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We wanted to send out an E*Blast (number 29 but who is counting?) with just a couple things that should help going forward.
PPP Loan Forgiveness

We have heard from several banks they are currently working on updating their systems with the PPP updates/changes that were passed. They are hoping the SBA will provide a simplified forgiveness application that will allow a smooth online application process.  We are uncertain when you will be required to file for forgiveness, as the updated changes reflect guidelines for 12/31/2020. We will keep you posted as we learn when and how each bank will handle the forgiveness process. 

We have updated our PPP tracker to include the new forgiveness guidelines. Please click HERE for an updated version.

Please refer to prior Eblast for PPP forgiveness updates.

Please note, if loan forgiveness by the lender is required after 12/31, we anticipate a delay in processing 2020 tax returns.  We would be required to wait until the application has been approved before we can process your corporate tax return. Again, we will keep you posted as we learn additional details. 

At this time, we are recommending you start paying your normal salaries, using the original amounts we provided for your 2020 recommended salary and withholding. This means that each pay period, going forward please have your payroll company return to the original salary we set for you. This should have gross salary, federal and state withholding and retirement deferrals (if applicable). THIS SHOULD BE PAID OUT OF YOUR REGULAR PRACTICE CHECKING ACCOUNT (not out of the PPP checking account).   *Please note, if we have already provided updated salary information, please use that information.

We will be revisiting your salary with your first tax projection. We are currently working on a strategy to help assist in projecting your 2019 income for tax planning and salary withholdings.  As we have stated in prior Eblasts, it is critical this year to have your practice bookkeeping information sent to us each month so we can process it. If you have not been sending it to us each month, please catch it up and send it our way. We will be looking at the practice through June for the first tax projection.
Sales/Use Tax Reporting

We have seen an increase in Sales and Use Tax audits. The auditors are not only looking at sales tax reported on items you sell (sales tax), but they are especially looking to see if you have paid sales tax on all purchases (use tax).

We recommend that you review all invoices to confirm sales tax was charged. Keep track of any purchases that do not include sales tax and report the total on your Sales & Use Tax Return. Did you know that digital property including software subscriptions are taxable in NC & SC? Be sure to keep copies of all invoices for 7 years! If audited, you could be required to pay sales tax on any charge for which you cannot provide proof of payment.
Unclaimed Property Reporting

We will be sending out an email 6/18/2020 on your reporting requirements for unclaimed property. Please refer to Eblast on the time periods and filing requirements. 

We have attached two videos for your edification.


The first video is from Pain Free Marketing (a 12.34 minute video) and has a discussion on trending patient demand for reopening your practice. They offer several ideas for promoting your practices and addressing the need for new patients (which are still critical to practice success).   


The second video is from MiCamp Solutions. This video offers strategies to offset upcoming price increases on credit card processing fees.

If you have not participated in our Billing Survey, please click HERE

We appreciate you and hope your re-openings are going smoothly, patients are eager to reschedule and you and your team are keeping safe and sane!     

Please be sure to visit our Website for past Eblasts, Webinars & Podcasts:

Every effort is made to provide accurate and complete information in Coleman, Ureda, Alford & Kaucher, PA publications. This information is being provided as a courtesy to our clients and is based on the best of our knowledge at this time. Please understand the COVID-19 situation and related law/bills are ever evolving. The law/bills are being interpreted and adjusted by various agencies on a frequent basis. Thus, we cannot guarantee that this information remains up-to-date.