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This Month’s Posts
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...
Still No Update By HHS On The PRF Self-Reporting Requirement
We checked the Provider Relief Fund (PRF) Reporting Portal Frequently Asked Questions (FAQs) available at: https://hrsac19.my.salesforce.com/sfc/p/#t00000004XgP/a/t0000001FId8/wN.4dTa.NRiNhwh_0CBblH6gvvedhqOt7_.5OS7rP6U We found no updates on when you need to comply...
Businesses Can Temporarily Deduct 100% of Meals As Of 1/1/21
IR-2021-79, April 8, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the...
Additional EIDL Advance Funds May Be Available
As we wrote in February at https://schwartzaccountants.com/2021/02/additional-eidl-advance-funds-may-be-available/, the SBA has started reaching out to inform practice owners who didn’t receive the full $10k EIDL Advance last April that they might be eligible for an...
ERTC Update
For starters, the American Rescue Plan Act of 2021 (“ARPA”) extended the ERTC (Employee Retention Tax Credit) through the end of 2021. Practice owners that haven’t fully recovered to 2019 revenue levels might now be eligible for a tax credit of $7k per non-family...
PPP Loan Forgiveness
Business owners who received a PPP loan have 10 months following the end of the 24-week Covered Period to submit to their lender for forgiveness. Assuming you received your PPP loan in mid-April, you have until July 31st to complete the forgiveness application with...
New $100K Subsidy Available For Practices That Started After 2/15/20
On March 11, 2021, President Biden signed the $1.9 Trillion American Rescue Plan Act of 2021 into law. ARPA included a provision expanding the Employee Retention Tax Credit (ERTC) to include “Recovery Startup Businesses (RSB)” - those that opened after 2/15/20 with...
Last Month’s Posts
Need Help With Locum Tenens Providers?
During the pandemic, we've often been asked for advice on finding qualified providers. We highly recommend using Barton Associates. Barton Associates, founded in 2001 and headquartered in Massachusetts, connects hundreds of practices each month with qualified...
PPP Updates for Small Practices and Sole Proprietors
More changes were made to the PPP program. First, the deadline to apply is extended to May 31st. If you are self-employed or own a small practice, consider applying for a PPP loan. Remember, the PPP loan is FREE MONEY, and should NOT need to be repaid and should NOT...
Recap of Changes to Tax Deadlines
For INCOME TAXES: The due due for personal income tax returns has been extended to 5/17/21 Request for automatic six month extension, Form 4868, is required to be filed by 5/17/21 unless you will submit your tax returns by then 1st quarter 2021 estimates are still due...
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...