vpmp.net RSS Feed https://vpmp.net/ Take a look at our recent blog posts and client newsletter articles. en-us Mon, 01 Mar 2021 09:00:00 -0600 Mon, 01 Mar 2021 09:00:00 -0600 Tax Breaks for Families With Children https://www.vpmp.net/newsletter.php#3 If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Mon, 01 Mar 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#3 Small Business Tax Roundup https://www.vpmp.net/newsletter.php#4 In 2020, the IRS issued a number of guidance documents as well as final rules and regulations that clarified several tax provisions affecting businesses. Mon, 01 Mar 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#4 Renting Out a Second Home https://www.vpmp.net/newsletter.php#2 Tax rules on rental income from second homes can be confusing, especially if you rent the home out for several months of the year and also use the home yourself. Mon, 01 Mar 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#2 Capital Gains Tax on Sale of Stocks https://www.vpmp.net/newsletter.php#5 If you made money last year buying and selling stocks, you may owe capital gains tax. Mon, 01 Mar 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#5 Avoiding an IRS Tax Audit https://www.vpmp.net/newsletter.php#1 With taxes becoming more complicated every year, there is an even greater possibility of tax confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like these could help. Mon, 01 Mar 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#1 What's New for 2020 Tax Returns https://www.vpmp.net/newsletter.php#2 Taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns this year. Mon, 01 Feb 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#2 Taxable vs. Nontaxable Income https://www.vpmp.net/newsletter.php#5 Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. Mon, 01 Feb 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#5 Tax Filing Season Starts February 12 https://www.vpmp.net/newsletter.php#1 The IRS begins accepting and processing 2020 tax year returns on Friday, February 12, 2021. Mon, 01 Feb 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#1 Social Security Benefits and Taxes: The Facts https://www.vpmp.net/newsletter.php#4 Generally, you pay federal income taxes on your Social Security income only if you have other substantial income in addition to your benefits. Mon, 01 Feb 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#4 Employer Tax Credit Extended for Payroll Workers https://www.vpmp.net/newsletter.php#3 Extended through June 30, 2020, the Employee Retention Credit helps businesses keep their employees on the payroll - despite the challenges posed by COVID-19. Mon, 01 Feb 2021 09:00:00 -0600 https://www.vpmp.net/newsletter.php#3 Veterinary Care as an Employee Benefit https://www.vpmp.net/blog.php?id=29 The issue of veterinary care for employee-owned animals at reduced rates is a confusing and emotional topic. Employees highly value veterinary care as a benefit. Both employers and employees want to give and receive free or highly discounted services and products. While most all veterinary practice owners would like to reward loyal, hard-working employees with free or deeply discounted animal care, the law is clear. Excessive discounts must be taxed as compensation, subject to income and employment taxes. Thu, 03 Dec 2020 09:00:00 -0600 https://www.vpmp.net/blog.php?id=29 Tell Congress to Allow PPP Expense Deduction https://www.vpmp.net/blog.php?id=28 Many veterinary practices and practice owners can expect extra 2020 income taxes related to Paycheck Protection Program (PPP) loans unless Congress acts soon. Tell your members of Congress to support small businesses by quickly passing S. 3612 and H.R. 6821, the Small Business Expense Protection Acts of 2020, or H.R.6754, the Protecting the Paycheck Protection Program Act. Mon, 23 Nov 2020 09:00:00 -0600 https://www.vpmp.net/blog.php?id=28 What Taxpayers Should Know about Protective Claims for Possible ACA Tax Refunds https://www.vpmp.net/blog.php?id=27 Taxpayers should know how to stake a claim for possible refund of ACA related taxes they paid in 2017, 2018 and 2019, which depends on how the Supreme Court rules in California v. Texas sometime in 2021. Thu, 22 Oct 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=27 2020 Tax Planning for Subchapter S Small Business Owners in the Wake of SBA Loans https://www.vpmp.net/blog.php?id=26 While politics and pandemic take center stage, it is imperative for business owners to stay focused on tax planning steps before December 31 appears. Subchapter S corporation shareholders must be acutely sensitive to significant issues that could result in unnecessary taxes, without a careful plan executed in the final