Featured News and Events

Are your patients satisfied with their treatment and care at your practice? Satisfied patients tend to follow your medical recommendations, feel valued, and return for follow-up care. More often than not, getting a few things right consistently is all it takes to increase patient satisfaction levels.
 
Review Your Hours of Operation

Many patients who are employed may find it difficult to get time off during the workday for doctor visits. Offer early morning, evening, and/or weekend appointments to accommodate these individuals and your practice may earn an enormous amount of patient goodwill.

Return Calls Promptly

Patients who call asking to speak to a nurse or physician should have their calls returned as promptly as possible. Practices that set aside one or two specific periods during the day when medical staff can return calls generally have much higher levels of patient satisfaction.

Offer Online Services

With smart phones and tablets so prevalent, it only makes sense to give patients the option to schedule appointments online. And if you are confident in your security measures, you could consider giving patients the option of completing and submitting new patient registration forms online. Your Web-savvy patients will appreciate the convenience and your practice won't have to spend so much time obtaining and entering data at the time of the patient's visit.

Eliminate Patient Wait Times

Waiting to see a physician can be a source of significant patient dissatisfaction. Your practice may need to review the number of patients it schedules to see each physician per day or expand office hours if bottlenecks in patient flow are common.

Make Paying Convenient

Offer a variety of payment methods -- credit and debit cards as well as checks or cash -- and you may find that patients are more likely to pay their balance.

Enhancing your patients' experience with your practice can have a positive impact on your practice's bottom line. It takes time to get the details right, but the end result can make the effort worthwhile.

Contact Bob Baldassari, MCB's Medical Practice tax and consulting leader, for a best practice review of your medical practice and tax planning and compliance services.

With the recent release of recommended practices for specific types and forms of cause marketing, the New York Attorney General (NY AG) has taken oversight of these "doing good" promotional activities to a new level. While the report on "pink ribbon" campaigns, Five Best Practices for Transparent Cause Marketing, was specific to breast cancer charities, the guidelines are broadly applicable to all cause-marketing efforts.

It All Started with a Few Questions

These types of promotions are intended to create goodwill for the company and generate income for a charity and are classified as "commercial co-ventures" under New York law. With an increase in cause marketing, questions have arisen about whether consumers are made aware of the relevant information in such promotions and whether the charities are actually receiving the benefits that consumers think they are.

In October 2011, National Breast Cancer Awareness month, the NY AG sent questionnaires to 40 charities and more than 130 companies asking for detailed information on cause marketing  -- promotions during which the sale of a product or service is advertised to benefit a charitable cause. In this case, it was breast cancer awareness.
 
A Year Later, the Rules Are in Place

After analyzing responses to the questionnaire, in October 2012, the NY AG released the Best Practices. They appear to be intended as far-reaching reforms to the way in which some cause-marketing promotions are currently conducted.
 
While they have not been directly adopted into law, the guidelines contained in the Best Practices could be used by the NY AG and other state regulators to inform enforcement of general prohibitions against unfair and deceptive marketing as found in state mini-Federal Trade Commission (FTC) Acts. If used as benchmarks for advertising standards, the Best Practices could have far-reaching effects on how charities and companies conduct cause-marketing campaigns.

Click here for complete article.

MCB has over 60 years of experience working with not-for-profit organizations on their accounting, audit, tax and compliance needs. Contact Kathy Flaherty or Charles Deppe at 703.218.3600 or at information@mcb-cpa.com  for more information.

The Internal Revenue Service (IRS) has announced that it has finished updating its processing systems and is now accepting all 2012 tax returns. This includes returns that contain the 29 forms that were delayed by the late passage of the American Taxpayer Relief Act of 2012.

The IRS could not accept these forms when tax season opened because the forms needed extensive form and processing systems changes to reflect changes made by the American Taxpayer Relief Act.

Click here to view the complete JournalofAccountancy.com article.

Contact an MCB Tax Adviser at 703.218.3600 and start building a relationship with a CPA firm that strives to earn your RESPECT and CONFIDENCE as a TRUSTED business adviser.

We are pleased to provide our Not-for-Profit clients and friends this update regarding the Exempt Organizations 2012 Annual Report and 2013 Workplan, recently issued by the Internal Revenue Service (IRS). We encourage Not-for-Profit organizations to review this information.

2013 Workplan

This is a valuable tool that provides information and guidance for tax-exempt organizations regarding key compliance issues that the IRS has identified from prior years and the steps it will take in the upcoming year to address those issues. It indicates that the IRS will continue to use compliance checks and Forms 990 to target exempt organizations for examinations throughout the year.

2012 IRS Examinations

In 2012 the IRS examined 10,743 returns.  In 2011 it examined 11,699 returns. Based on information reported over the last three years, it is projected that the IRS will likely examine between 10,000 and 12,000 returns in 2013.

In addition to its regular examinations, in 2012 the IRS conducted 3,277 compliance checks. Compliance checks are used to more efficiently obtain information from taxpayers about the activities of both individual taxpayers and entire industries. Though they are less formal and intrusive, it is important to understand that compliance checks may, and often do, result in full IRS examinations.

