Biden-Harris Administration Announces Changes to PPP

In an effort to target smaller businesses, the Biden administration abruptly changed crucial rules to the Paycheck Protection Program (PPP). It is intended to help the smallest and neediest companies, which have sometimes struggled to obtain aid from the federal relief effort.   What are the five changes to the Paycheck Protection Program?   1.…

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A Good Business Plan Can Help Your Practice Thrive

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For healthcare professionals who are obtaining loans to expand their practices — or simply to set up operations — generating a business plan makes sense. And with the current economic uncertainty brought about by COVID-19, it’s even more important. This article points out that a good business plan will enable physicians to operate a successful…

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New Jersey Retirement Program

NEW  New Jersey Retirement Program New Jersey has implemented a new law, effective March 2021, requiring New Jersey businesses (both for-profit and non-profit) with at least 25 employees and which have been up and running for 2 years, to provide a retirement plan for their employees. New Jersey will require business owners to either sponsor a…

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Form 1099 Changes in 2020

form 1099

The 1099-MISC form has been used in the past to report certain payments, including nonemployee compensation, to the IRS. Beginning with tax year 2020, the Form 1099-MISC has been redesigned due to the creation of Form 1099-NEC. Employers will no longer report nonemployee compensation, such as payments to independent contractors, on Form 1099-MISC, they will…

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Tax Planning: Tips for 2020 Year-End Planning

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Tax planning shows the most benefit when it is done throughout the year. 2020 is and was such a disruptive year that tax planning went on the back burner for many taxpayers. Now that we are approaching year end, it is time focus on some of the steps you can take to lower your taxes.…

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Buy-Sell Agreements Help Business Owners Prepare for the Unexpected

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When a business is owned by more than one person, it’s generally advisable for the owners to enter into a contractual agreement that prescribes what will happen if an owner dies, becomes disabled, retires or otherwise leaves the company. Some market analysts predict that the COVID-19 crisis may trigger an increase in buyouts. For example,…

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Estate Planning Pitfalls to Avoid

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Despite having good intentions, many people fail to make an estate plan. But if you don’t develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan could lead to family conflicts and lengthy legal battles. Plus, you’ll miss out on opportunities for…

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Healthcare Practices and Lessoning the Financial Impact of the Pandemic

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The COVID-19 pandemic has had, and will continue to have, a large economic impact, with high unemployment levels and many closed businesses resulting from this time of uncertainty. The effects are rippling throughout the economy — and being felt by medical practices and hospitals. Many physician practices have experienced a reduction in patient volume as…

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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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Buying a Distressed Business

Photo of a sign hanging in a store window that reads "Sorry, We're Closed"

Many businesses have suffered financial losses due to the COVID-19 crisis. Some may even be on the verge of bankruptcy or otherwise looking for an exit strategy. Fortunately, there’s an upside: Adverse market conditions can create opportunities for investors with excess cash and access to capital to acquire and then turn around distressed businesses. Here’s some…

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