The CARES Act provides for easy access to IRAs and other retirement plans for anyone who “experienced adverse financial consequences as a result of closing or reducing hours of a business that you own or operate.” Sounds like a great opportunity, right? Let’s start by saying that retirement accounts for working people should be used… Continue reading Coronavirus-Related Opportunities For People With Retirement Plans And IRAs
Category: July 2020 Newsletter
Try Not To Be Skeptical To Gov’t Subsidies Being Offered To Healthcare Practices
For 2 months or so, people throughout the U.S. were mostly quarantined in their homes which substantially reduced the number of visits made for medical and dental services. For the Medicare and Medicaid systems, that means that very little money was spent during those few months. The federal government is looking to find ways to… Continue reading Try Not To Be Skeptical To Gov’t Subsidies Being Offered To Healthcare Practices
Looking For PPE?
The word is that PPE is once again becoming challenging to obtain. One of our non-healthcare clients, GreenStreets USA Inc, a distributor of paper and cleaning products to businesses throughout New England, New York and New Jersey, notified me that they have stocked up on PPE and are now offering various deals to Schwartz& Schwartz… Continue reading Looking For PPE?
Deadline To Apply For The HHS PPE Subsidy Extended To 8/3
The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice. Please apply for this HHS subsidy known as the Provider Relief Fund (PRF) at: https://cares.linkhealth.com/#/. The deadline to apply for this subsidy has… Continue reading Deadline To Apply For The HHS PPE Subsidy Extended To 8/3
Two New Dental Practice Opportunities
#1: Open House for a Really Great General Practice – Saturday 8/8 We started working with our first dental practice clients back in 1995. Since then, we’ve worked with hundreds of practices, and many of those for as long as our client owned the practice. Without exaggeration, this practice located on Route 20 between Routes… Continue reading Two New Dental Practice Opportunities
Tabitha’s Tip: Hygiene Capacity, What Can Your Patient Base Support?
Hygiene capacity is an interesting topic. Owners frequently define a full hygiene schedule with few openings to be at capacity. The mistaken belief is that a full schedule denotes success. This definition is very limiting, since few owners are truly tapping the potential capacity that they already have. Often they are experiencing a scheduling problem… Continue reading Tabitha’s Tip: Hygiene Capacity, What Can Your Patient Base Support?
Mortgage Interest Rates Remain At Record Low
With home mortgage rates at ALL TIME LOWS hovering at just 2.5% for a 30-year home mortgage, now is a great time to look at refinancing your home mortgage. If you can lock in a fixed-rate mortgage for at least .5% less than your current rate, then it’s the proverbial “no-brainer”. Start by reaching out… Continue reading Mortgage Interest Rates Remain At Record Low
Let CARR Healthcare Negotiate Your Lease – Especially During These Crazy Times
Looking for a company to help you with lease negotiating or with the purchase of commercial space? How about a company where the fee for their services is actually paid by your landlord or by the person you purchase the real estate from, and isn’t paid you? We routinely refer our clients to Matt Kolcum… Continue reading Let CARR Healthcare Negotiate Your Lease – Especially During These Crazy Times
7/24 Deadline to Apply for the HHS PPE Subsidy Equal to 2% of 2019 Collections
The U.S. Department of Health and Human Services (HHS) PPE Subsidy is now available to ALL dental practices to help fund the purchase of the necessary protective supplies needed to safely practice. Please apply for this HHS subsidy at: https://cares.linkhealth.com/#/. According to the HHS at https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/dental-distribution/index.html, to be eligible to receive the PPE subsidy equal… Continue reading 7/24 Deadline to Apply for the HHS PPE Subsidy Equal to 2% of 2019 Collections
No Rush to Submit PPP Forgiveness Calculations to Your Lender
For many of you, the initial 8-week PPP Covered Period ended, and we’ve received a lot of inquiries about helping submit the forgiveness paperwork to their lenders. Please be patient as there is no rush. For starters, the Covered Period is now 24 weeks, so everyone is still able to spend money that counts towards… Continue reading No Rush to Submit PPP Forgiveness Calculations to Your Lender
