This document provides 7 tax planning strategies for the remainder of 2011:
1. Check tax payments to avoid underpayment penalties
2. Purchase a home to claim mortgage interest and property tax deductions
3. Buy business assets before year-end and claim deductions for equipment, furnishings, and other purchases
4. Set up a qualified retirement plan like a SEP or IRA to claim deductions for contributions
5. Consider converting traditional IRAs to Roth IRAs to pay taxes now and avoid required minimum distributions later
6. Manage billing and expenses to control taxable income between years
7. Review your estate plan given recent changes to estate and gift tax rules
CAPTURING TAX OPPORTUNITIES WITHIN THE FINAL TANGIBLE PROPERTY REGULATIONSCBIZ, Inc.
The tangible property regulations (TPRs) are the most dramatic changes in tax law to affect businesses since the overhaul of the Internal Revenue Code in 1986. The TPRs apply to all forms of business, whether a "C" corporation, an "S" corporation, a partnership, an LLC, a sole proprietorship (Schedule C on individual return), or a rental (Schedule E on individual return).
The facts and circumstances of each business situation should be carefully evaluated to determine the proper treatment of all business expenditures for materials and supplies, repairs and maintenance, and asset purchases along with the impact on subsequent depreciation. Needless to say, these regulations are quite complex and require timely attention.
GASB's New Rules on Uniformity and Disclosure CBIZ, Inc.
An overview of the newly issued GASB rules
applicable to public pension plans, the reasons
for their implementation and issues created
by the new standards
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
IRS Continues to Attack Accrued Bonus PlansCBIZ, Inc.
Businesses with annual employee bonus plans have long operated under the assumption that as long as they pay bonuses within 2 ½ months after the end of the year in which the bonuses are earned, the bonuses are deductible in the year earned, rather than in the year paid.
CAPTURING TAX OPPORTUNITIES WITHIN THE FINAL TANGIBLE PROPERTY REGULATIONSCBIZ, Inc.
The tangible property regulations (TPRs) are the most dramatic changes in tax law to affect businesses since the overhaul of the Internal Revenue Code in 1986. The TPRs apply to all forms of business, whether a "C" corporation, an "S" corporation, a partnership, an LLC, a sole proprietorship (Schedule C on individual return), or a rental (Schedule E on individual return).
The facts and circumstances of each business situation should be carefully evaluated to determine the proper treatment of all business expenditures for materials and supplies, repairs and maintenance, and asset purchases along with the impact on subsequent depreciation. Needless to say, these regulations are quite complex and require timely attention.
GASB's New Rules on Uniformity and Disclosure CBIZ, Inc.
An overview of the newly issued GASB rules
applicable to public pension plans, the reasons
for their implementation and issues created
by the new standards
Payroll Webinar: The Essentials for Third Party Sick Pay in 2020Ascentis
This webinar discusses the proper taxation and reporting of the fringe benefit known as third party sick pay. It discusses what is and is not third party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.
IRS Continues to Attack Accrued Bonus PlansCBIZ, Inc.
Businesses with annual employee bonus plans have long operated under the assumption that as long as they pay bonuses within 2 ½ months after the end of the year in which the bonuses are earned, the bonuses are deductible in the year earned, rather than in the year paid.
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
This ppt highlights the impact of this budget in Insurance Industry i.e. how the policy owner, Insurer, value added service provider etc. will be impacted by the new budgetary policies.
This presentation discusses how homeowners, businesses, and municipalities would benefit from a repeal of Indiana's proprty tax and presents a plan for accomplishing repeal.
Income Tax Planning for financial Year 2016-17 & Expected Slab and deduction ...Vivek Kumar
Income Tax Slab and Tax Planning for F.Y-2016-17, Assessment Year 2017-18 and Expected Tax slab for financial year 2017-18, Keeping all the burden on government in mind like OROP (16000Crore), 7th Pay Commission(1.2Lakh Crore) etc.
Inside: CPA objectivity important when valuing a business; Court must unravel complicated real estate transfers; how to manage clients\' goodwill during a sale
EY - US Employment Tax Year in Review (November 2013)EY
The presentation covers:
- FICA on severance
- Fiscal cliff legislation – impacts for 2013 and beyond
- The additional Medicare tax began this year
- Reporting change in responsible party to the IRS
- 2010 HIRE Act – IRS notices and refund deadline
- Same-sex partner benefits in wake of Supreme Court ruling
- Affordable Care Act – what to know about 2014
- Unemployment insurance – new laws mean a new approach
- States go retro in 2013
- Pay card controversy – seven things employers should do
This ppt highlights the impact of this budget in Insurance Industry i.e. how the policy owner, Insurer, value added service provider etc. will be impacted by the new budgetary policies.
