This Month's Newsletter
December 2017
COVID-19 Guidelines For Practice Owners With Staff
With COVID-19 sadly on the increase, employers are asking us more questions than ever about their responsibilities to pay their staff who cannot come to work for COVID related reasons. Basically, if you have an employee who cannot come in to work for COVID related...
IRS Announces That Expenses Paid With PPP Loan To Be Forgiven Are Non-Deductible In 2020
On November 17th, the IRS issued guidance on how the PPP Loan forgiveness impacts how businesses will deduct expenses paid with the PPP funds. According to the IRS Bulletin at: https://content.govdelivery.com/accounts/USIRS/bulletins/2acfa3f: Revenue Ruling...
IRS Code Section 139 Allows Your Practice To Make Tax-Free Payments To You And Selected Staff During The COVID-19 Pandemic
Code Section 139 starts with this general rule: Gross income shall not include any amount received by an individual as a qualified disaster relief payment. In other words, your practice deducts any money paid out to you and selected staff under Section 139 while you...
Free Webinar – Year End Tax Planning for Practice Owners
Presented by Andrew Schwartz, CPA, Founder of The MDTAXES Network Wednesday, December 16, 2020 - from 12 Non - 12:45 pm 2020 has been one of the most challenging years for practice owners. Join Andrew Schwartz, CPA, as he discusses actions to take before December 31st...
Social Security Max Increases To $142,800 For 2021
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2021, the maximum wage base jumps to $142,800, an increase of $5,100, or 3.7%, over the max of $137,700 that was in place for 2020. At a rate of 6.2%, the maximum Social...
Friday 11/6 Is Deadline To File For Phase-3 Of The HHS Provider Relief Fund
As we posted last month, the HHS announced that additional Provider Relief Funds are available to healthcare professionals. You can read that post at: https://schwartzaccountants.com/2020/10/hhs-announces-additional-provider-relief-funds-application-due-11-6/. Phase-3...
Thursday 11/12 Is Deadline To Apply For Massachusetts COVID-19 Grant For Small Businesses
According to information available at: https://www.empoweringsmallbusiness.org/covid-19-response/covid-19-grants-massachusetts-small-businesses , the Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses,...
IRS Announces Few Increase To 2021 Retirement Savings Limits
Last month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2021. Unfortunately, the bulk of the retirement savings limits don’t increase from 2020 levels. Many practice owners set up a 401k plan as their...
What To Do If A Fraudulent Unemployment Claim Was Filed Under Your Name
It’s a sad state of affairs in our country when scammers are preying on each state’s unemployment funds. We first posted info on this big problem a few months ago at:...
SBA Scam Alert
Please be aware of a recent scam involving people impersonating the Small Business Association. The imposters claim to be conducting "site visits" on behalf of the SBA. When contacted, the SBA states that they do not conduct site visits. SBA does not initiate contact...
Are You Required To Pay Staff Who Can’t Work Due To Childcare Issues?
Q: I have an assistant who has two small kids and has not been coming to the office since she does not have babysitting. She wants to know if she is eligible to still be paid by my office and, if so, how do we go about paying her and do we get a tax credit on the...
2/15/21 Deadline For Recipients of HHS Provider Relief Fund to Self-Report
According to the HHS at: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/reporting-auditing/index.html: “All recipients of more than $10,000 of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the...
SBA Announces Simplified Forgiveness Applications For PPP Loans Under $50K
The SBA recently issued Form 3508S (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-3508S.pdf) which greatly simplifies the loan forgiveness application for practices that received PPP Loans of less than $50k. If you complete the...
HHS Announces Additional Provider Relief Funds. Application Due 11/6
Last week, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Most healthcare practice owners should...
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...