August 2020 Newsletter

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

August 2020 Newsletter, COVID Misc Practices

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

August 2020 Newsletter

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!

August 2020 Newsletter

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

August 2020 Newsletter, COVID-19, PPP Forgiveness

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

August 2020 Newsletter, COVID Misc Practices, COVID-19

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

August 2020 Newsletter, COVID Misc Practices, COVID-19

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

August 2020 Newsletter, Practice resources

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 back in for treatment. We are finding that many patients are reluctant to… Continue reading Seven Ways To Get Your Reluctant Patients Back

August 2020 Newsletter, COVID Misc Practices, COVID-19

Attestation Matters For The HHS Provider Relief Fund Subsidy

Many of our clients have already received the HHS PPE subsidy equal to 2% of practice revenue reported on their most recently filed tax return.  Along with the money showing up in their bank account, these practice owners also received a request to submit an attestation that the funds will be used properly. We have… Continue reading Attestation Matters For The HHS Provider Relief Fund Subsidy

August 2020 Newsletter, Practice resources

New Book And Website Launched To Help Dentists With Their Finances

Congratulations to our long-time client Dr. Sam Shamardi for writing and publishing his book: “The Financial Survival Guide for Dentists”. “As you know all too well, dental school doesn't prepare us at all for business, which is our biggest issue by far.  My book finally addresses these issues and more and provides the solution graduating… Continue reading New Book And Website Launched To Help Dentists With Their Finances

August 2020 Newsletter, COVID Misc Practices

9/15 Deadline For Q3 Estimated Taxes Will Be Challenging For Practice Owners

2020 has been a crazy year for taxes.  The 2019 filing deadline was pushed back from 4/15/20 to 7/15/20.  Q1 and Q2 estimates normally due 4/15/20 and 6/15/20 were also pushed back to 7/15/20.  For some practice owners, July 15th was a very expensive day for taxes. Now, just two months after all those taxes… Continue reading 9/15 Deadline For Q3 Estimated Taxes Will Be Challenging For Practice Owners

August 2020 Newsletter

Dental Practice Opportunities

#1: Turnkey Office Opportunity in East Boston Turnkey opportunity!  Small number of patients with lots of potential. Great location in East Boston. Office space is approximately 1200 sq. ft. and all operatories have lovely street views. The office uses Easy Dental software, has three operatories, and includes: digital intraoral digital panorex machine two Marus new dental chairs one… Continue reading Dental Practice Opportunities

August 2020 Newsletter, Practice resources

Values Collision: How To Ruin A Great Day At Work

By Guest Writer Don Khouri, Managing Director, Fortune Management Northeast Have you ever had a day like this? You prep for your Monday morning team huddle; notes, handouts, metrics – everything is just the way you like it. It’s 7:45 AM and you are ready to go! Then, two critical team members want to discuss… Continue reading Values Collision: How To Ruin A Great Day At Work

August 2020 Newsletter

Two Electric Vehicle Programs to Save You $$

Electric Vehicle Charging Station Tax Credit Retroactively Extended Prior to 2018, taxpayers were allowed a tax credit for the costs incurred related to installing an electric vehicle (EV) charging station in their primary home.  This tax credit expired the end of 2017. However, little known to many taxpayers, the EV charging station tax credit was… Continue reading Two Electric Vehicle Programs to Save You $$

August 2020 Newsletter

Trump Issues Executive Order Allowing Employees To Defer Paying Some Taxes

Over this past weekend, President Trump issued an Executive Order allowing your employees earning less than $4k per bi-weekly pay period to defer having Social Security and Medicare taxes withheld from their pay starting September 1, 2020 through the remainder of 2020.  Please note that as things currently stand, your employees will somehow need to… Continue reading Trump Issues Executive Order Allowing Employees To Defer Paying Some Taxes

August 2020 Newsletter, COVID Misc Practices

NH Healthcare System Relief Fund Application Is Due 8/13/20

Practice owners with offices in New Hampshire (NH) should be aware that they only have until August 13th to complete the online application to tap New Hampshire’s COVID-19 Emergency Healthcare System Relief Fund (CEHSRF).  Info is available at: https://www.goferr.nh.gov/covid-expenditures/healthcare-system-relief-fund. According to that website: The Governor has authorized the allocation and expenditure of a total of… Continue reading NH Healthcare System Relief Fund Application Is Due 8/13/20

August 2020 Newsletter, PPP Forgiveness

PPP Forgiveness FAQS From Our Friends At TD Bank

Below is a list of "Frequently Asked Questions" put together by our friends at TD Bank to help answer some of their clients’ questions. This info should be helpful to anyone who received a PPP Loan. Loan Forgiveness Q: How do I apply for loan forgiveness? TD Bank will have a digital application process for… Continue reading PPP Forgiveness FAQS From Our Friends At TD Bank

August 2020 Newsletter, COVID-19 INDIV

8/31 is Deadline to Repay Any Required Minimum Distributions Taken in 2020 Including From Inherited IRAs

Another recent development gives people until 8/31/20 to repay any Required Minimum Distributions taken so far in 2020, including RMDs from inherited IRAs. According to the IRS at: IR-2020-127, June 23, 2020 WASHINGTON — The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts… Continue reading 8/31 is Deadline to Repay Any Required Minimum Distributions Taken in 2020 Including From Inherited IRAs