Biden Signs New $1.9 Trillion COVID Relief Legislation into Law As you might imagine, $1.9 trillion covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you. Unemployment BenefitsIf you made less than $150,000 last year, the first $10,200 of unemployment benefits received is tax-exempt. If you have already filed your 2020 federal … [Read more...] about How the COVID Relief Legislation Impacts You
Employee Retention Credits
There has been a flurry of legislative activity since the beginning of the pandemic one year ago. One item that might have flown beneath your radar is the federal Employee Retention Credit (ERC). If your practice was shut down by government order and/or suffered a 50% or more decline in revenue in 2020, then you may be eligible for a $5,000 per employee tax credit. The … [Read more...] about Employee Retention Credits
Financial Benchmarking: How Does Your Practice Compare to Others?
How Does Your Practice Stack Up? A helpful tool to check how you are doing financially is to compare your practice to your peers’ practices. The results can be eye-opening—you will often find you are doing well in areas where you thought you were struggling. On the other hand, if your practice is struggling in certain areas, financial benchmarks can provide … [Read more...] about Financial Benchmarking: How Does Your Practice Compare to Others?
How Will the CARES Act Affect You?
The CARES Act was passed on March 27, 2020 to provide economic stimulus and relief related to the COVID-19 pandemic. As a result, our typical monthly tax tips have changed remarkably, least of all that the 2020 filing deadline for individuals and deadline for paying first quarter 2020 estimated taxes have both moved to July 15, 2020. The rollout of other relief … [Read more...] about How Will the CARES Act Affect You?
Medical Practice Cash Management
How to Manage the Cash in Your Practice Managing cash in your medical practice is a bit like driving on the interstate. Yes, there are certain rules designed to keep you safe—don’t drive 100 mph, don’t weave in and out of traffic— but assuming you aren’t being reckless, there is a broad range of acceptable practices that really are just dependent on what you are comfortable … [Read more...] about Medical Practice Cash Management