Our Blog & News
This Month’s Posts:
IRS increases mileage rate for remainder of 2022
The IRS recently announced an increase of 4 cents to the optional standard mileage rate due to the increase in gas prices. The new rates are effective July 1, 2022- December 31, 2022: Business travel rate is now 62.5 cents per mile Deductible medical expenses is now...
Tips for Your Kids and Their Employment
It's summertime and we often get asked about how to handle taxes and forms for a child's summer job or first job out of college. We're recapping some tips below: Completing Form W-4 for summer jobs: When you child begins their summer job, their new employer will...
Claiming a child as a dependent when parents are divorced, separated or live apart
From IRS.gov - IRS Tax Tip 2022-98, June 28, 2022 Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the specific rules about who may be eligible to claim the child for...
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 2021, you are required to file a Form 5500 by 7/31/22...
July 1st Kicks Off The Next Round of Provider Relief Fund (PRF) Self-Reporting
Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between January 1, 2021 and June 30, 2021 are required to self-report using the PRF Reporting Portal during Reporting Period 3 (RP3) which runs through September 30th. ...
Last Month’s Posts:
Don’t forget – 2nd Q Estimated taxes Due 6/15/22
Generally, taxpayers who are self-employed, are shareholders in S-Corporations that typically pay out distributions in addition to the wages paid to the owners, partners in profitable partnerships, and/or report a good amount of investment income should consider...
EPLI Can Pay Huge Dividends If A Disgruntled Employee Sues your Practice
The purpose of insurance is to protect against extraordinary or catastrophic financial losses. One potential loss to consider is when a terminated or disgruntled employee hires an attorney to sue your practice for wrongful termination or for an array of other...
PPP2 Loan Forgiveness Applications Should Be Submitted Soon
If you haven’t already filed for forgiveness of your PPP2 loan, please do so soon. Otherwise, your PPP2 lender will require that you begin making payments on that loan. Any payments made will be refunded when the PPP loan is ultimately forgiven, but why not just...
Practice Owners – IRS Reminds Employers About Special Tax Credits To Help Employers Hire Staff
From IRS News IR-2022-104, May 6, 2022 WASHINGTON — With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available for hiring long-term unemployment recipients and other groups of workers...
How To Save $100,000 On Your Expiring Lease
By Guest Write Stefan Zelich, President/Founder of FOCUS Healthcare Realty Rent is typically a dental practice’s 2nd or 3rd highest expense behind payroll, but it’s also one of the most negotiable. This ability to negotiate one of the highest expenses to a practice...