Student loan forgiveness has been halted by the courts. On October 21st, a federal appeals court temporarily blocked President Biden’s student debt relief program from moving forward while the court considers a bid for an injunction by six Republican-led states that want the program nixed. While it is unknown when the court will decide the case, it has agreed to an expedited briefing on the motion. In the meantime, the appeals court is instructing the Biden administration to stand down on discharging debt under the relief effort as the administration had prepared to start canceling loans as early as next week. The pause came after the president said 22 million people had already signed up for the program, and the first loans were expected to be discharged after October 23. White House press secretary Karine Jean-Pierre said in a statement that the appellate court’s order does not prevent people from applying for debt relief (which you can do HERE), and the administration encourages eligible borrowers to continue to do so.
In order to qualify for debt relief, borrowers must have earned under $125,000 in income, or $250,000 if they are married, in either 2021 or 2020. After submitting the application, borrowers will receive an email confirmation from the Education Department saying they have received your application and will use the loan and income information it has on file to determine your eligibility and flag any discrepancies. Borrowers who get flagged may need to submit additional documentation to verify their incomes, but if you don’t get flagged, the department says you probably won’t hear from them until your application has been approved. Education Secretary Miguel Cardona has said that he hopes to process as many of the applications as possible before the federal student loan payment pause ends on January 1st.
Note: PracticeCFO has sent an email to each client that is eligible based on their 2020 and 2021 tax return with simple instructions to apply for the loan forgiveness.”
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.