MCB has over 60 years of experience working with not-for-profit organizations on their accounting, audit, tax and compliance needs. Contact Kathy Flaherty or Charles Deppe at 703.218.3600 or at information@mcb-cpa.com  for more information

The days of hiring an outside consultant to administer your benefit plan while you go about your business are gone. It is your responsibility as the plan sponsor to be aware of possible areas of risk for the plan, and to periodically assess the status of those areas. Not doing so could put your tax-qualified status in jeopardy.

Areas to focus on include:

• Recent law changes: Is your plan documentation and operation up-to-date?
• Your plan document: Does it reflect current plan operations?
• Compliance testing: Has all required testing been administered?
• Deferrals and loan repayments: Have they been deposited in a timely fashion?
• Form 5500: Has it been filed and has the Summary Annual Report been distributed to all plan participants?

While you may still want to use the services of a third-party administrator, you also must oversee some basic aspects of the plan management to ensure you are operating well within the parameters of legal, compliance and fiduciary guidelines.

Click here to view complete article.

Contact MCB's Employee Benefit Plan Audit Practice Leaders Greg Askey or Charles Deppe at 703-218-3600 or email information@mcb-cpa.com  with your benefit plan questions or to request a proposal for your next review or audit.

A carefully thought out and executed estate plan can allow you and your loved ones to minimize taxation and build and preserve wealth. An estate plan not only allows you to determine the future distribution of your assets, it can also potentially reduce or eliminate estate taxes. There is no bad time to plan your estate..

A Will

Generally, a will is the foundation of any estate plan. In your will, you decide who receives your assets (and when they receive them) after you die. With a will, you choose who will serve as guardian for any minor children if both you and your spouse were to die. Without a will, a court makes that decision. You can also designate a personal representative (executor) for your estate.

Power of Attorney

You can name a person as your "attorney-in-fact" to handle your financial and legal affairs when you are no longer able to. For example, the person or institution you name would have the authority to sign checks, make deposits, pay bills, and essentially perform the day-to-day financial transactions you would normally do.

Trusts Under Will

Federal tax law generally allows you to leave an unlimited amount to your spouse free of estate tax. (Requirements apply.) However, leaving everything outright to your spouse may not be the optimal planning approach since estate tax may be due upon his or her death. Sometimes, it's better to use a combination of trusts under will for the benefit of a spouse and your children in order to realize estate-tax savings. The proper use of these trusts can help make sure estate taxes are minimized in both spouse's estates.

Life Insurance Trusts

Life insurance death benefits are typically paid out free of income taxes to the beneficiaries of your policies. However, the death benefit of a life insurance policy is generally included in the overall value of your estate when it comes to figuring estate taxes.

One strategy for reducing the size of your taxable estate involves transferring the ownership of your life insurance policy(ies) to a life insurance trust. Alternately, a life insurance trust can take out a new policy on your life. Tax law requirements must be met. When all the requirements are satisfied, the policy's death benefit will not be included in your taxable estate.

You can name the person(s) you want to serve as trustee of the trust. Your trustee must follow the instructions you put in your trust. However, once you transfer ownership of the policy, you can't exercise any of the typical ownership rights over the policy.

Gifting Strategies

In 2013, the tax law allows you to give cash and other assets (must be "present interest" gifts) worth up to $14,000 per recipient without any federal gift-tax consequences. Your spouse can do the same, and between the two of you, $28,000 can be gifted in 2013. By making annual-exclusion gifts to your family members, you are removing the gifted assets from your estate. In addition, all future earnings and appreciation associated with the gifted assets are removed -- potentially a significant estate tax advantage.

Contact Bob Baldassari, MCB's Medical Practice tax and consulting leader, for a best practice review of your medical practice and tax planning and compliance services.

Medical practices around the country are offering ancillary services to their patients to help differentiate themselves from other practices, enhance patient services, and increase revenues. If your practice is considering offering ancillary services such as ultrasound, physical therapy, or imaging, you need to carefully think through the ramifications, costs, and work involved before you make a decision.

Pros and Cons

On the plus side, adding ancillary services that are properly structured and implemented can add to your bottom line and offer convenience and continuity of services to patients. However, the addition of ancillary services to a practice may not always live up to expectations. It sometimes proves to be a drain on financial resources and time while not achieving anticipated benefits. Financial projections using realistic revenue and cost figures will help you assess the profit potential in any ancillary services you are considering.

Is the Service a Good Fit?

First, identify the ancillary services your practice currently orders that are provided outside your group. Are there services that your practice would order if they were more readily available? What is the competition in your area?

Financial Concerns

Next, determine the cost of implementing a new ancillary service. Will adding the service require a major investment in personnel, equipment, or space?

Explore how you would pay for the hard assets that may be required to offer the ancillary service (such as equipment, fixtures, and software). Investigate financing and lease options carefully, and be sure to consider the potential tax implications. You also should consider taxes when reviewing the type of corporate structure your new entity will take. We can help your practice handle tax issues in the most advantageous manner possible.

Will your existing space be adequate to house the new ancillary service or will your practice need additional space? Look into what additional personnel and management costs the new ancillary service will require.

