First of all, I hope that you and those closest to you are staying safe as the COVID-19 pandemic continues to affect families, communities, and businesses throughout our country and the world. Your health is of utmost importance in these tumultuous times. While there are various ongoing challenges faced during this outbreak, we want to ensure that you and your loved ones are taken care of in order to mitigate the shock throughout the development of this crisis. We understand you have many questions and concerns pertaining to the virus’s direct impact on your physical and financial well-being, so we want to share the steps we have taken not only in the past few days but throughout the past few quarters to adapt to this new environment.
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.
Every medical practice faces ongoing challenges in maintaining a successful bottom line. New challenges arise whenever Medicare and Medicaid policy, or the economy, changes. Still, a handful of problems rise to the top in most medical practices. Here are some ideas for solving them before they become overwhelming.
Do you qualify for the new family leave credit?
The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act ("FMLA"). Employers aren’t required to pay employees for FMLA leave, but — for 2018 and 2019 — those that do may qualify for a tax credit of 12.5% of the wages paid. That’s if the rate of payment under the leave program is at least 50% of employees’ regular rate.
Are you ready to file your tax return(s)?
Avoid the rush! The sooner you can file, the easier your life will be, and the more your CPA will appreciate you. The easiest way to do that is to make sure you’re ready for them. Don’t wait until the last minute if you can gather your paperwork early. The less rushed your CPA is, the better off you’ll be.
Sponsors are often on the hunt for innovative ways to fund their real estate projects, particularly when they find themselves under capital constraints that limit their ability to invest. Some sponsors turn to general partner (“GP”) funds to meet their capital contribution obligations while maintaining the freedom to invest in additional projects.
Is it time to bring on an associate or partner? There are many reasons you might consider it. For example, your practice might have become so busy that you have little time with your patients. Perhaps your practice volume has grown so much that you need help managing it, or maybe retirement is around the corner and you’re thinking about eventually selling.
Source: "Employer Sponsored Disaster Relief Benefits" by Postlethwaite & Netterville ("P&N")
HOW EMPLOYERS CAN HELP EMPLOYEES
Many employers are now looking for ways to help employees in the wake of this crisis. A few ways employers can help employees include:
PayPal faces lawsuit over diverted donations
Payment processing company PayPal faces a class action lawsuit over its “Giving Fund” platform. The lawsuit claims the platform lists charities that aren’t registered to receive donations and doesn’t inform donors that unregistered charities won’t receive their donations.
Board members and new staff from a for-profit background don’t always grasp the differences between the for-profit and not-for-profit ("NFP") worlds. One area of significant variation is their financial reporting approach, including both goals and practices.