Resources – Edelstein & Company, LLP

Introducing Edelstein’s Client Resource Center

Edelstein — Thu, 22 Dec 2022 17:36:18 +0000

Edelstein is excited to have launched our Client Resource Center! Supporting your business needs and delivering exceptional client service is our goal. This page is meant to help you find answers to your questions quickly. The Client Resource Center includes links to popular pages, access to frequently requested forms, answers to frequently asked questions. and information on this page to save you time, answer your questions and provide the highest level of services. You can find this page here or by visiting the link at the top of each page on our website.

Introducing Edelstein’s New Payment Portal

Edelstein — Mon, 20 Sep 2021 15:15:57 +0000

As part of our commitment to client service, we are making changes to streamline our billing operations, while making your life easier! Today, Edelstein launched a new payment portal, Anduin. This will allow you to receive and view invoices online, make single payments, or pay multiple invoices together using saved payment methods, scheduled future payments, and more!

Going forward, all your Edelstein invoices will be delivered to the email address we have on file. To create your account, you will need an email address, password, and your client ID, which can be found on any Edelstein invoice.

Action Required

Please complete your account set-up by clicking the link below:
https://edelstein.anduin.ai/client-portal/register

If you have any questions or need any help related to the New Payment Portal or billing, please contact billing@edelsteincpa.com.

Jonathan Liff Quoted In Article By Givinga

Edelstein — Thu, 22 Jul 2021 13:54:01 +0000

On Tuesday, July 20, 2021, Jonathan Liff, Tax Senior Manager, was quoted in an article that was posted by Givinga. The article was titled, “Tax Benefits of Corporate Giving, with Jon Liff, CPA at Edelstein” and covered four tax benefits of corporate giving to keep in mind.

Read the full article, here.

With over 10 years of public accounting experience, Jonathan provides tax services to corporations, partnerships, trusts, and individuals. Jonathan strives to make the complexities of the tax code understandable for his clients and discover opportunities to minimize their tax liabilities.

Webinar Recording: 2021 Healthcare Industry Update: Eliminate Risk & Overcome Challenges

Edelstein — Fri, 05 Mar 2021 16:22:32 +0000

On Thursday, February 25, 2021, Edelstein teamed up with Morrison Mahoney and HUB International for a virtual roundtable. We aimed to educate attendees on what to expect from a legal, accounting, and insurance coverage perspective. Watch the full recording below:

Key questions and talking points are highlighted below with time stamps to those topics.

Jim, as someone who works in the defense of doctors, nurses, etc., you’ve seen firsthand the effect this has had on their practices. Talk a bit about the impact COVID has had on the legal landscape, and in particular the medical malpractice space – have you seen any COVID lawsuits, and if so, what types of cases have you seen?

View the answer here. [2:38]

Jim, working with physicians so intimately, everyone is afraid of litigation in both COVID and non-COVID times, and one of the elements that a plaintiff needs to prove in a malpractice case is causation – something the M.D. or providers failed to do caused the injury or death to the patient. How difficult is that going to be for a plaintiff’s lawyer and is that going to play a role in how much litigation we see come out of this pandemic?

View the answer here. [6:16]

Matt, as an insurance professional, you’ve been analyzing risks and challenges for healthcare practices for over 30 years. Can you provide some insight into the new coverage questions that are making for many sleepless nights for my colleagues and other healthcare administrators?

View the answer here. [8:21]

Jonathan, you’re in the trenches with practices and their financial managers all of the time. Naturally you’re typically thinking in terms of P&L and how to protect revenue streams, but everyone in the industry right now has grown familiar with the Payroll Protection Program (PPP) as one of those methodologies during COVID. Jonathan, please weigh in on two of the other financial protections – the Employee Retention Credit (ERC) and HHS grants.

View the answer here. [15:40]

Throughout the pandemic, healthcare providers are working longer hours, at times with insufficient PPE, put up in hotels, staff from other departments have been covering the emergency department, etc. To what extent do all of these factors taken together diminish or increase risks?

View the answer here. [23:32]

As we see through the COVID haze and look ahead, I want to talk about what healthcare entities and administrators can do to position themselves for future success. What does that look like and what are those opportunities going to be as we move forward? Matt, should healthcare executives expect major changes in their coverage and/or premiums; what should we look forward to in insurance coverage and in healthcare risk management in 2021?

