This is the follow up to the article in our previous issue which addressed solo practices. Part two will address group practices.
Whether you are a solo practicing physician or a member of a large group practice, you should be thinking about your business succession plan. Advanced planning can lead to a financially beneficial conclusion and ease the transition of ownership.
In hopes of creating a cohesive electronic management of patient data across the United States, health organizations are putting pressure on doctors to transition from paper to electronic-prescriptions. As of March 27, 2016, all New York doctors are required to issue electronic prescriptions for controlled and non-controlled substances. Doctors who fail to comply face legal and monetary penalties. A handful of other states, such as Maine, are following suit. Minnesota passed a similar mandate back in 2011, however, without penalties. Regardless of which state you reside in, you should be paying attention to these changes.
IRS Issues Rules on Self-Employment Taxes for Partners
By Bethany K. Lusby, CPA, MST
In an effort to correct the misinterpretation of the existing rules, the Internal Revenue Service recently released a document which outlines the regulations on the treatment of self-employment tax for partners in a partnership that own a disregarded entity. This document also determines whether they can participate in employee benefit plans. Partnerships and LLCs should review the information that follows to determine if adjustments need to be made this year to payroll and benefit plans.