D.C. debt limit bill advances
A proposed cap on the debt the District can issue for public works and economic development projects has passed the first of two required votes by the D.C. Council. <p><a href="http://feeds.bizjournals.com/~a/bizj_washington?a=KJbHbf"><img src="http://feeds.bizjournals.com/~a/bizj_washington?i=KJbHbf" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=65krO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=65krO" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=WypVo"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=WypVo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=f41po"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=f41po" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=gIOyO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=gIOyO" border="0"></img></a> </div>
Metro gets fed OK for Dulles extension
The $5.2 billion, 23.1-mile extension of Metrorail got the OK from the Federal Transit Administration Wednesday. <p><a href="http://feeds.bizjournals.com/~a/bizj_washington?a=LMjJjn"><img src="http://feeds.bizjournals.com/~a/bizj_washington?i=LMjJjn" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=q2QxO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=q2QxO" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=s6Ego"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=s6Ego" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=Naglo"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=Naglo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=uWz5O"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=uWz5O" border="0"></img></a> </div>
Carlyle to cut 10% of staff
The Carlyle Group will cut 10 percent of its work force, or 100 jobs, according to media reports Wednesday. <p><a href="http://feeds.bizjournals.com/~a/bizj_washington?a=kv4IME"><img src="http://feeds.bizjournals.com/~a/bizj_washington?i=kv4IME" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=dJOuO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=dJOuO" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=g3Fgo"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=g3Fgo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=Om0po"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=Om0po" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=KGyaO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=KGyaO" border="0"></img></a> </div>
MicroServe Consulting moves to Gaithersburg
MicroServe Consulting Inc., which provides managed security, data hosting and communications services, has moved its headquarters and data center from Germantown to a larger facility in Gaithersburg. <p><a href="http://feeds.bizjournals.com/~a/bizj_washington?a=86MpqC"><img src="http://feeds.bizjournals.com/~a/bizj_washington?i=86MpqC" border="0"></img></a></p><div class="feedflare"> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=U18PO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=U18PO" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=kotNo"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=kotNo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=r8wBo"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=r8wBo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~f/bizj_washington?a=qaPPO"><img src="http://feeds.bizjournals.com/~f/bizj_washington?i=qaPPO" border="0"></img></a> </div>


above scenario is a sad situation that we have seen all too often. We would say that half the calls we receive on advanced topics are from doctors in groups in excess of five doctors (or employees of hospitals); and out of those who want to implement advanced income tax reduction plans, over half of them run into problems with their partners when asking for permission to implement a plan through the corporation.

The “perfect corporate structure” is fairly simple and several medical offices around the country already have the structure. Most multi-physician medical offices have a main company (usually a C or S corporation) that employs both the physicians and all the employees. Let’s call that the “mother” company. If a physician wants to implement any kind of income tax reduction plan, it must be done inside the “mother” company and, therefore, there must be an agreement of the partners to allow one or more physicians to implement such a plan. As we’ve stated above, it is virtually impossible to get five plus physicians to agree to anything and, therefore, one physician has little chance of getting an agreement to implement any kind of advanced plan.

With just the “mother” company in place, all the employees take their income from the “mother” company usually via W-2 income.

The “perfect corporate structure” exchanges a Professional Corporation (P.C.) for the physician as the entity to receive income that the physician would normally receive. So instead of Dr. Smith receiving a W-2 paycheck from the “mother” company, the “mother” company would instead cut that paycheck to Dr. Smith, P.C. where the P.C. would, in turn, cut a paycheck to Dr. Smith.

Is it complicated to create a P.C. and have it paid instead of the physician? Absolutely not. If Dr. Smith has a contract with his medical office that says “Dr. Smith” will get paid whatever he is to be paid, Dr. Smith would simply re-do the contract to state that Dr. Smith’s P.C. will be paid his normal W-2 income (plus the normal matching corporate payroll taxes the “mother” company would pay on his behalf) as a consulting fee.

In Dr. Smith’s 20-physician group, Dr. Smith could be the only one getting paid to a P.C. or any or all of the other physicians (either owners or employee physicians) can do so as well.

Once Dr. Smith has money in his own P.C., he can choose to do whatever he wants with that money without asking permission of the partners in the “mother” physician practice.

We’ve talked with practices lately where the physicians are not allowed to write off any portion of their automobile lease payment, their cell phones, or food. In the “perfect corporate structure” each individual physician can make that determination for him/herself.

The biggest benefit to the “perfect corporate structure” is the ability of each physician to implement their own income tax reduction plan without having to beg for approval from the partners in the “mother” corporation. As you may have read over the past two years, We’ve discussed several different income tax reduction plans almost all of which can be implemented in an individual physician’s P.C.

Why wait? If you are in a practice where you have no ability to do individual tax planning, you are costing yourself thousands in income taxes that could be saved or deferred via a non-qualified supplemental benefit plan.

In addition, the perfect corporate structure can also be utilized (Along with one or two LLCs) to protect your practice equipment and Accounts Receivable from lawsuits against you or any of your partners.

For a 40% discount on Jarvis & Mandell’s new book, Wealth Protection M.D., or for an audio CD on Asset Protection please call (800) 554-7233 or email info@wealthprotectionalliance.com.

Article Source: http://articlecrazy.com

David B. Mandell, JD, MBA is an attorney, lecturer, and author of Wealth Protection, MD. He is also a co-founder of The Wealth Protection Alliance (WPA) – a nationwide network of elite independent financial advisory firms whose goal is to help clients build and preserve their wealth. Keith L. Mohn, CLU, CHFC is a financial consultant and lecturer, and President of Benefits Solutions Group, LLC, in Keego Harbor, Michigan, a full service financial consulting and planning firm specializing in work

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