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Simplifying Staffing: Back-office Efficiency Ties to Physician Productivity

After working with a variety of physicians and specialty care groups on back-office functions, we have discovered one universal truth: most physicians prefer serving patients than dealing with accounting. However, staffing, processes and collections are critical to a profitable practice. With more physicians working for small practices or for other physicians than ever before, this … Continue reading Simplifying Staffing: Back-office Efficiency Ties to Physician Productivity

Rules for Auto-Enrollment 401(k)s

The Pension Protection Act, passed in 2006, gave a major boost to automatic enrollment 401(k) plans. These plans enable companies to include employees in their plans unless they choose to opt out of participation. Now, new proposed regulations provide guidance for default investments. Auto-enrollment plans were available before the law passed. But the Pension Protection Act overcomes certain state law … Continue reading Rules for Auto-Enrollment 401(k)s

Taxable vs. Tax-Advantaged Accounts

When investing for retirement, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. But investments such as municipal bonds and passively managed index mutual funds may be better for traditional taxable accounts. This article unpacks why the more tax efficient an investment, the more benefit investors get from owning it in a taxable … Continue reading Taxable vs. Tax-Advantaged Accounts

Could Travel Per Diems Simplify Employee Expense Reimbursements?

The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that can save time and reduce recordkeeping. Per Diems vs. “High-Low” Rates Instead of reimbursing employees for their actual expenses for lodging, meals and incidentals while traveling, … Continue reading Could Travel Per Diems Simplify Employee Expense Reimbursements?

How to Maximize Tax Breaks for Work-Related Education Costs

School is back in session. So, it’s time for a refresher on tax breaks for work-related education expenditures. Here’s what individual taxpayers need to know. Are You Self-Employed? Self-employed individuals may be eligible to deduct qualified work-related education expenses on their business tax forms. Self-employeds don’t have to worry about the 2%-of-adjusted-gross-income limit for itemized deductions or the … Continue reading How to Maximize Tax Breaks for Work-Related Education Costs

Federal Contractors Get a Minimum Wage Increase in 2018

The U.S. Department of Labor’s Wage and Hour Division (WHD) has announced that the minimum wage rate for federal contractors will increase from $10.20 per hour to $10.35 per hour, effective January 1, 2018. Background Information On February 12, 2014, President Obama signed Executive Order 13658 which established a minimum wage rate for federal contractors. The … Continue reading Federal Contractors Get a Minimum Wage Increase in 2018

Arrange RMDs before Year End

Per IRS rules, people generally must begin taking required minimum distributions (RMDs) from their retirement plans and IRAs (except Roth IRAs) beginning after age 70½. And they must continue taking RMDs year in and year out without fail. This article answers the questions of when to begin taking RMDs, the penalties for not taking them … Continue reading Arrange RMDs before Year End

Have a Household Employee? Be Sure to Follow the Tax Rules

Many families employ people to work in their homes, such as nannies, housekeepers, cooks, gardeners and health care workers. The employer’s tax obligations for such workers is commonly referred to as the “nanny tax.”  This article looks at applicable taxes, such as Social Security, Medicare, unemployment and federal income. Have a household employee? Be sure … Continue reading Have a Household Employee? Be Sure to Follow the Tax Rules

Other Considerations Relating to CECL

CECL Considerations for Dealerships The ECL will be reported in current earnings as an allowance for loan and lease losses (ALLL) in your entity’s financial statements. Because this new methodology could adversely affect a BHPH dealer’s net worth on financial statements, dealers will need to factor in CECL considerations and how adjusted financial statements could … Continue reading Other Considerations Relating to CECL