Our Blog and News
This Month’s Posts
Q&A About Staffing Issues With Our Firm’s 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...
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...
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...
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...
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...
Last Month’s Posts
Quick Link to “Where’s 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...
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...
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...
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....
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...
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...
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...
Dentists: Earn 2 CE Hours on May 18 While Learning “The Fortune Recipe”
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...
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...
Save Taxes With a Cost Segregation 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...
Posts From Our Professional Network
Dentists: Earn 2 CE Hours on May 18 While Learning “The Fortune Recipe”
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...
Save Taxes With a Cost Segregation 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...
Practice Owners: 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...
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...
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...
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...
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...
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...
Supercharge Your Practice’s 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,...
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...