This presentation discusses how homeowners, businesses, and municipalities would benefit from a repeal of Indiana's proprty tax and presents a plan for accomplishing repeal.
Income Tax Planning for financial Year 2016-17 & Expected Slab and deduction ...Vivek Kumar
Income Tax Slab and Tax Planning for F.Y-2016-17, Assessment Year 2017-18 and Expected Tax slab for financial year 2017-18, Keeping all the burden on government in mind like OROP (16000Crore), 7th Pay Commission(1.2Lakh Crore) etc.
Inside: CPA objectivity important when valuing a business; Court must unravel complicated real estate transfers; how to manage clients\' goodwill during a sale
Inside: Year-end tax planning for you and your practice; Eligibility for Medicare bonuses has expanded; Accepting online payments can increase collections
The mid-term elections are over and there were sweeping changes made in Congress. Now more than ever is the time to review your situation to save money with year-end tax planning. We strongly encourage you to read the attached letter highlighting several areas of interest. We are available to help and guide you through these changes, please contact us at your earliest convenience if you have any questions or if you would like to schedule a meeting before year end so that we can advise you on a plan that best fits your needs.
Redes de afiliados, vender pela internet. Como funciona venda por CPAMundo CPA
Para vender produtos pela internet,ter um grande número de pedidos e alto giro de produtos, use o sistema de vendas por CPA. Estamos a disposição para informações. www.mundocpa.com.br.
CBIZ Manufacturing & Distribution Quarterly Newsletter - Feb 2020CBIZ, Inc.
Timely articles on topics of interest to manufacturers and distributors including - the expansive SECURE Act (retirement legislation), Benefits Renewal (six questions to ask), Risk (rethinking your profile for the new decade), the Hardening Insurance Market (what to expect, how to prepare) and the NAM Talks Trade - plus quick links to complimentary guides and webinars.
As many of us are working remotely during the COVID19 pandemic, we wanted to share some thoughts and
observations about how the pandemic could impact the
medical and retirement plans that you offer to your
employees.
Leveraging Federal Financial Assistance Programs During COVID-19Kareo
Bill Finerfrock, HBMA Director of Government Affairs, will break down the CARES Act and its associated programs to provide you with key takeaways to help ease financial burdens and maintain current staff levels.
In this webinar, Bill will discuss:
-New Paycheck Protection Program
-Other SBA (Small Business Association) programs
-Medicare Advanced Payment Options
-Provider Lost Revenue Program
On Thursday July 19th, 2012, the Taylor-Wilks Group held a free Health Care Symposium to provide resources and answer questions regarding the Affordable Care Act. This is some content from the event.
Coronavirus emergency loans via cares act -small business guide & che...Mark Weber
Banks are still waiting for guidance from the regulatory agencies as to how these loans are to be administered and which banks will be able to provide the loan. It may take up to two weeks before they can begin accepting applications. The recommendation is to make contact with your banking relationships ASAP since there will be a lot of asks coming in short order. You should tell the bank that you plan to apply and ask for updates as they learn more.
CBIZ Manufacturing & Distribution Quarterly Newsletter – June 2021CBIZ, Inc.
This issue newsletter tackles two of the hottest topics for the Manufacturing & Distribution sectors – supply chain challenges and the newly supercharged employee retention tax credit (ERTC). The article on innovations in employee benefits informs another critical operational issue – that of staffing – as employee benefits are key to recruiting and retaining qualified employees. Articles on managing insurance costs (and links to a pre-renewal data checklist) and how to work with the U.S. Commercial Service to access global markets round out this packed issue. As an added bonus, News from the NAM provides cutting edge industry commentary.
Finance Minister Bill Morneau provided numerous updates to the proposed changes to the taxation of private corporations and their shareholders, which were first introduced back in July as part of a consultation paper and draft tax legislation. In this edition of Monthly Perspectives, we update you on these changes.
How to Reduce Plaintiff Attorneys' Income Taxes and Build Wealth Using Contin...Greg Maxwell
This presentation was created by Greg Maxwell, Esq., CFP® of Amicus Settlement Planners. If you have any questions about deferring legal fees, you may schedule a complimentary call with Greg via this link: bit.ly/book-a-call-with-greg-maxwell, or you can email Greg at Contact@AmicusPlanners.com.
Top Reasons You Should Outsource PayrollHivepayroll
Learn about some common benefits of payroll outsourcing, areas of your business where a provider may be able to help, and how this approach could make sense for your business.
