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.
Inflation’s Impact on Your 2022 and 2023 Tax Bills
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s...
The Importance of Modernizing Internal Controls
The COVID-19 pandemic brought the prevalence of remote work and electronic teamwork to a new level. When changes of this magnitude occur, organizations must update their internal controls to reflect the new environment. There are five components to an internal control...
2022 Year-End Planning – Business
With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. This year’s planning is more challenging than usual due to recent changes made by the Inflation Reduction Act of 2022 (formerly...
2022 Year-End Planning – Individual
2022 is coming to an end, which means tax season is right around the corner. While you might be busy planning for the upcoming holidays, we at Sciarabba Walker want to help you prepare for tax filing by sharing some updates and strategies with you. Help Us Help You...
Federal Student Loan Forgiveness
In late August, President Biden announced a plan to cancel $10,000 in federal student loan debt for those earning less than $125,000 per year and $20,000 for low-income families who had received Pell grants. In the United States, 45 million people owe $1.6 trillion...
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...