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Pet Hospital CPA - Veterinarian Near Me

Coronavirus Aid, Relief and Economic Security (CARES) Act

April 1, 2020 by Hugh Duffy

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

Business tax provisions include an employee retention credit, deferral of payroll tax payments, temporary reinstatement of the net operating loss (NOL) carryback, increased limits for business interest deductions, and a technical correction to the qualified improvement property provision contained in the 2017 Tax Cuts and Jobs Act (TCJA).

For most of us, the legislation is complicated and decisions have serious consequences.  Now is the time to work with a CPA that understands the needs and nuances of animal hospitals and veterinary medicine practices.  Each of our Veterinary Medicine CPA members has been following this legislation and offers customized veterinary care guidance. While they are busy near the end of tax season, each of our members will consider accepting more veterinarians.

If you want professional guidance from a Veterinary CPA Firm, complete our short form and you will be put in touch with a CPA to help.  Banks are not accepting applications for this relief program yet so contact us now.

Filed Under: Pet Hospital CPA - Veterinarian Near Me

$2T Relief Program – COVID-19 – Coronavirus

March 26, 2020 by Hugh Duffy

A major deal was struck by the White house and Senate leaders on March 25 for a $2 trillion package that will provide relief to the economy in the midst of the coronavirus pandemic. It is the biggest relief package in American history.

Senator Mitch McConnell called it as “a wartime level of investment into our nation” as the United States continues to see a rise in the number of coronavirus cases.

The package will provide much needed financial support to businesses forced to shut down and relief to American families and hospitals turned upside-down from the fast spreading disease and ensuing economic crisis.

Here are some of the key factors that were being negotiated in the stimulus package:

  • $250 billion set aside for direct payments to individuals and families
  • $350 billion in small business loans
  • $250 billion in unemployment insurance benefits
  • $500 billion in loans for distressed companies
  • Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each
  • Married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child
  • Payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children

Some other areas discussed by negotiators were providing four months of unemployment benefits, offered to self-employed workers as well. In addition, the bill would ensure the Small Business Administration could serve as a guarantor for loans of up to $10 billion for small businesses to make sure they can maintain their payrolls and pay off their debts.

The bill would provide $130 billion in funding to hospitals especially hard hit and $150 billion for state and local governments struggling due to response to battle coronavirus.

Filed Under: Pet Hospital CPA - Veterinarian Near Me

New Veterinary Colleges Moving Forward

January 23, 2020 by Hugh Duffy

To support the growth within the veterinary industry and address veterinary shortages, the American Veterinary Medical Association (AVMA) has approved two new veterinary schools.  One will be on east coast and the other in west.

Long Island University and University of Arizona will both open in the fall of 2020.

 

Filed Under: Pet Hospital CPA - Veterinarian Near Me

Veterinary Specialists in Short Supply

October 2, 2019 by Hugh Duffy

According to the American Veterinary Medical Association, veterinary specialists are in short supply and resulting from a lack of residency training programs.

The sheer growth of pet ownership has outstripped the supply.  By all means, veterinary specialists are growing at a faster rate than veterinarians overall, but specialists remain a small portion of the veterinary profession.  Data from the American Pet Products Association illustrate that pet ownership is on the rise everywhere, with 68% of US households owning a pet in 2018, vs just 50% in 1988.

As those pets are “treated” like a member of the family, the willingness to spend more on pet care and expensive medical procedures are increasing and extending the lives of pets.

Below are a few articles which illustrate the shortage:

Veterinary Specialists in Short Supply – JAVMA

DVM Needed – Veterinary News

Veterinarian Shortage Is Bad for Animals and Humans – Fortune

In the baby boomer days, a pet was added to the family after getting married and having kids.  Today, millennials are getting a pet before getting married.  And some are getting pets while in college.

 

Filed Under: Pet Hospital CPA - Veterinarian Near Me Tagged With: Pet Ownership Growth, Veterinary CPA Accountants Growth, Veterinary Practice Growth

New Interim CEO for NAVC

October 2, 2019 by Hugh Duffy

Eugene (Gene) O’Neill, NAVC’s deputy CEO and CFO has been appointed by the organization’s board as interim CEO.  Thomas Bohn is resigning from NAVC and the end of 2019.

Bohn, who joined NAVC in January 2013, helped diversify the nonprofit, tripling its customer base and expanding its portfolio, according to the release. The release credits Bohn for growing the NAVC from hosting a single event—now named the Veterinary Meeting & Expo (VMX) in Orlando, Florida—to a diverse portfolio with magazines, an online news station, a Human-Animal Bond certification program, a service group supporting smaller veterinary associations and an online recruiting tool for veterinarians.

Filed Under: Animal Health Best Practices, Pet Hospital CPA - Veterinarian Near Me Tagged With: Veterinary Medicine News

VET CPA Summit

June 10, 2019 by Hugh Duffy

The VET CPA Association met recently in Chicago to hold our annual summit.  Each year, our group meets for a couple days to hash out emerging trends, collaborative initiatives, and identify issues that we need to address to better serve veterinarians, animal hospitals and the broader pet care industry.

Clearly, the pet care industry continues to grow faster than nearly all segments of our economy.  This sentiment was echoed in the discussions along with the impact that tax code changes had upon more successful businesses.  The growth is undeniable.

  • pet care ownership over the last 30 years has gone from 56% to 68%
  • millennial and gen Z are embracing pet ownership to a higher degree than baby boomers
  • pet food owners are requesting better ingredients (Blue Buffalo growing double digits, premium food growth)
  • online private label brands are being created (Amazon and Chewy.com)
  • direct-to-consumer trend growth for pet owners
  • expensive medical procedures are more common as pets become part of the family

Given the success that many animal hospitals and veterinary clinics are having, particularly in large metro areas, our VET CPA Association doubled down on the path needed to become the best in class providers for tax reduction, and educational needs well beyond the current CPA requirements so a higher level of tax reduction coaching can be provided.  To accomplish this, a series of technologies were identified to reduce the amount of time that bookkeeping tasks were consuming so time could be reallocated towards tax and profit coaching, which is what most successful businesses want.

 

Filed Under: Animal Health Best Practices, Pet Hospital CPA - Veterinarian Near Me Tagged With: CPA Accounting for Animal Hospitals

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