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TAX CUTS AND JOBS ACT OF 2017 – PART I

The tax reform that cleared Congress and is awaiting President Trump’s signature is the biggest overhaul in the tax laws since the Tax Reform Act of 1986.  This is a massive and complex series of new laws – not just in the magnitude of the cuts, but because it fundamentally alters many principles we’ve been […]

Final Year-End Tax-Saving Strategies

The Senate Passes its Version of a Tax Reform Bill, So When (If) President Trump Signs a Final Version, Expect Individual and Business Tax Rates to Fall Modestly in 2018:  We will devote at least one full issue of the Newsletter to the final law once it passes.  In the meantime, over the last two […]

2018 Will be the Most Difficult Year Yet for “On-Exchange” Individual Health Insurance

Individual insurance is sold one of two ways, either “on-exchange” or “off-exchange.”  On-exchange means that it’s sold on the government website healthcare.gov or state equivalent.  Off-exchange means it’s sold directly from the insurance company and not over a government website.  Federal subsidies are available for on-exchange plans for people with low incomes.  There are no […]

Motivating an Under-Producing Associate Who Wants to be Your Partner

Let’s say you have an associate who wants to be your partner. He is a terrific clinician and a wonderful person, but he does not produce at an acceptable level. If that is the only thing holding him back, we would set a reasonable standard he needs to meet. For example, it might be that […]

Follow-up on the Recent Tax Court Case on Captive Insurance Tax Shelters

In the September 1st Newsletter, we wrote about the Avrahami court decision and how it will likely end the sale of micro-captive insurance tax shelters to doctors and other small business owners. This threw the industry into panic mode. At least one of these companies is sending letters to its clients advising them not to […]

Insurance Coverage for Hurricane Victims (or any Weather Related Disaster)

Your property casualty policies should indemnify you for your property losses – and possibly even the loss in business revenue.  Your carrier won’t tell you, but your property policy likely comes with a business interruption (“BI”) rider that may indemnify you for lost practice income.  We say “may” because most BI insurance requires not just […]

U.S. Tax Court Sides With the IRS in a Bruising Loss for Captive Insurance Tax Shelters

A captive is an insurance company that is wholly owned by the primary company (like a dental practice).  Its purpose is to provide insurance coverage for the related company for certain risks that cannot be obtained in the traditional insurance markets.  Under Section 831(b) of the U.S. tax code, premiums paid to a captive insurance […]