quarter of this unusual and stress-filled year. Mon, 12 Oct 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=26 Payroll Tax Relief Confusion https://www.vpmp.net/blog.php?id=25 The August 8, 2020 presidential executive memorandum for deferring payroll tax obligations directs the Treasury to defer the employee portion of social security tax withholding from September 1 through December 31, 2020 for employees under a certain amount of wages. What should practice payroll managers be doing? Thu, 27 Aug 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=25 PPP Loan Forgiveness - Hold Your Horses https://www.vpmp.net/blog.php?id=23 On August 24, 2020, the SBA answered the question, Are rent payments to a related party eligible for loan forgiveness? with a resounding NO. It said that a PPP loan borrower is allowed to request forgiveness for no more than the amount of mortgage interest owed on the property during the covered period, in situations with any ownership in common between the business and the property owner. For many practices, where mortgages have been long retired or greatly reduced, most or all of the practice rent will be disallowed as a forgivable PPP loan proceeds expenditure. Wed, 26 Aug 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=23 PPP Loan Forgiveness Update https://www.vpmp.net/blog.php?id=24 While the SBA states early application for PPP loan forgiveness is allowed, much of the SBA lender guidance is still forthcoming. Many banks will not take applications until they have clarification and finalize their specific customer forgiveness application processes. Additionally, an SBA July 23 procedural notice states it will not accept lender-submitted applications until a new software platform is ready (estimated to be August 10). Tue, 04 Aug 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=24 PPP Loan Update and EZ Forgiveness Application https://www.vpmp.net/blog.php?id=22 While the PPP Flexibility Act provides some welcomed relief from quick turn-around on applications, borrowers should work with their accountants to determine whether to use the 8-week or 24-week Covered Period when making the forgiveness application. Business circumstances could change dramatically depending on what COVID and the economy do in the ensuing months. Tue, 30 Jun 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=22 Paycheck Protection Program Flexibility Act Gives Borrowers More Options https://www.vpmp.net/blog.php?id=21 Many veterinary practice borrowers will want to check out the relaxed PPP loan forgiveness requirements availed by the PPP Flexibility Act enacted on June5, especially those that received loans early in April and are now at the end of the 8 week period. They may be glad for the reprieve, as many find the SBA's PPP Loan forgiveness application to be complicated, in great part due to the extensive benchmarks that must be met. Wed, 10 Jun 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=21 Breaking: SBA Releases PPP Loan FAQ #46. A Victory for Small Businesses https://www.vpmp.net/blog.php?id=20 The SBA's May 13th release of FAQ #46 heralds good news for veterinary practice owners who applied for a loan under the Paycheck Protection Program; the FAQ states borrowers of less than $2 million are deemed to have made the request and certification in good faith. Wed, 13 May 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=20 Economic Uncertainty, PPP Loans, and the SBA https://www.vpmp.net/blog.php?id=19 SBA, Treasury and IRS guidance confuses veterinary practice owners making financial decisions during the COVID-19 emergency. What actions should you take now? Tue, 05 May 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=19 Estate Documentation in Face of a Pandemic https://www.vpmp.net/blog.php?id=18 While unpleasant to consider, your Living Will and DNR orders may no longer reflect your probably choices should you be hospitalize with COVID-19. Read and update your documents now. Sat, 28 Mar 2020 09:00:00 -0500 https://www.vpmp.net/blog.php?id=18 Covid 19 Planning https://www.vpmp.net/blog.php?id=17 We are actively planning for the arrival of Covid 19. Here is a missive we sent to our employees to communicate important information. In case any of the following employee communication is helpful to your own team management, please feel free to copy and edit it as you like. Sat, 29 Feb 2020 09:00:00 -0600 https://www.vpmp.net/blog.php?id=17 Bookkeeping Alert: Reporting Contractor Payments Crucial to Practice Profit Protection https://www.vpmp.net/blog.php?id=15 Tis the season for Post Office visits, as tax form filing deadlines loom ominously. Before February 1, Forms 1099 are due to service providers your