHRM-SCP, and President of Integrated Human Resources, inc. In this 6-minute overview, Laurie covers how the new MA PFML award and how the new system is working by reviewing: Employer Responsibilities PFML Timeline Employer PFML Portals MA PFML Benefit Reductions Parental Leave Timeline For more info, please contact Laurie LaBrie
- [Barton Associates Locum Tenens 2020-2021 Tax Webinar](https://schwartzaccountants.com/aiovg_videos/barton-associates-locum-tenens-2020-2021-tax-webinar/) - Presented by Barton Associates - Andrew Schwartz, CPA helps locum tenens providers understand how to navigate and file their taxes, and receive answers to locum tenens tax questions.
- [Understanding Your Dental Practice’s Overhead](https://schwartzaccountants.com/aiovg_videos/understanding-your-dental-practices-overhead/) - It sounds straight-forward: there are two ways to boost your earnings. You can (1) increase collections or (2) decrease your overhead. But how do you decide which one to pursue? And what should be your goal? In this presentation, we will show you how you compare to other dental practices and where to target your
- [Year end tax planning for individuals  - recorded 11/18/2020](https://schwartzaccountants.com/aiovg_videos/year-end-tax-planning-for-individuals-recorded-11-18-2020-2/) - 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 also cover actions to take for 2021 to
- [Year End Planning for Practice Owners  - recorded 12/16/2020](https://schwartzaccountants.com/aiovg_videos/year-end-planning-for-practice-owners-recorded-12-16-2020-2/) - 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 get your practice’s financial house in order for year end.
- [How to Report a Foreign Gift or Inheritance of More Than $100k](https://schwartzaccountants.com/aiovg_videos/how-to-report-a-foreign-gift-or-inheritance-of-more-than-100k/) - Anyone fortunate enough to receive a gift or inheritance of more than $100k from a foreign person needs to report that gift or inheritance to the IRS by filing a Form 3520
- [How to Generate Tax-Free Income From Your Home Each Year](https://schwartzaccountants.com/aiovg_videos/how-to-generate-tax-free-income-from-your-home-each-year/) - Lately, I’ve noticed a jump in the number of my firm’s clients asking how they would be taxed if they were to rent out their home on a short-term basis a few times each year through sites such as Airbnb and VRBO. Believe it or not, if you rent your home for 14 days or
- [401k & 403b Basics: No Match Doesn't Mean No Good](https://schwartzaccountants.com/aiovg_videos/401k-403b-basics-no-match-doesnt-mean-no-good/)
- [Changes to MA Payroll Laws - recorded 9/20/18](https://schwartzaccountants.com/aiovg_videos/changes-to-ma-payroll-laws-recorded-9-20-18/) - As a small employer, you need to stay compliant with new and recently changed payroll and employment laws. We will discuss the latest changes and how you can address them in your small business.
- [Preventing Theft at a Dental Practice by the Front Desk Staff](https://schwartzaccountants.com/aiovg_videos/preventing-theft-at-a-dental-practice-by-the-front-desk-staff/) - Every business is at risk of losing money to fraud and theft. This presentation details 8 steps that dental practice owners can take to prevent theft from their front desk staff.
- [Four Cost Effective Ways to Market Your Practice](https://schwartzaccountants.com/aiovg_videos/four-cost-effective-ways-to-market-your-practice/) - Spending a lot of money on marketing won't necessarily bring in a lot of patients to your practice. In this short video we detail 4 cost effective ways to effectively market your practice.
- [Hygiene Re-care % For General Dentists](https://schwartzaccountants.com/aiovg_videos/hygiene-re-care-for-general-dentists/) - We calculate re-care % as the percentage of patients who were treated at least once during the year that came in for two cleanings during the year.
- [W-4 Basics: Kids and College Students Earning Less Than $12,000 Should Claim Exempt](https://schwartzaccountants.com/aiovg_videos/w-4-basics-kids-and-college-students-earning-less-than-12000-should-claim-exempt/) - Andrew Schwartz CPA discusses how most kids and college students should fill out the W-4 form for their summer or part-time jobs. By claiming Exempt, your employer will NOT withhold any federal income taxes, so you’ll have more money in your pocket with each pay check, and won’t need to file a tax return next
- [W-9 Basics: How to Complete a W-9 Form for an LLC](https://schwartzaccountants.com/aiovg_videos/w-9-basics-how-to-complete-a-w-9-form-for-an-llc/) - While completing the W-9 Form for most businesses is very straightforward, that's not the case for LLCs. There are very specific rules that the LLC needs to follow to fill out the W-9 correctly.
- [Kids Claiming Exempt on Their W4 Form](https://schwartzaccountants.com/aiovg_videos/kids-claiming-exempt-on-their-w4-form/) - Seems that many high school and college aged kids are incorrectly having federal and state income taxes withheld from their wages. The IRS wants to help parents of working children avoid the headaches and costs of preparing tax returns for their kids who won't earn enough to be taxed. All you need to do is
- [Year End Tax Planning For Individuals – Recorded 11/18/2020](https://schwartzaccountants.com/aiovg_videos/year-end-tax-planning-for-individuals-recorded-11-18-2020/) - 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 also cover actions to take for 2021 to
- [Year End Planning For Practice Owners – Recorded 12/16/2020](https://schwartzaccountants.com/aiovg_videos/year-end-planning-for-practice-owners-recorded-12-16-2020/) - 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 get your practice’s financial house in order for year end.
- [Doing Your Financial Due Diligence – Recorded 12/30/2020](https://schwartzaccountants.com/aiovg_videos/doing-your-financial-due-diligence-recorded-12-30-2020/) - When presented with an opportunity to purchase a practice, a dentist can be overwhelmed trying to evaluate the volume of practice data available to determine whether to move forward with the purchase. In this presentation, we will help you better understand what it means to “Do Your Financial Due Diligence”. You will learn how to

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