BIZGrowth Strategies: COVID-19 Special EditionCBIZ, Inc.
Our COVID-19 Special Edition of BIZGrowth Strategies offers valuable information on various business and personal topics to help you through COVID-19 and beyond. Articles include:
- How to Monetize the Tax Changes in the CARES Act
- 5 Business Continuity Lessons Learned from COVID-19
- Benefit Plan Cost-Savings Strategies Beyond COVID-19
- Creating Personal Financial Opportunity in a Downturn
- Engaging Remote Employees During COVID-19 & Beyond
Automatic Enrolment functionality has been elegantly integrated into Qtac. Setting up your pension scheme, enrolling employees, issuing communication, making contributions and viewing reports – it's all seamless and simple.
Employees need to be automatically enrolled if they:
Are aged between 22 and State Pension Age
Earn more than £10,000 a year (2014/15 limit)
Work in the UK
If a company does not have a qualifying pension scheme then it must introduce one. If the employer doesn’t currently make a contribution to the pension, they will have to by law when they ‘automatically enrol’ entitled workers.
Your clients are responsible for ensuring they have a compliant pension scheme in place and that the correct employees and employers contributions are paid into the scheme.
What’s the reason for auto enrolment? The average life span has increased and people are living a lot longer. These changes to pensions are because the current state pension will just not be sufficient when retiring and therefore trying to encourage people to save for retirement.
Jobholders
Eligible jobholder
The employer must
automatically enrol and make contributions
if using postponement, provide a notification to the eligible jobholder
process any opt-out notice
automatically re-enrol approximately every three years
keep records of the automatic enrolment process
Non-eligible jobholder
The employer must
arrange pension scheme membership if the non-eligible jobholder decides to opt-in, and also make contributions
provide information about the right to opt-in, unless using postponement
if using postponement, the employer must provide a notification to the non-eligible jobholder & keep records of the enrolment process
Entitled worker
The employer must:
arrange pension scheme membership if the entitled worker decides to join
provide information about the right to join, unless using postponement
if using postponement, provide a notification to the entitled worker
keep records of the joining process
A clients choice of automatic enrolment pension scheme could have an impact on the payroll processing time and costs involved.
Some of your clients may have an existing scheme, in this scenario they should ascertain with their pension provider whether it meets automatic enrolment requirements and is therefore classed as a qualifying scheme.
PYA hosted a complimentary one-hour webinar aimed at helping independent medical group owners, partners and practice executives, law firms, and financial advisors by offering strategies for physician practice survival. Practices are exploring every avenue to remain solvent while health systems express concerns about the survival of the independent groups in their communities.
PYA Principals Lori Foley and Jeff Bushong, along with Consultant Katie Ray, discussed:
Cash flow support, including the CARES Act Paycheck Protection Program and Medicare Advance Payments.
Staffing considerations, including the Families First Coronavirus Response Act (FFCRA), pay reductions, and furloughs.
Operations during crisis management, including topline revenue preservation and expense reductions.
The webinar took place Monday April 6, 2020, at 11:00 am EDT.
Check out our Winter 2011 Client Advisor Newsletter. It includes articles on unemployment, manufacturing deductions, tips for starting a new business and more! Please contact us if you have any questions or we can assist you in any manner.
Check out our Client Advisor for Winter 2011. Includes articles on hiring practices, unemployment optoins, manufacturing deductions, tips for starting a new business and more!
The recently enacted federal healthcare legislation will affect virtually everyone and will mean significant changes for patients, insurers, employers, hospitals and physicians. This is one of the largest changes to the tax laws in the past 30 years. Are you interested in finding out how the Reform will affect you or your business? We want to help. We are offering presentations to businesses and groups to provide information on how the Reform may impact you.
For more information visit our website at www.kl-cpa.com.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Digital Transformation in PLM - WHAT and HOW - for distribution.pdf
Your Healthy Practice
1. Year-end tax planning for you and your practice
So
your tax return for 2010 has been filed – or will be 1. Check your tax payments
shortly. Now you don’t want to think about income Whether you pay your taxes through withholding or by making
taxes. Understandable, but you would be wise not to quarterly estimates, you do not want to have too much or too little
wait until late December to start your 2011 tax planning. paid in. Pay too much tax during the year, and the government has
Where do you begin? Every good tax plan starts with a tax your cash to spend, when you could have invested it yourself. Pay
projection. You – or your business manager or accountant – will too little, and you may be penalized – an outcome that is generally
have to run the numbers. avoidable.
