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
Finance
Best January Tax Tips 2020
Businesses Now that we have turned the calendar to a new year, it is that time again to begin planning for the completion of your tax returns and other year-end work. Yes, you have several months until your returns are due, but so does everyone else. That is why it is important for you to beat the rush. To get started, ask your accountant for an information request list. … [Read more...] about Best January Tax Tips 2020
Choosing an Accountant
“Why should I choose you?” is a question I hear often from physicians who are contemplating a change. My typical response is that I am not saying you should—at least not without doing your homework first. Choosing an accountant is a very personal decision, and although I might be a perfect fit for one practice, I might by a lousy fit for another. When contemplating a change, … [Read more...] about Choosing an Accountant
Case Study: RJ’s Special Holiday Bonus
RJ has been a secretary with a large practice of eight physicians for the past seven years and has had only one raise in that time. Each physician and the practice administrator have a practice credit card issued in their name. Typically, when RJ places orders for the physicians, she uses that physician’s credit card information. RJ has learned which providers use the company … [Read more...] about Case Study: RJ’s Special Holiday Bonus
Why Revenue Matters Most
As a CPA and business advisor to medical practices, I am often called to diagnose the cause of financial underperformance. Common themes emerge as these conversations unfold: “I am working harder every year.” “Everybody in my office gets a raise every year except me.” “Our health insurance goes up 10% or more every year.” “Just when I think I am getting ahead, … [Read more...] about Why Revenue Matters Most