View the answer here. [27:53]

Patients are eventually going to return to standard litigation. Those who are surviving and thriving are looking for ways to open up new revenue streams; Jonathan, what ancillary service offerings should they still be considering at this time?

View the answer here. [35:17]

Jonathan, I have signed up for the HHS accounting of the two payments we received. I did this by February 15 and have expended all the funds. It appears they will contact me when the portal opens, is that correct? Also, I can deduct expenses associated with PPP round 1 payroll, correct. Lastly, COD income is not includible under Section 108 or via some other provision, correct?

View the answer here. [38:02]

Jim, I understand that the courts have been closed to jury trials since the pandemic, when do we expect to see Courts start hearing medical malpractice cases?

View the answer here. [40:38]

Jim, in terms of the virtual trial space, do you think that’s something that will continue post-COVID?

View the answer here. [44:23]

Jim, do you see a difference between immunity provided by Executive Orders vs. Legislation in terms of defending suits in the future?

View the answer here. [46:11]

Jim, Matt and Jonathan – please give one final thought each on what to expect in 2021.

View the answer here. [48:31]

Contact the Presenters

Jonathan P. Gorski, CPA, MBA

Partner at Edelstein & Company LLP

James A. Bello

Partner and Practice Group Leader – Healthcare and Medical Malpractice at Morrison Mahoney LLP

Matthew P. Newell, CPCU, ARM, LIA

Managing Director – Healthcare at HUB International New England, LLC

To make sure you are receiving Edelstein’s healthcare thought leadership, click here to subscribe to our healthcare advisory newsletter.

Emerging Tax Alert – Congress passes COVID-19 aid package

Edelstein — Wed, 23 Dec 2020 13:54:34 +0000

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and President Trump is expected to sign it soon.

Included in the nearly 5,600-page Consolidated Appropriations Act of 2021, the package expands and extends several critical provisions of the CARES Act enacted in the spring of 2020 to deal with the emerging financial and health care crisis. The final bill includes neither the funding for state and local governments that Democrats sought nor the corporate liability protection from COVID-19-related lawsuits that Republicans favored.

Key provisions for individuals, businesses and employers

Here’s a broad overview of some of the provisions that may affect you:

Individuals

Additional payments (called recovery rebates) of $600 to individuals making up to $75,000 per year and $1,200 per married couple filing jointly earning up to $150,000 per year (based on 2019 tax returns) — with payments phased out at $99,000 and $198,000 respectively — plus $600 per qualifying child;
An additional $300 per week in unemployment benefits, including for the self-employed, gig-economy workers and others in nontraditional employment, through March 14, 2021, with the maximum period for state-paid benefits extended to 50 weeks;
An extended eviction moratorium;
Federal rental assistance for families affected by COVID-19, applicable to past due rent, future rent payments, and utility and energy bills;
Clarification that money purchase pension plans are included among the retirement plans subject to temporary relief measures under the CARES Act (for example, waiver of penalties on COVID-19-related early distributions);
Potentially larger earned income tax credits and child tax credits for some taxpayers;
Loosened requirements for medical expense deductions beginning in 2021;
Extended expansion of charitable contribution tax deductions for non-itemizers through 2021;
An extended exclusion for certain employer payments of student loans; and
New rules for disaster-related distributions from retirement plans.

Businesses and other employers

New funding for first-time and so-called “second draw” forgivable loans to eligible businesses under the Paycheck Protection Program (PPP), with dedicated set-asides for very small businesses and lending through community-based financial institutions;
Expanded PPP-eligible expenses (for example, certain operating expenses, property damage costs, supplier costs and worker protection expenses);
Expanded PPP eligibility for nonprofits, local newspapers, and TV and radio broadcasters;
Clarification of tax treatment for PPP loans, certain loan forgiveness and other financial assistance under COVID-19 legislation;
New targeted Economic Injury Disaster Loan grants from the Small Business Administration (SBA) for businesses in low-income communities;
Continued SBA debt relief payments;
Dedicated funding for live venues, independent movie theaters and cultural institutions;
An extended and expanded retention tax credit for eligible employers that continue to pay employee wages during COVID-19 closures or after experiencing reduced revenue;
Extended tax credits for paid sick and family leave;
Extended mandatory paid sick and family leave for qualifying COVID-19-related reasons;
100% business meals tax deduction for 2021 and 2022 for food purchased from restaurants;
Aid to farmers and ranchers;
Enhanced Low Income Housing Tax Credit;
Extended repayment period for deferred payroll taxes; and
Extended Work Opportunity Tax Credit, New Markets Tax Credit and Empowerment Zone tax incentives.

