News

A down economy that has affected many sectors of our society — including medical practices. Physicians have felt the effects as patients have lost jobs and health insurance and have shifted to saving instead of spending. Physicians may need some specific strategies to weather the storm.

Take active measures

Medical practices should take the following steps to help them handle the downturn:

1. Have a marketing mentality. Just as consumers scale back spending in a down economy, many businesses, including medical practices, may consider scaling back their marketing expenses. But in general, it’s the wrong time to scale back marketing.…

As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks. But you also must look out for your own financial future. And that includes creating an exit strategy.

Buy-sell agreement

When a business has more than one owner, a buy-sell agreement can be a powerful tool. The agreement controls what happens to the business if a specified event occurs, such as an owner’s retirement, disability or death. A well-drafted agreement provides a ready market for the departing owner’s interest in the business and prescribes a method for setting…

By: Shirley Boatright, MBA- Senior Assistant Accountant 

All business operating in Ohio or holding funds due to Ohio resident are required to file Annual Report of Unclaimed Funds. Businesses other than Life Insurance companies have a November 1^st reporting deadline. Life Insurance companies have a May 1 deadline.

*IRC 501(C) (3) hospitals and political subdivisions are exempt from filing.

What are Unclaimed Funds?

All intangible property unclaimed by its owner(s) for a specific period of time, such as, unclaimed wages, dividends, credit balances, dormant savings and checking accounts, and many other types…