August 25th, 2009
The U.S. Department of Health and Human Services’ (HHS) Centers for Disease Control and Prevention (CDC), with input from the U.S. Department of Homeland Security (DHS), has developed updated guidance for employers of all sizes to use as they develop or review and update plans to respond to 2009 H1N1 influenza now and during the upcoming fall and winter influenza season.
http://www.cdc.gov/h1n1flu/business/guidance/
The CDC is advising businesses to be prepared for increased absenteeism as employees contract both seasonal and H1N1 influenza, and to be prepared for business disruption in the event that schools and daycare facilities close and parents are required at home.
This is a great tool/guideline for Human Resources and Operations managers to review as flu season approaches.
Authored by: Edward Carter, Practice Consultant
Posted in Medical | No Comments »
August 25th, 2009
Why doesn’t my Profit & Loss by Job balance to the company wide Profit & Loss?
There are two reasons why these reports may not agree. First, transactions coded to the income statement do not include a Customer: Job. Second, the income statement activity is assigned to a name other than a customer, such as vendors, employees, or other names. The following steps will help you fix this problem. First, create a Standard Profit and Loss report and filter it by Customer: Job. QuickBooks displays a “No Name” column in the far right column. Double click on each amount, in this column, and assign the transaction to a Customer: Job. If the totals still don’t agree, total the report by Payee and filter the report by each other name type. Once all the transactions are assigned to a Customer: Job, these two reports will balance to each other. For more assistance, please contact one of our ProAdvisors at 893-6666.
Authored by Lydia Hancock, QuickBooks ProAdvisor
Tags: Dempsey Vantrease & Follis, QuickBooks Problem Solving
Posted in Accounting, Financial | No Comments »
August 17th, 2009
If you are back in the job market and searching for a job in the same occupation that you previously had, expenses could be deductible.
Some of the expense that qualify to be deductible are fees paid to employment agencies, cost of submitting resumes, costs to assemble portfolios, legal and accounting fees related to employment contracts, cost of newspapers bought for employment advertisements, and transportation cost.
However, any expenses related to searching for a job in a new occupation or a first time job are not deductible.
After you have found employment, moving costs for a job that is at least 50 miles away from your home may also be deductible.
These are just a few of the qualifying expenses. Be sure to keep your receipts and check with a tax professional.
Tags: deductible expenses, Dempsey Vantrease & Follis, job search
Posted in Accounting, Financial | No Comments »
August 6th, 2009
Often times, our clients are nervous about preparing payroll and payroll taxes themselves, but are looking for ways to reduce the fees associated with outsourcing these services. One way to reduce the cost of payroll preparation is to use a program that will make it easy and time efficient. QuickBooks offers several payroll subscriptions at an affordable price. Three payroll subscriptions offered by QuickBooks are Basic Payroll, Enhanced Payroll and Assisted Payroll. All of these subscriptions offer direct deposit, earnings and deduction calculations and up-to-date tax rates and withholding limits. The Enhanced Payroll also prepares the federal and state payroll taxes, along with the ability to electronically submit the taxes and forms. QuickBooks will do everything for you, including the tax deposits, payroll returns and new hire reports with the Assisted Payroll subscription.
However, I would suggest using a QuickBooks ProAdvisor to help you get started correctly. Setting up the payroll correctly the first time will save you time and money in the long run.
We have a great staff at Dempsey Vantrease & Follis that will be happy to help.
written by Natalie Scothern, Certified ProAdvisor
Tags: Dempsey Vantrease & Follis, payroll help, QuickBooks, QuickBooks ProAdvisors
Posted in Accounting, Financial | No Comments »
June 24th, 2009
Dempsey Vantrease & Follis has a special rate going for QuickBooks training. Having your QuickBooks files set up appropriately and knowing how to use them correctly can most likely save you time and money.
Posted in Accounting | No Comments »
June 24th, 2009
On the Dempsey Vantrease & Follis website, there are awesome financial tools to use for free. You can calculate everything from your mortage loan costs to your college savings account. I particiularly like the Cool Million Calculator. However, the life insurance calculator is a bit more practical.