practice paid last year. Thu, 23 Jan 2020 09:00:00 -0600 https://www.vpmp.net/blog.php?id=15 2020 Standard Business Mileage Rates https://www.vpmp.net/blog.php?id=16 Starting January 1, the optional standard mileage rate will be 57.5 cents per mile for business use of a car, van, pickup truck, or panel truck, decreased from the 2019 allowance of 58 cents per mile. Thu, 23 Jan 2020 09:00:00 -0600 https://www.vpmp.net/blog.php?id=16 Optimizing Charitable Giving https://www.vpmp.net/blog.php?id=14 2018 Tax Law changes impacted the strategy for annual charitable giving, since the standard deduction increased substantially. One highly effective strategy involves establishing a donor advised charity fund. Thu, 19 Dec 2019 09:00:00 -0600 https://www.vpmp.net/blog.php?id=14 End of Year Tax Planning https://www.vpmp.net/blog.php?id=13 As 2019 draws to a close, it is important to consider your annual income tax planning. Tax law changes of the last two years have had a dramatic impact on individual return appearance and results. The changes have reduced some deductions, increased others, and added complexity and new twists to planning. Thu, 19 Dec 2019 09:00:00 -0600 https://www.vpmp.net/blog.php?id=13 Reimbursing Employee Work Related Expenses https://www.vpmp.net/blog.php?id=12 To stay competitive in compensation and benefit offerings, veterinary employers should review their policies and ascertain what they must do, what they can do, and how to protect valid business deductions related to employee reimbursement. Thu, 21 Feb 2019 09:00:00 -0600 https://www.vpmp.net/blog.php?id=12 New Law Nips Employee Parking Expense Deductions https://www.vpmp.net/blog.php?id=11 The 2018 Tax Cuts and Job Acts generally disallows a deduction for expenses related to parking (a Qualified Transportation Fringe) provided by taxpayers to their employees. IRS Notice 2018-99 provides interim guidance for taxpayers to determine the amount of parking expenses that are nondeductible under Section 274(a)(4), paid after December 31, 2017. Mon, 18 Feb 2019 09:00:00 -0600 https://www.vpmp.net/blog.php?id=11 2019 Standard Business Mileage Rates https://www.vpmp.net/blog.php?id=10 The IRS 2019 optional standard mileage rate for business use of a vehicle is 58 cents per mile. Mon, 17 Dec 2018 09:00:00 -0600 https://www.vpmp.net/blog.php?id=10 How does the 20% Qualified Business Income Deduction affect Veterinary Practices? https://www.vpmp.net/blog.php?id=5 Will veterinary pass through entities be eligible for the Qualified Business Income Deduction (QBID)? It depends. Fri, 30 Nov 2018 09:00:00 -0600 https://www.vpmp.net/blog.php?id=5 Positive Tax Savings expected from TCJA https://www.vpmp.net/blog.php?id=9 While every taxpayer's situation will be unique, the Tax Cuts and Jobs Act includes many positive tax savings changes that should result in net savings for many. Tue, 13 Mar 2018 04:00:00 -0500 https://www.vpmp.net/blog.php?id=9 Decision Tree for TCJA QBID https://www.vpmp.net/blog.php?id=8 Use this decision tree to decide whether your pass through entity business can generate a deduction against personal income taxes. Sun, 11 Mar 2018 04:00:00 -0500 https://www.vpmp.net/blog.php?id=8 Optimizing Tax Savings with Charitable Giving https://www.vpmp.net/blog.php?id=7 Charities and taxpayers can both benefit by carefully planning gift timing, under the new tax law. Tue, 06 Mar 2018 03:00:00 -0600 https://www.vpmp.net/blog.php?id=7 Securing Passwords https://www.vpmp.net/blog.php?id=6 Help prevent theft of your identity by using this password management app Thu, 01 Mar 2018 03:00:00 -0600 https://www.vpmp.net/blog.php?id=6 IRS Guidance Needed for Veterinary Practices https://www.vpmp.net/blog.php?id=4 Veterinary practice owners and their accountants need to know how the 20% Qualified Business Income deduction applies to veterinary practices, where revenue is a mix of services and pharmacy sales, with other retailing. IRS guidance not expected until summer. Wed, 14 Feb 2018 03:00:00 -0600 https://www.vpmp.net/blog.php?id=4 Equipment Leasing Caveats https://www.vpmp.net/blog.php?id=3 Follow these recommendations to mitigate cost and headaches of equipment leases. Tue, 06 Feb 2018 03:00:00 -0600 https://www.vpmp.net/blog.php?id=3 Bookkeeper New Year Housekeeping https://www.vpmp.net/blog.php?id=2 Save time and frustration: prevent accidental bookkeeping entries to the prior closed tax year with password control. Fri, 26 Jan 2018 03:00:00 -0600 https://www.vpmp.net/blog.php?id=2 Managing Risk - Check Insurance Coverage Now! https://www.vpmp.net/blog.php?id=1 Expensive new equipment purchases may require additional insurance coverage. Thu, 11 Jan 2018 03:00:00 -0600 https://www.vpmp.net/blog.php?id=1