Home Office With the COVID-19 pandemic still going on, you as a physician or practice manager may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the … [Read more...]
Simplified PPP Loan Forgiveness Form Released
Simplified PPP Loan Forgiveness The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) FAQs and issued a new interim final rule in conjunction with the issuance of new simplified loan forgiveness application, Form 3508S, for borrowers that received a PPP loan of … [Read more...]
Home Office Tax Deduction in the COVID Era
Home Office Tax Deduction The Internal Revenue Service recently stated that it wants individuals to consider taking the home office tax deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. This is especially true now that we … [Read more...]
Medical Practice Accounts Payable and Internal Controls
Medical Practice Accounts Payable Internal Controls The vital role that internal controls play within any well managed medical practice is widely recognized. Knowledgeable practice managers are well aware that poor controls in this single area can result in far more dire consequences than simply … [Read more...]
New PPP Loan Forgiveness Guidance
Guidance on owner-employee compensation and rent-related costs Recently the American Institute of CPAs released information that the U.S. Small Business Administration (SBA) and Treasury issued an interim final rule addressing Paycheck Protection Program (PPP) loan forgiveness issues related to … [Read more...]
Mid-year Tax Planning Strategies for Physicians
Personal Tax Planning Strategies I hope that you and your loved ones are safe as you deal with the current COVID-19 crisis. What an incredibly difficult year this has been! This most recent tax season was unlike any we’ve ever experienced. With the spring deadline postponed until July 15, it may … [Read more...]