Hope you find them helpful.
Tags: Dempsey Vantrease & Follis, financial calculators
Posted in Accounting, Financial | No Comments »
May 7th, 2009
Energy efficient improvements made to your home could bring about some future tax benefit. Tax credits are available for making energy efficient improvements, such as insulation, energy efficient windows or doors, or energy efficient heating and air conditioning units. The credit is 30 percent of the cost of the qualifying improvement with a maximum credit of $1,500. We encourage our clients to save receipts on all improvements made to their home and present those receipts to us when we prepare their federal tax return annually. If you have questions regarding energy efficient improvements please give Dempsey Vantrease & Follis PLLC a call or visit our on-line newsletter to learn more.
Tags: Tax Credits
Posted in Accounting, Financial | No Comments »
April 16th, 2009
The Tax Relief and Health Care Act of 2006 provision allows for a person to make a one time rollover from their IRA into their HSA to not exceed the maximum annual contribution limit less any contributions already paid for that person or family. The annual maximum contribution for an HSA individual account is $3,000 and $5,950 for family; with catch up contributions of $1,000 for individual or families 55 years or older. This is a great way to jump start an HSA account. Contact your investment and insurance professional to see if this will benefit you specifically.
Securities and financial planning at Financial Services & Solutions, Inc. offered through LPL Financial. Member FINRA/SIPC.
Posted in Financial | No Comments »
April 16th, 2009
The Federal Trade Commission has broadened its interpretation of “providing credit”. The result is that most medical practices are now going to be subject to the Red Flags rules that were developed to combat identity theft in the financial services arena. Despite vigorous AMA dissent, the FTC has insisted that this regulatory burden be extended to medical providers.
The FTC now includes any medical practice that does not collect payment in full at the time of service ( i.e., if you bill an insurance carrier) among business entities that extend credit to the public. This interpretation means that medical practices must now develop written policies to prevent identity theft. They must also now contact patients if certain circumstances suggesting identity problems present themselves. They are supposed to train their staff members to recognize the “red flags” which suggest that a patient’s identity has been stolen or that an individual at the front desk might not be the person they purport to be.
The FTC’s May 1, 2009, enforcement date adds a third layer of privacy protection regulations that physicians and their staff members are expected to master. HIPAA, recently expanded as part of the stimulus package, and Tennessee’s privacy rules already addressed many of these issues.
No one favors careless use or disclosure of medical records. Everyone wants to do what they can to make identity theft more difficult. But you have to wonder if yet another, sometimes inconsistent, set of rules is the best way to accomplish the goal. Many physicians see this as just another distraction from patient care.
thoughts by: Edward Carter
Edward is a medical practice consultant with DVF Medical Practice Services. He lives in Murfreesboro, Tennessee, with his wife and two children.
Tags: DVF Medical Practice Services, DVF Medical Practice Services follows FTC rule, information for physician offices, Red Flag Rules
Posted in Medical | No Comments »
March 11th, 2009
Many people are asking why should they keep investing if we’re in a recession.
First off, a recession is defined by economic data, not market data. Markets move much faster than the economy and see early indications that things are improving - as reflected in earnings estimates, valuations and other variables that bring investors back to investing, primarily institutions first. Retail investors slowly gain confidence as the markets go up, they start investing little by little, causing markets to go up further, which, over time encourages consumers to start spending and employers to start hiring, all of which pumps life back into the economy. If you look at past recessions, you’ll actually see the stock market posting a gain. Durin the recession of 1981-82 the S & P posted a 14% return. Typically stocks bottom before a recession is over, ususally around the halfway point, and in the past have delivered an average of 25% gains. Theirs no better time to be buying quality investments. (Of course, all performance referenced is historical and is not guarantee of future results.)
I would suggest calling a wealth advisor for additional information.
Posted in Financial | No Comments »