Reimbursement Estimates

Once you have tentatively identified the costs associated with adding the new service, project how much revenue the new service will generate. Review your own in-house data to identify the number of times your practice has made referrals for the actual ancillary service.

It is important not to assume that your practice will capture 100 percent of the new service you intend to offer to your patients. A percentage of your patients will continue going elsewhere to receive the service. You will be able to project revenues once you have estimated the number of referrals and the associated reimbursement.

Legal and Regulatory Issues

The addition of an ancillary service to your practice has to be structured properly and carefully so that your practice does not encounter legal or regulatory problems due to issues such as Medicare billing rules, kickback regulations, or the Stark law. Consult with an attorney as early on in the process as possible.

Contact Bob Baldassari, MCB's Medical Practice tax and consulting leader, for a best practice review of your medical practice and tax planning and compliance services.

The Virginia Telework Expenses Tax Credit is a new credit available to any business subject to income tax in Virginia.  The legislation provides for a tax credit of up to $1,200 per employee, up to $50,000 per organization, for eligible telework expenses incurred during the taxable year. Of the $50,000 available per organization, up to $20,000 can be claimed for costs of conducting a telework assessment.  This amount is not subject to the $1,200 per employee cap.

To be counted as a participating employee for purposes of claiming the telework expenses tax credit, an employee must telework at least one day per week.  The employee must enter into a signed telework agreement and begin to telework on or after July 1, 2012 but before January 1, 2017. Eligible teleworking expenses include computer equipment, networking equipment and software, security and antivirus systems, Internet access, and communications equipment and services. Click here to read more detail in Virginia Code Section 58.1-439.12:07, Telework expenses tax credit, or go to teleworkva.redmon.com for further information.

Taxpayers are required to apply to the Virginia Department of Taxation to reserve a portion of the credit.  The reservation application, Form TEL-1, must be filed between September 1 and October 31 of the year preceding the calendar year in which the eligible telework expenses will be incurred.  

Taxpayers may claim this credit for taxable years beginning on or after January 1, 2012, but before January 1, 2017.  The aggregate amount of tax credits that will be issued is capped at $1 million annually.  If credit applications exceed the $1 million cap, credits will be allocated on a pro rata basis.

The actual credit per taxpayer is determined by how many applications are received.  Another form, TEL-2, must be filed by April 1 of the year following the calendar year in which the eligible expenses were incurred.  Once the Form TEL-2 is approved, the Virginia Department of Taxation will send a certification letter by June 30 providing the amount of the credit that can be claimed on the taxpayer's Virginia return.

MCB has served the accounting and tax needs of businesses for over 65 years. We understand the pressures you face today. We work together with our clients as accounting, business, and tax advisers. Contact an MCB adviser for your tax and accounting needs at information@mcb-cpa.com or 703.218.3600 to start building a relationship with a CPA firm that strives to earn your RESPECT and CONFIDENCE as a TRUSTED business adviser.

Accelerate your company's federal government contracting success.  It is a new day in federal contracting, time to refresh your strategies and tactics through advanced level classes at the Government Contracting Institute. Leaders in the government contracting market provide instruction affecting every aspect of federal contracts: marketing, business development, legal, accounting, proposals, and other topics that will help your company fast-track market penetration.

There are two upcoming classes:

Federal Contracting Gap Analysis

This session is geared to existing and new businesses who want to sell more products or services to federal government agencies locally or nationwide. This is a $500+ billion market with the world's Fortune one customer. The course is a practical, concise gap analysis of the business relating to federal contracting requirements. Participants will compare their business related to the required registrations, the basics of contracting law, rules, and key players involved in contracting. Participants will also learn the types of contracts, their uses, and how the Federal Acquisition Regulations (FAR) control how contracts are written, advertised, competed, and awarded.

Date: February 21, 2013
Time: 8:30am to 4:00pm
Location: bwtech@UMBC Research and Technology Park, Baltimore, MD
Instructors: Jon W. van Horne, Matthew Roberson, and Gloria Larkin

Federal Market Identification Strategies and Tactics

This session is focused on the specifically detailed business of government contracting process, identifying your target market, leaning the strategies involved in being a prime contractor, a subcontractor, or a teaming partner, the mentor-protégé programs, evaluation of opportunities including Requests for Information, Requests for Quotes, Requests for Bids, Sole Source Contracts, the bid/no bid decision making process, purchase thresholds, simplified acquisitions, and related legal issues.

Date: February 28, 2013
Time: 8:30am to 4:00pm 
Location: bwtech@UMBC Research and Technology Park, Baltimore, MD
Instructors: Keir Bancroft, Tim O'Connor, Tamara Jack, A. Larry Staudmeister, and Gloria Larkin

For more information about the other courses offered, the instructors, or to register, visit www.governmentcontractinginstitute.com. If you have any questions or concerns contact the Government Contracting Institute at 443-543-5067 or email governmentcontractinginstitute@targetgov.com.

MCB has been serving government contractors for over 60 years with their business, tax, accounting, and compliance needs. Contact an MCB Adviser for your tax and accounting needs at 703.218.3600 or at information@mcb-cpa.com.