In the News
Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable.
In the ever-expanding global economy, nothing about suppliers or distributors can be taken for granted. As illustrated by the numerous high-profile recalls that have occurred, manufacturers outsourcing to foreign countries must maintain quality control in their supply chains.
Over time, doctors develop their own unique style of practicing medicine. The same is true of medical groups. They develop a style that involves creating a work culture and passing information about it on to staff members. A medical practice's approach to issues such as sick leave and overtime pay are defined and revised over time until they become ingrained in the office's culture.
What should you do if your not-for-profit organization is short on employees and you don't have the funds or confidence in the future to return to full staffing? Outsourcing may be the answer.
Skip Steps One and Two
The tax law permits you to deduct home office expenses if you "regularly and exclusively" use an area of your home as either:
Most organizations hire a CPA to issue financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). But not all financial statements are created equal. Owners can choose from three basic options, in order of decreasing assurance level: audits, reviews and compilations.
With year end fast approaching, it's time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well.
A contribution to a charity isn't always a tax-deductible contribution for the donor, as in the case of "quid pro quo" donations. This exchange of one thing for another happens when a charity receives a payment that includes a contribution and, in return, provides the donor with goods or services valued for less than the total payment.
Since physicians are the revenue producers of a busy medical practice, there can be a temptation to add doctors to ease patient loads and increase the bottom line. But while bringing on more practitioners can reduce workloads and create economies of scale, it shouldn't be a snap decision.