Our Blog and News
This Month’s Posts
PPP For Small Business and Sole Proprietors
The SBA offers several different relief options to help small practice owners recover from the impacts of COVID-19. Please note these very important facts about the PPP Loan program: The PPP Loan is available to self-employed physicians, dentists, and mental health...
IRS expands Use of Taxpayer ID PINs
Beginning in January 2021 the IRS plans to offer an Identity Protection PIN (IP PIN) Opt-in program to include all taxpayers. Prior to 2021, IP PINs were only assigned to taxpayers when their tax return was rejected from e-filing as a result of their social security...
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...
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...
You Might Qualify For Additional PPP1 Funds
According to the Top-line Overview of First Draw PPP loans available at: https://www.sba.gov/document/support-top-line-overview-first-draw-ppp PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the...
No Update By HHS On The PRF Self-Reporting Requirement
We checked the Provider Relief Fund (PRF) Reporting Portal Frequently Asked Questions (FAQs) available at: https://hrsac19.my.salesforce.com/sfc/p/#t00000004XgP/a/t0000001FId8/wN.4dTa.NRiNhwh_0CBblH6gvvedhqOt7_.5OS7rP6U We found no update on when you need to comply...
How To Spend Your PPP2 Money
Our clients are starting to receive their PPP2 loan proceeds. We just want to remind you how to spend that stimulus money so the full amount will be forgiven. According to an article in the Journal of Accountancy available at:...
Additional EIDL Advance Funds May Be Available
The SBA recently posted information about a new Targeted EIDL Advance at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/covid-19-economic-injury-disaster-loans as follows: COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020,...
Quick 2021 Tax Filing Season Facts
Tax filing season opens in a little less than two weeks. Friday February 12, 2021 is the first day that the IRS will begin to accept tax returns filed by taxpayers for the 2020 tax year. If you have all your tax documents early and are due a refund, get your tax...
Keys to Minimizing IRS Audit “Red Flags” and IRS Tax Notices
The audit rate of personal income taxes continues to be low, hovering at around 0.5% of all personal tax returns filed each year based upon the past few tax filing seasons. However, the chance of being audited is real and the chance of receiving an IRS notice is more...
Last Month’s Posts
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...
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...
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...
PPP Round 2 Applications Now Being Accepted
Lenders are now accepting applications for the Second Draw PPP loans. Keep in mind that the recent enacted Stimulus Package included a provision that the PPP2 Loan can be both fully forgiven and also not taxable to the business owner. To be eligible for PPP Round 2,...
Provider Relief Fund Recipients Need To Register At New HRSA Portal
2/15 Self-Reporting Deadline Extended to Unspecified Date Did you receive more than $10k in Provider Relief Funds (PRF) from HHS? If so, please go online to the Provider Relief Fund Reporting Portal available at: https://prfreporting.hrsa.gov and register as a new...
Create A Winning Plan
Guest Writer Brenda Loan Baker, Executive Coach, Fortune Management Northeast Here we are, the first week of January. The traditional time goals for the new year is upon us! What is the difference between the people who set their goals and reach or surpass them and...
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...
FFCRA Deadline Extended From 12/31/20 TO 3/31/21
U.S. Department of Labor Publishes Guidance on Expiration of Paid Sick Leave and Expanded Family and Medical Leave for Coronavirus WASHINGTON, DC – The U.S. Department of Labor’s Wage and Hour Division (WHD) today announced additional guidance to provide information...
All You Need To Know About Gifting
In this post, we cover a variety of issues that may impact you when giving a gift or receiving a gift: Gifting Rules. Individuals are allowed to gift money, investments, and other items of value to family, friends and others as they wish. However, the aggregate...
MA Growth Capital Corportation (MGCC) Grant Update
Recently, the Massachusetts Growth Capital Corporation issued more information about the $668 million grant program. When reading through the guidelines of the Sector-Specific Relief Grant Program for Massachusetts Businesses, you might get a sense that this program...
Posts From Our Professional Network
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...
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...
Alex’s Advice Corner – Year end Reminders
From Alex Oliver, CFP, CRPS - Wealth Advisor - First National Corporation With two months to go until 2021, First National Corporation wants to ensure you are doing everything within your financial plan to mitigate taxes. Here are a few quick reminders to consider as...
Real Estate Conversations To Boost Practice Profitability During 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...
Tabitha’s 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...
Five Steps to A Successful Dental Employee Performance Appraisal
From Guest Writers Mariana Diaz, Executive Coach and Don Khouri, Managing Director, Fortune Northeast Creating and setting a culture that welcomes consistent feedback is crucial to improving team dynamics for many reasons. First, it helps to develop a sense of...
Out From Behind the Covid Wall – From Guest Writer Brenda Loan Baker
From Guest Writer Brenda Loan Baker, Executive Coach, Fortune Management Northeast On every social media platform you can find numerous memes about 2020 being the worst year ever. For most of us this lock-down has been going on since mid-March, seven months now. To...
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...
Tabitha’s Tip: Best Practices To Handle Old Patient Receivables – 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...
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...