May Edition of the Physician Advocate Spring is officially here! As we figure out how to navigate this new normal, we stay committed to providing you with the best resources and information for your practice. Take a look at the May Newsletter below or browse through the featured blogs. May Newsletter Featured Blogs: Ten Ways Physician Business Owners can Improve Cashflow during COVID-19 Expenses Paid With Forgiven PPP Loan Proceeds
For years, financial and tax advisors have lectured about the wonderfulness of a Roth IRA and why you should convert traditional IRAs into Roth accounts. But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing. For many, the financial fallout from the COVID-19 crisis creates a once-in-a-lifetime opportunity to do Roth conversions at an affordable tax cost and also gain insurance against future tax
The COVID-19 outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, physician practices and their managing partners face an uncertain and stressful future. We are all faced with faltering demand for our business services, anxious employees, health safety risks and a lack of clarity regarding what the future holds.
Medical Practice Tax News – COVID-19 The Paycheck Protection Program (PPP) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses. PPP loans can later be forgiven if the employer retains its employees and satisfies other requirements. Loan Forgiveness Under section 1106(b) of the Cares Act, a recipient of a covered loan can receive forgiveness of
There has been a lot of chatter and advice rendered on the listserv of the National Society of Certified Healthcare Consultants as we guide and advise our physician clients through the COVID crisis. Eric Michaels, President and Certified Healthcare Business Consultant with Healthcare Business Consultants has graciously allowed members to post his suggestions, Ten ways Physician business owners can improve cashflow during Covid-19 If you or other providers in your office are
April Edition of the Physician Advocate This past month has been one where “business as usual” has been disrupted. In this month’s newsletter, I’ve provided several great resources to help you and your business navigate this time. Take a look below! April Newsletter Featured Blogs: Surviving in the time of COVID-19: 4 Tips for Independent Physician Practices Protecting Healthcare Workers From Patients in a COVID-19 Environment Physician and Medical Practice
Fraudsters are taking advantage of these uncertain times caused by COVID-19 by impersonating the CDC, SBA, IRS and other government and healthcare organizations. Whether you’re running a business or managing your personal finances, it is important to stay alert. Here are some helpful reminders you can act on: Review your account(s) daily through Online or Mobile Banking. Don’t provide confidential information to anyone who is calling you. If someone tries
There is still a lot of uncertainty surrounding COVID-19. The following are a few coronavirus-related questions and answers that may be on your mind. Are expenses paid with PPP loan proceeds deductible? No, they are not. But, it’s important to understand why along with the other requirements of the PPP loan. Read my blog post here for an in depth answer to this question. How can I protect my practice
As baseball season approached, I thought it would be a good idea to review once again physician and medical practice write-offs for meal and entertainment expenses. However we know what has happened to baseball season. Let that not stop us – again here is a brief overview. Entertainment As you know, entertainment expenses are not deductible. Tax reform axed this break, starting with 2018 returns. So, no writing off show
It’s been a very busy week on the National Society of Healthcare Business Consultants listserv discussing daily operational issues and the SBA paycheck protection program. One exchange caught my eye from Sean Weiss, partner in the Department of Audit and Regulatory Compliance at the Doctor’s Management Group. I asked Sean if I could post his comment verbatim in this blog and he agreed. Protecting healthcare workers who are dealing with
The Impact of COVID-19 The long arms of the COVID-19 have jeopardized both lives and livelihoods. Surgeries have been unilaterally cancelled, and patients told to stay home, meaning revenues for independent practices have dropped like a plumb line. Yet owners of private practices still have to make payroll and cover their rent and other fixed costs. (I at rtacpa.com have seen physician practices patients volumes drop off 70-90% since the
The March Edition of The Physician Advocate Featured blogs: Strategic Planning for Your Physician Practice – Where is Your Ship Headed? SECURE Act’s Impact on Physician’s and Healthcare Professionals Tips for Accounts Receivable Financial Management Ransomeware and Physician Practices Employee Best Practices for Physician Practice Management