What has already happened this year? And what does the Be especially careful that your withholding is set correctly if
situation look like for the rest of the year? you have income from more than one employer. You may need to
Run some “what if ” scenarios once you have a base case – the provide new W-4 forms to adjust your withholding.
best guess as to what your year will look like. What if my income
is 10 percent higher? What if I purchase that new diagnostic 2. Purchase a home
equipment for my medical practice? Home prices and mortgage interest rates remain low by historical
Here are seven ideas you can use between now and the end of standards. Whether you are buying a new home or “moving on
the year to save taxes. All seven ideas aren’t for everyone. But it’s a up,” the tax law will assist you with itemized deductions for home
good bet that a few items on this list apply to you. mortgage interest and real estate taxes.
The interest deduction is gener-
ally available if you borrow money
to remodel. And energy-efficient Inside
home improvements may even
qualify for a tax credit.
Sept. / Oct. 2011
3. Buy business assets
Your medical practice may ben- ➜ ligibility for Medicare
E
efit from generous tax write-offs for bonuses has expanded
the cost of new medical equipment,
W here do you furnishings and other assets. The
➜ ccepting online payments
A
key to the deduction is placing the can increase collections
begin? Every assets into service by the end of the
good tax plan starts year. Be sure to order them with
with a tax projection. sufficient lead time.
See Tax planning on page 2
Inside
A financial and management bulletin to physicians and medical practices from:
CERTIFIED PUBLIC ACCOUNTANTS
3330 W. Esplanade Avenue • Suite 100 • Metairie, Louisiana 70002
(504) 838-9991 • Fax: (504) 833-7971 • www.kl-cpa.com
2. Eligibility for Medicare bonuses has expanded
For providers new to Medicare, eligibility to receive 10 ▲ Claims must be reported under a qualifying National
percent Primary Care Incentive Program bonuses on Provider Identifier.
certain services is determined using only the prior year’s
claims data with no minimum enrollment period. ▲ Providers must qualify each year.
This rule became effective July 1, 2011, and will apply Eligibility determinations for those newly enrolled in
for the duration of the bonus program to all providers Medicare will be completed after the third quarter. By
during their first year in Medicare. Nov. 28, 2011, Medicare
To receive a bonus on services provided on or after contractors will post
Jan. 1, 2011, and before Jan. 1, 2016: on their websites a
▲ Providers must have a specialty designation of 08 list of newly eligible
(family practice), 11 (internal medicine), 37 (pediat- providers.
rics), 38 (geriatrics), 50 (nurse practitioner), 89 The first payment
(certified clinical nurse specialist) or 97 (physician will be a lump sum
assistant); based on services
▲ Providers must have billed Medicare for CPT codes furnished for the
99201 through 99215 and/or 99304 through 99350; year, and providers
and will receive the
▲ Eligible codes must account for at least 60 percent of payment after the
the allowed charges paid to the provider under Part fourth quarter.
B (excluding hospital inpatient care and emergency Subsequent payments will be made quarterly based on
department visits) for the prior two years, except for each quarter’s eligible claims as long as the provider continues
providers new to Medicare. to meet eligibility requirements. – Irene E. Lombardo
Tax Planning continued from page 1
4. Set up a qualified retirement plan 6. Manage your income
If you have your own practice, you can benefit from tax You may be able to control the amount of income your
deductions to fund your retirement. Many types of qualified medical practice earns in 2011 by deciding when to bill your
retirement plans have to be set up before the end of the year, patients. If you use the cash receipts method of accounting,
although you have until April 15, 2012, to establish an IRA or you generally pay tax on income when you receive the cash.
a SEP (simplified employee pension). If you have employees, By billing out promptly and delaying your expense
contributions you make on their behalf are also tax-deductible. payments, you may increase 2011 income. This strategy may
be advantageous if you expect to be in a higher tax bracket in
2012.
Conversely, by delaying your billing and paying your
P
expenses quickly, you may defer income into 2012.
lace new medical But be careful. You cannot unreasonably delay billing.
equipment and Deferral of income generally means you do not pay tax on that
furnishings into service income until next year.
by the end of the year 7. Review your estate plan
While not necessarily resulting in a direct tax savings,
to deduct their costs. reviewing your estate plan is generally a good idea. Congress
made major changes to the estate and gift tax rules beginning
in 2011. It is a good idea to meet with your tax adviser and
your estate attorney to decide whether your will should be
5. Convert to a Roth IRA revised.
If you have retirement savings in a traditional IRA, you can You may also decide to make gifts to children or grandchildren
convert to a Roth IRA, regardless of your income. The downside before the end of 2011. And the sooner they are made, the more
is that you have to pay tax this year on the untaxed amounts in tax you may save if you gift income-producing assets.
your IRA. The upside is that future earnings on those funds Most people spend more on taxes than any other expenditure.
will never be taxed, once you have had a Roth IRA in place for It only makes sense to schedule time to work on plans to reduce
five years. this burden as much as possible. – Michael Redemske, CPA
2 September / October 2011 Your Healthy Practice
3. Accepting online payments can increase collections
If your practice is finding it harder to collect patient balances to pay medical bills and communicate in various ways with
due, you’re not alone. But what can you do about it? their doctor’s office.
