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://www.schwartzaccountants.com/2020/05/more-info-about-eidls/, there are various pitfalls that come along with this SBA loan.… Continue reading How To Pay Off the EIDL Loan
Author: cutlerschwartzschwartz
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… Continue reading No Rush On Your PPP Loan Forgiveness Application
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… Continue reading On Extension? Your Deadline is Almost Here
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… Continue reading Be Aware – Unemployment compensation is taxable income
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… Continue reading IRS is issuing interest on personal tax refunds
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… Continue reading Five Steps to A Successful Dental Employee Performance Appraisal
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,… Continue reading Out From Behind the Covid Wall – From Guest Writer Brenda Loan Baker
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.… Continue reading Employee Social Security Tax Deferral FAQ
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… Continue reading Great Promotion From Our Friends at Bank of America Practice Solutions
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 this case have uncollectible accounts sitting… Continue reading Tabitha’s Tip: Best Practices To Handle Old Patient Receivables – From Guest Writer Tabitha Lugo
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… Continue reading Temporary Changes Regarding Deducting Charitable Contributions
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://www.schwartzaccountants.com/covid19resources/, along with other timely information pertaining to the various stimulus opportunities available to help… Continue reading Deadline to Apply For The HHS Provider Relief Fund Extended to 9/13
Trump’s Executive Order Allowing Your Employees to Defer Social Security Taxes Kicks In On Tuesday 9/1. Are You Ready?
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… Continue reading Trump’s Executive Order Allowing Your Employees to Defer Social Security Taxes Kicks In On Tuesday 9/1. Are You Ready?
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… Continue reading Avoid Huge Penalties By Filing Your Form 5500 For Your 401k/Profit Sharing Plan By 10/15/20
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 $7,000 subsidy. **… Continue reading Private practice? Deadline to Apply for HHS Provide Relief Fund Subsidy is 9/13
Did You Receive An IRS Notice For 2019? If So, Please Don’t 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?… Continue reading Did You Receive An IRS Notice For 2019? If So, Please Don’t Pay The Balance Due Yet!
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://www.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… Continue reading Q3 Estimated Tax Payments Due 9/15
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 “[c]urrent economic uncertainty makes this loan request necessary… Continue reading PPP Rules On The “Required Good-Faith Certification” For Loans Less Than $2M
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://www.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… Continue reading 8/28 Deadline To File For HHS Provider Relief Fund Subsidy Is Quickly Approaching
Maine’s New Recovery Grant Program Not Available To Doctors
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… Continue reading Maine’s New Recovery Grant Program Not Available To Doctors