When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers. A partnership retirement plan can potentially cover both partners of the practice and eligible firm employees.
In the News
Thursday, September 26, 2019
Taking a page from principles developed in Japan and used successfully by U.S. manufacturers, some cost-conscious leaders in the construction industry are advocating the use of lean production techniques.
Thursday, September 26, 2019
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers.
Thursday, September 26, 2019
Reducing your current-year adjusted gross income (AGI) is usually a tax-smart idea. Here are ten ways to reduce your AGI (and modified AGI) over the short and long run.
Thursday, September 12, 2019
You know the drill: It's midnight and your grant proposal is due tomorrow. Your assistant left hours ago, and the words on the computer screen start to blur. "It's not worth it," you think. And besides, only a few grants pan out anyway.
Thursday, September 12, 2019
Giving to charity may provide you with a warm feeling as well as a nice tax break. But you must itemize deductions on your tax return, which fewer taxpayers will do under the Tax Cuts and Jobs Act. And, like most tax breaks, charitable deductions come with a number of other rules you must follow to actually claim write-offs. Here are the details.
Thursday, September 12, 2019
Customer relationships with general contractors or owners who give your firm regular work can be like family relationships. One specialty subcontractor remarked about his work relationships that, "You will be spending more time with me in a week than you do with your family!"
Thursday, September 12, 2019
It turns out that keeping patients in the hospital for just one day longer can saves lives, lower costs and reduce readmissions. That's the conclusion of one study from the Columbia University Business School entitled "Should Hospitals Keep Their Patients Longer?"
Thursday, September 12, 2019
If you're like most manufacturers, you don't track order-processing. Yet focusing on this performance metric can identify operational inefficiencies that are cost-cutting opportunities. And continued monitoring lets you keep those costs in check and predict future outlays.
Thursday, September 12, 2019
Virtual currency has gone mainstream. AT&T recently announced that its customers can use Bitcoin to pay their phone bills. Other big companies that accept Bitcoin include Microsoft, Expedia and Overstock. Competitors likely will follow suit. However, using virtual currency has tax implications that may surprise you. Here are answers to some FAQs on this subject.