The fastest-growing portion of bad debt, according to Between 2008 and 2010, online patient
research conducted by the management consulting firm payments for medical bills tripled, increas-
McKinsey & Company, stems from insured patients who fail to ing from 3 percent to 9 percent of gross
pay balances due after their insurance has paid covered charges. dollar volume of all patient payments,
The findings suggest lack of financing options, inefficiencies in according to InstaMed, a healthcare pay-
billing practices and consumer confusion are major drivers of ments network. That number is expected
nonpayment. to grow rapidly in coming years.
Revenue cycle concerns are not new. But researchers predict
even greater pressure on physicians to deal with retail-revenue- Benefits
cycle challenges due to rising copayments, higher deductibles For patients, a practice’s online presence enables them to:
and a shift from hospital to physician- or clinic-based settings ▲ View, manage and pay their bills
expected under health reform. ▲ Get answers to frequently asked billing questions
Collecting payment at point of sale is, of course, ideal but ▲ E-mail the office with specific queries
usually limited to copayments or estimates. Until real-time For a nominal cost, practices offering e-billing and online
claims adjudication is widespread, practices need to address the payment collection can:
drivers of nonpayment and adopt new methods for receiving ▲ Reduce manual processing
payment.
▲ Reduce paper statement and postage costs
One solution many practices are choosing is the option of
online payments, which can provide flexibility and conve- ▲ Lower the number of accounts receivable days
nience for patients. Consumer bill-paying habits have changed ▲ Increase cash flow
significantly during the past decade, with online bill payment ▲ Improve patient satisfaction
now mainstream. Fiserv’s 2010 annual Consumer Billing and Online payments accepted can include credit cards, debit
Payment Trends survey found 45 percent of all households with cards and transfers from bank checking and savings accounts.
Internet access pay bills online through either their financial Practices that do not have their own websites can still enjoy
institutions or biller direct services. the benefits of online payment. Many electronic medical
What’s more, Internet use has made consumers accustomed payment-processing companies can provide a payment site
to 24/7 access to their account information. Intuit Health’s customized for an individual practice. Patients are directed to
Health Care Check-Up Survey found 73 percent of Americans the site from their billing statements, and payments are
surveyed would use a secure online communication solution directed to the practice’s bank account. – Irene E. Lombardo
Five more ways to speed payment, reduce receivables
Try these five strategies to substantially increase the ▲ Offer automatic extended payment arrangements. When
chance of collecting outstanding balances: large sums are due, either pre- or post-treatment, set up
▲ Turn paper checks into electronic transactions. A check reader an automatic monthly payment plan using the signature-
enables your staff to process a check like a credit card. The on-file authorization discussed previously. This enables
check is verified, the patient signs a printed authorization the patient to pay over a specific period, ensures the
slip, and the amount is processed through the Federal practice has a regular revenue stream and reduces the
Reserve’s Automated Clearing House (ACH) and cost of collections.
deposited into the practice’s account. Electronic check ▲ Provide a line of credit through a healthcare credit card. These
conversion speeds payment, ensures sufficient funds programs offer patients financing over a specified
and saves time by eliminating trips to the bank. It can period. The lender pays the practice the amount bor-
also prevent the return of checks for insufficient funds. rowed, and the accounts receivable responsibility is
▲ Obtain credit or debit card signatures-on-file at the point of service. removed. Because these are “no recourse” loans, the
By providing a signature-on-file, the patient authorizes practice is not responsible should a patient default. Be
automatic payment of any balance from the credit or debit aware, there is a monthly fee based on a percentage that
card after the claim is adjudicated. The cardholder does can run from about 7 percent to 10 percent.
not have to sign the sales draft authorizing the charge. Be ▲ Offer a discount. Some healthcare providers are offering
sure to use software that encrypts card information in a prompt-pay discounts, as well as discounts to those
secure database that complies with the payment card who are uninsured or who pay in cash. – Irene E.
industry and all major credit card requirements. Lombardo
September / October 2011 Your Healthy Practice 3