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.
Workers' Comp. Bills Set for Vote in N.Y. State Legislature
Workers' Compensation Equality bill S.6607 is now on its way to a vote on the full New York State Senate floor. The bill was "reported out" of the Senate Labor Committee for further action by unanimous vote. The same bill in the Assembly, A.8683, was voted out of committee and is expected to be voted on by the full Assembly.
A.8683 and S.6607 are part of a series of bills currently before the New York State Legislature that would benefit both DCs and their patients. The workers' compensation bill would amend the law to include a more comprehensive fee schedule for the services a chiropractor provides. It would enhance a workers' comp. patient's ability to seek the broadest range of treatment for injuries sustained by permitting all health care practitioners to be paid a reasonable fee for each service they are licensed to perform.
Dr. A. Alessandro Pireno, president of the Chiropractic Federated Societies of New York (CFSNY) said, "This comprehensive package of legislation is designed to reverse years of discrimination against our profession in New York."
Other bills in the package provide insurance equality to patients who are treated by a chiropractor instead of an MD, and fair reimbursement to chiropractic patients covered under no-fault automobile insurance. The last bill in the package would authorize DCs to use the title "chiropractic physician," which would bring New York state's definition of chiropractors in line with the federal definition.