Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
The Importance of Nonmedical Staff and External Support
A typical practice includes physicians, medical assistants, nurses or nurse practitioners, x-ray technicians, physician assistants, and others. However, nonmedical staff members and external support providers play integral roles in many practices’ operations. They can...
Five Financial Strategies to Improve Your Medical Practice’s Profitability
The COVID-19 pandemic negatively affected many physicians’ practices over the past few years. As medical practices begin to fully rebound, this is an especially good time to evaluate your financial strategies to determine what’s still working and what needs to be...
Is Outsourcing Right For Your Medical Practice?
In a rapidly changing healthcare climate, it pays to put all options on the table when considering improvements to your practice. Some of the ways you’ve traditionally done business may be holding you back. Perhaps it’s time to consider outsourcing some activities to...
How to Mitigate the Risks of Telemedicine
According to a July 2021 update by McKinsey & Company, telehealth surged in the United States to a peak in April 2020 of about 78 times higher than before the pandemic. It then dropped, stabilizing at about 13% to 17% across all specialties — which is about 38...
New Accounting Standard – Current Expected Credit Losses (CECL)
In 2016, the Financial Accounting Standards Board announced a new accounting standard introducing the current expected credit losses (CECL) methodology. CECL is effective beginning January 1, 2023, early adoption is allowed. CECL will cover all financial instruments...
Extended NYS Pass-Through Entity Tax Deadline is Approaching
If you have not yet made the New York State (NYS) Pass-Through Entity Tax (PTET) election for 2022, you may opt-in through September 15, 2022, using NYS' Pass-Through Entity Tax Annual Election application. An estimated payment is required upon opt-in. NYS advises...
Estimated Tax Payments: Who Owes Them and When is the Next One Due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, or other income. Here are the applicable...
FASB’s New Statement of Activities Requirement
The Financial Accounting Standards Board (FASB)’s Not-for-Profit Advisory Committee has made amendments to Accounting Standards Update (ASU) 2020-07 – Not-For-Profit Entities (Topic 958): Presentations and Disclosures by Not-For-Profit Entities for Contributed...
The Challenges of Cryptocurrency
Donations of cryptocurrency are on the rise. If your non-profit has not encountered this yet, it most likely will at some point in time. Cryptocurrency can be obtained in various ways, but a common method is transferring from one cryptocurrency “wallet” to another. If...
Unrelated Business Taxable Income
Tax-exempt organizations have a federal income tax exemption and are not required to pay tax on exempt function income. However, in the 1950s, Unrelated Business Taxable Income (UBTI) was enacted to eliminate unfair competition between tax-exempt organizations and...