- Your principal place of business.
- A place to meet or deal with clients, customers or patients in the normal course of business.
With the increase in health plans requiring members to pay for all or part of their office visits, practices are faced with the challenge of asking patients for full payment. This can be upsetting for the patients and uncomfortable for staff members. Here are eight strategies for improving collections, including preparing for time-of-service collections, setting up prompt-pay discounts and showing staff how to interact with patients. Read more
Although you usually can’t deduct typical “commuting” expenses from home, you may qualify for a special exception if you’re away working on temporary assignments. But the IRS and the U.S. Tax Court won’t allow borderline deductions, as evidenced by one case involving a construction worker.
We’ll explain what happened in the case, but first, here is some background information. Read more
Like any well-run business, a medical practice needs to step back periodically and try to get a bird’s-eye view of where it has been and where it is going. A good time to perform such a review is at the end of the calendar year. Go into the meeting with a plan, prepared to focus on three critical areas: corporate, financial and operational planning.
It is helpful to have a trusted adviser, such as your accountant, facilitate the meeting. An adviser who knows your practice can keep the agenda focused on the business issues, diffuse tense emotions and provide insight based on experience with other medical offices. Read more
Can 401(k) plan participants certify electronically that they satisfy all requirements for a hardship distribution? In this post, we will review a Q&A that dives into the details of hardship distributions. Read more
With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards.
Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the value and type of gift or award. Read more
For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here’s what you need to know and how to take advantage of the favorable changes. Read more
Every year, the IRS releases cost-of-living adjustments to qualified retirement plan amounts. For the tax year 2019, many of the limits applicable to pensions and other retirement plans will increase. But some will remain unchanged from 2018. Read more
The table below summarizes key 2019 cost-of-living adjustments (COLA) for pension plans and selected other items announced by the Internal Revenue Service. In general, annual compensation amounts and limits for elective deferrals were increased, while catch-up contribution limits remain unchanged. The Social Security Administration separately announced the taxable wage base for 2019, which is also included below. Read more
The countdown to year-end has begun. Have you positioned yourself to minimize your 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) made sweeping changes to the federal tax laws that will affect virtually all individual taxpayers — and most of those changes went into effect for this tax year. Here are four tried-and-true tax planning strategies, tweaked to account for the TCJA. Read more