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 … [Read more...]
Expenses Paid With Forgiven PPP Loan Proceeds Not Deductible
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 … [Read more...]
Physician and Medical Practice Write-offs
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 … [Read more...]
Business Entertainment and Meals Under the New Tax Law – What Physicians Need to Know
Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The new tax law also eliminated business deductions for entertainment. As a result, no deduction is allowed with respect to: An activity generally considered to be entertainment, … [Read more...]
Mid-Year Tax Planning Ideas from Thomson Reuters
It’s hard to believe that about 18 months have passed since President Trump signed into law the Tax Cuts and Jobs Act (TCJA)—the largest major tax reform in over three decades. As the IRS continues to release guidance on the new law, we discover tax planning opportunities that could put … [Read more...]
IRS Urges Paycheck Checkup
The IRS has launched a special campaign encouraging taxpayers to perform a "paycheck checkup" to ensure the right amount of tax is being withheld from their paychecks for 2019. This is particularly important given changes implemented by the Tax Cuts and Jobs Act (TCJA). For 2018, some … [Read more...]