Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Prescription Rights Denied in Colorado
A bill to add limited prescription rights to the Colorado chiropractic practice act has died in legislative committee without testimony. State Senator Marilyn Musgrave, sponsor of the controversial measure, cited "disagreement within the profession" as the reason for the bill's demise.
The pro-prescription rights group, the Colorado Chiropractic Society, had lobbied to pass the bill several months prior to the beginning of the 1998 legislative session.
The Colorado Chiropractic Association (CCA), headed by executive director Darcy McKinstry, has opposed prescription rights for DCs in Colorado.
This was the second try for prescription rights in Colorado. The first attempt was in 1997. That bill died in its first legislative committee following testimony by the CCA and the Colorado Medical Society, among others. Dr. Lester Lamb of Western States testified for the bill in 1997.
Over the last five years, the Colorado Chiropractic Association has conducted a number of surveys to poll the state's DCs on the prescription issue. The results have been consistent: two-thirds have opposed including prescription rights to the practice act.