Summer Job Alert – Have Your Working Children claim “Exempt” on the W-4 Form
Seems that many high school and college aged kids are incorrectly having federal and state income taxes withheld from their summer job wages. Please note that a working child will generally owe no federal income taxes unless wages earned exceed $12,400 (in 2020) or investment income exceeds $350 while total income exceeds $1,100. Most kids,… Continue reading Summer Job Alert – Have Your Working Children claim “Exempt” on the W-4 Form
Maybe Chewsi Can Help
The dental industry is changing — from practice consolidations and growth challenges to complex benefits administration and now we’re all dealing with a pandemic, sourcing PPE and dealing with anxious patients seeking ways to save on their dental care. Through all these changes, Chewsi is here to make it easier for your practice to get… Continue reading Maybe Chewsi Can Help
Tabitha’s Tips – Overhead High? This Will Help
From our Friends at ShelleyRenee Practice Consulting: I am not a fan of statements. They should not be standard practice. Do you track the number of statements that are sent out each month? What does the number of statements sent represent? Each statement represents a non-collection. Most practices I visit have a… Continue reading Tabitha’s Tips – Overhead High? This Will Help
Tabitha’s Tips – From Our Friends At Shelley Renee Coaching
Is your team writing off your paycheck? Details matter. Small changes can equal thousands in practice savings. One area to be aware of is the insurance write-offs. Do you know if your team is calculating them correctly? This week while conversing with a practice owner, we discovered that the team was taking off insurance adjustments… Continue reading Tabitha’s Tips – From Our Friends At Shelley Renee Coaching
ADA Announces New Stimulus Opportunity For Dentists
According to the ADA on July 10th at: https://www.ada.org/en/publications/ada-news/2020-archive/july/hhs-opens-provider-relief-fund-to-dentists: HHS opens Provider Relief Fund to dentists July 10, 2020 By Mary Beth Versaci Dentists who were previously ineligible for relief can now apply to receive funding from the U.S. Department of Health and Human Services' Provider Relief Fund. The American Dental Association worked closely with… Continue reading ADA Announces New Stimulus Opportunity For Dentists
Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)
File Something on or Before 7/15 If you can't get your tax returns completed by July 15th, make sure to file for an automatic extension. Filing something on July 15th is the only way to avoid the Failure to File Penalty equal to five percent per month on any 2019 federal income taxes due as… Continue reading Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)
6/30 Deadline For PPP Loan Application Probably Extended To 8/8
With almost $130 Billion in PPP funds still available for business owners, the Senate and House both passed bills extending the 6/30 due date to apply for this forgivable loan to 8/8. Assuming President Trump signs this bill into law, please consider applying for a PPP loan for your practice soon if you haven’t already… Continue reading 6/30 Deadline For PPP Loan Application Probably Extended To 8/8
7/15 Deadline For Tax Payments Approaching
According to the IRS in: IR-2020-131, June 26, 2020 WASHINGTON ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response… Continue reading 7/15 Deadline For Tax Payments Approaching
7/20 Deadline For Practices Accepting Medicaid To Apply For Federal Subsidy
Last month the HHS (Health and Human Services) announced there will be a Provider Relief Fund Distribution (established by the CARES Act) for Medicaid/CHIP providers. The funds granted do not have to be repaid. The deadline to apply for this federal subsidy is July 20th. Payments to each provider will be at least 2% of… Continue reading 7/20 Deadline For Practices Accepting Medicaid To Apply For Federal Subsidy
7/31 Deadline To File Payroll Tax Forms To Defer Social Security Match
As we wrote last month, practice owners with staff can take advantage of an interest-free loan in the form of a deferral of 2020 matching Social Security taxes into 2021 and 2022. Completing the quarterly payroll tax filing due 7/31 is an essential step for anyone looking to maximize this opportunity. Practice owners are required… Continue reading 7/31 Deadline To File Payroll Tax Forms To Defer Social Security Match