Our Blog and News
This Month’s Posts
New Dental Practice Open Houses
Earlier this year, Andrew Schwartz CPA and Ben Larkin ESQ joined together to open Optimal Practice Transitions LLC (https://www.optimalpracticetransitions.com/), a brokerage for dental practices and other professional practices. Together they have more than 40 years...
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%...
Updated Summer 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...
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...
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...
Last Month’s Posts
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...
New Dental Practice Opportunities
Earlier this year, Andrew Schwartz CPA and Ben Larkin ESQ joined together to open Optimal Practice Transitions LLC (https://www.optimalpracticetransitions.com/), a brokerage for dental practices and other professional practices. Together they have more than 40 years...
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...
Don’t 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...
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...
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:...
Update For Taxpayers Who Qualified For The $10,200 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...
Where’s My Refund?
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...
Additional Plug-In Vehicles Qualify for Tax Credit of Up To $7,500
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...
Posts From Our Professional Network
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...
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...