Additional details to come

This is just a quick look at the latest COVID-19 aid package. We’ll dig more deeply into the provisions most likely to affect you or your business in the near future. In the meantime, please contact us with any questions or concerns about these new tax provisions affecting your individual financial or business situations. We’re here to help.

2020-2021 Tax Planning Guide Released

Edelstein — Thu, 22 Oct 2020 14:20:22 +0000

Do your tax strategies need a refresh? With individuals and businesses coping with the impact of the COVID-19 pandemic and some new tax laws going into effect, you probably have questions about tax planning this year. To save the most on your 2020 taxes, you need to plan carefully and take advantage of all deductions, credits and other breaks that current tax law allows. This is exactly what our online tax planning guide can help you do.

Contact us with any questions you may have about these or other tax matters. We welcome the opportunity to schedule a time to talk about ways to lighten your tax burden and better achieve your financial objectives.

With Virtual Learning on the Horizon, Does Your Home Have Enough Bandwidth?

Edelstein — Thu, 27 Aug 2020 05:26:18 +0000

With colleges, universities, high schools, middle schools and elementary schools all either started or starting soon, virtual learning seems to be incorporated throughout the educational system in some form. That means technology at home, if you have students, will become more in demand.

Now is the time to make sure your have the proper internet bandwidth in the home so it can be shared with the family members using it while connected to the router/internet. Virtual meetings, video calls, streaming media, and other services can consume bandwidth. Make sure you work with your Internet Service Provider (ISP) to ensure you have subscribed to a suitable internet service package to support your internet coverage and bandwidth demands.

There’s nothing more frustrating than PCs, tablets, Smart TVs, Rokus, smartphones, iPhones, thermostats, security systems, doorbells, and other connected technologies fighting over bandwidth which can cause service interruptions during critical business or school times.

Our IT Consultants would like to offer a few tips:

If your internet signal is weak or lagging, restart your router.
Proximity can impact Wi-Fi – moving closer to the router should improve connectivity.
Run internet speed tests to compare your download/upload speeds to the service speeds you are subscribed to.
It’s possible you may need to upgrade your router, your subscription, or add additional hardware to get the speeds and coverage your home demands.

Technology has become increasingly important and Edelstein is here to provide IT solutions for you. Call Mike Bisso directly at (617) 478-3486 or email him at mbisso@edelsteincpa.com to find out how our IT Consulting Services team can assist you.

529 Plan Fridays

Edelstein — Fri, 14 Aug 2020 13:40:10 +0000

Last week, Tax Partner, Kate Rooney, shared an example of a taxable 529 Plan distribution. Now that we have answered some FAQs and provided an example, let’s see what a 529 Plan looks like in action.

For individuals and families, our objective is to minimize your tax payments, preserve wealth and achieve your long-term goals. Please email us at info@edelsteincpa.com for more information on 529 Plans or any other assistance you may be seeking. To see all of our 529 Plan Friday posts, click here.

529 Plan Fridays

Edelstein — Thu, 06 Aug 2020 18:36:12 +0000

Last week, Tax Partner, Kate Rooney, answered “What are some cautionary flags to be aware of with 529 Plans?”. Today she’ll share an example of a taxable 529 Plan distribution.

With today’s circumstances, you may have questions about college and education planning. Please do not hesitate to reach out to your advisor with any questions or email info@edelsteincpa.com to be connected with the right person to assist you with your needs. To see all of the 529 Plan Friday posts, click here.

529 Plan Fridays

Edelstein — Fri, 31 Jul 2020 13:40:57 +0000

In February, Tax Partner, Kate Rooney started sharing insights from one of her presentations on 529 Plans. Previously, Kate had answered, “Should high net-worth individuals consider 529 Plans even if they can afford to cash flow their child’s education?”, “Who are 529 Plans avaiable to?”, and, “What are the limits on 529 Plan distributions prior to college?”. Today, we resume 529 Plan Fridays to provide some additional helpful information.

This week, Kate will answer, “What are some cautionary flags to be aware of with 529 Plans?”

With today’s circumstances, you may have questions about college and education planning. Please do not hesitate to reach out to your advisor with any questions or, email info@edelsteincpa.com to be connected with the right person to assist you with your needs. To see all of the 529 Plan Fridays posts, click here.