Should You Outsource Your Billing?

Deciding whether to handle billing in-house or hire an outside billing company is an important decision for any medical practice. While it’s true that not all physicians or their staffs have the experience, training and temperament to handle billing internally, it’s important to understand that a billing company typically takes 6% to 9% of the…

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Appropriations Law Addresses PPP Forgiveness, Tax Treatment

The Consolidated Appropriations Act (CAA), signed into law in late December 2020, allocated additional funding for forgivable loans through the Paycheck Protection Program (PPP) — for both first-time and so-called “second-draw” borrowers who’ve been hit by the economic effects of the COVID-19 pandemic. It also includes several critical provisions related to loan forgiveness and tax…

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Updates to the Employee Retention Tax Credit

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Below you will find a summary outlining the three Acts impacting the Employee Retention Credit (ERC), including the most recent changes implemented by the American Rescue Plan Act of 2021. The Coronavirus Aid, Relief, and Economic Security Act (CARES) enacted on March 27, 2020 provides an Employee Retention Credit to employers to keep their employees on payroll. An eligible…

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PPP Deadline Extension plus Other Program Updates

The PPP Extension Act of 2021 has been formally signed by President Biden, which extends the Paycheck Protection Program through May 31, 2021. The program, originally scheduled to expire on March 31, 2021, will continue accepting applications until May 31, 2021. We would like to note that May 31, 2021 is Monday, Memorial day so applications…

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Accounting For Program Services and The Activities That Support Them

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Donors and funders want to know how your nonprofit uses its financial resources — maybe even more than ever during this difficult time. Rules issued by the Financial Accounting Standards Board (FASB) can help you break down spending. Here’s a review of the key rules affecting expense allocation. And the definitions are … According to…

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Changes to the Employee Retention Tax Credit (ERC)

The Consolidated Appropriations Act (the Act), which was signed into law on December 27, 2020, contains changes that allow many businesses previously ineligible for the employee retention tax credit to consider applying now. The ERC, a refundable payroll tax credit, can now be claimed by businesses even if they borrowed funds through the Payroll Protection…

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Payroll Protection Program Second Round Funding (PPP2)

The Coronavirus Response and Relief Supplemental Appropriations Act (the Act) was signed into law on December 27, 2020. On January 6, 2021, the Treasury/SBA issued IRS revenue ruling 2021-02 regarding PPP loans. Second Round Funding (PPP2) The Act provides additional PPP funding for small businesses. The last day to apply for second draw funding is…

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Avoid “Past Due” Situations with the Proper Procedures

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Put procedures in place to avoid “past due” situations COVID-19 has caused many businesses and individuals to be strapped for cash and experiencing difficulty paying their bills. If you’re running your own business, outstanding invoices can play havoc with your own cash flow. Some businesses are offering payment extensions to their customers. But if your…

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What Can You Do to Prevent Employee Fraud?

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Employee fraud costs industries billions of dollars a year. It’s important to be aware of the potential for misdoings in your healthcare practice, organization or business and take steps to prevent them by closing down opportunities. Ensure that your internal controls are designed to provide maximum protection. What is it? The most common forms of…

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