march, 2017 volume 2, issue 2 · medical equipment costs: you can elect to expense a certain amount...

PulseMarch, 2017Volume 2, Issue 2

Editorial .................................................................. 2Statement on Cameroon crisis .............................. 3ACPA IMPACT: Tax Tips for Physicians ................ 4Annual Conference Overview ................................ 6ACPA Welcomes New Members ......................... 9Information on J1 programs................................... 10

EDITORIAL

In this month’s edition of the ACPA Pulse, we present information about the upcoming Annual Meeting in Houston, TX. The Annual meeting promises to be an exciting, fun filled weekend with opportunities to learn, network and give back to the community. With tax season in full swing, we also bring you Tax Tips for ACPA physicians. Finally, we provide some information on some J1 opportunities which might prove useful to some of our members.

The ACPA Pulse is a monthly newsletter to that highlights important events and achievements by the organization and its members. The ACPA Pulse also welcomes submissions from the Cameroonian medical community at large. Submissions can be sent to the editor at [email protected]

Special thanks to the members of the Publications and IT committee: Dr. Christian Bime, Dr. Bertrand Fote, Dr. Alan Tita, Dr. Dione Mbame, Dr. Kingah Pascal, Dr. Danielle D. Tiencheu and Dr Denis A. Foretia

ACPA Headquarters6557 Satilla Road

Blackshear, GA [email protected]

Association of Cameroonian Physicians in the AmericasMonthly Newsletter

IMPACTTax Tips for Physicians

As physicians, ACPA recognizes that we are all very busy. Consequently, we probably have little time to learn about tax laws. We are now in the tax season, so it is important to review some helpful tips. Tax plan-ning should start at the beginning of the year. Avoid making hasty year-end decisions as that can lead you into trouble. Here are some helpful tips to consider. Contact a tax professional to discuss your specific situation before making decisions.

1. Choose your form of business wisely: Those of you already in private practice probably went through this stage already. Residents and fellows who will be finishing soon need to pay special attention to this. This may be helpful as you negotiate your contracts – independent contractors versus employees, or if you plan to enter into private prac-tice.The basic forms of operations from which to choose include sole proprietorship, partnership, corporation or limited liability. The form that you choose will have a direct impact on the amount of tax that you will pay. Each form has advantages and disadvantages. It is helpful to get professional assistance so that you make the right choice for you, based on your personal situation. It also helps to periodically review your structure to see if it is still appropriate.

2. Don’t aggravate your tax bill with penalty charges: if you are required to make estimated tax payments, be certain that you are paying the minimum tax required. If you are a corporation and are required to make monthly tax payments, be certain that they are paid on time so you do not accrue penalties from the IRS.

3. Hire your children: Hiring your children is a great way to reduce your tax liability while still spending the money you would have spent on them anyway. The IRS requires that you pay them reaso-nable compensation for the job they are hired for. The wages you pay will be deductible to your practice, and taxable to your children in their own, presumably lower, tax brackets. Wages paid to your children under 18 are not subject to payroll taxes if your business/practice is NOT incorporated. Even a young child can be compensated for the reasonable value of such services as cleaning your office, opening your mail, mailing your letters etc.

4. Keep adequate records for travel, meal, and entertainment expenses: Travel related to the opera-tion of your practice is fully deductible. Commuting expenses (that is, travel to and from work) are gene-rally not deductible. Most business and entertainment expenses are only partially deductible. Keep an account book, diary, log or expense record noting the amount spent, the date, time, and place of the expen-diture, and the business purpose served by the activity. It helps to have a separate business debit card used for such expenditure.

5. Continuing education expenses are deduc-tible: Keep a record of your continuing education expenses.

6. Professional membership dues are deduc-tible: Keep a record of your expenditure for membership dues for professional and public service organizations. Expenses for renewing your professio-nal licenses are also generally deductible.

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7. Medical Equipment costs: You can elect to expense a certain amount of equipment costs in the year of purchase. Any amount you expense reduces your tax basis for depreciation. There may also be some financing and tax benefits to equipment leasing that purchasing does not offer. It may be helpful to do a good buy versus lease analysis before you decide whether to buy or lease capital equipment.

8. Shelter income with a retirement plan: There are several options available to choose from. Generally, having a tax-advantaged retirement strate-gy can save you lots of money now and in the future. The kind of plan you can have will depend on the legal form in which you practice, the number of employees you have, and the amount of retirement income the plan must provide. There are some strate-gies that can offer tax-free retirement income. Talk to a financial planner for specific advice.

9. Don’t be too quick to buy investments for tax reasons: The passive loss rules, at-risk rules, interest deduction limitations, and frequent changes in the tax law make it essential to do a detailed analysis of any proposed investment. Make sure you unders-tand the tax consequences before you invest.

10. Conduct a second occupation as a business: In order to maximize tax benefits, it is help-ful to conduct a second occupation as a business. If you engage in a second “occupation” such as farming, writing, real estate investment, fashion or financial planning , speaking etc., the activity will be considered a hobby ( and the deductibility of expenses connected with it very limited) if you cannot show

that you are engaged in the activity to produce a profit. Take necessary steps to demonstrate that the activity is a business. For example, Dr. Bertrand Fote runs his fashion and financial planning businesses as separate business entities and can therefore enjoy maximum tax advantages from the running of these businesses.

11. Consider a tax-deferred exchange: When you want to dispose of one piece of business or invest-ment property and acquire another, consider a tax-de-ferred exchange. With a tax-deferred exchange, you can postpone taxes until you dispose of the newly acquired property. Careful planning and professional assistance as necessary.

12. Always take a sensible approach when it comes to tax planning: Structuring transactions strict-ly on the tax consequences is seldom a good idea. Your investments, family financial planning, and business activities should have economic merit without the tax considerations. Taxes, however, are a part of life. A little tax planning can save a lot of money.

As physicians, we earn sizable incomes and are likely to have sizable estates. If you do not have a will or estate plan, consider one. Talk to a professional to discuss estate planning options that suit your situa-tion. If you have one, have it reviewed after tax legis-lation changes or changes in your personal situation (marriage, divorce, births, deaths, retirement etc.).


ACPA ANNUAL CONFERENCE Program OverviewFriday, April 21, 2017 Executive Council Meeting 5:30pmWelcome Reception hosted by The Fote' Family

Saturday, April 22, 2017 Meeting of the ACPA 7:30am - 5:30pmDinner Banquet 7:00pm

Sunday, April 23, 2017 Ladies Breakfast 8:00amHealth Fair 11:00am - 5:00pmSt Nicholas Catholic Church 2508 Clay St, Houston, TX 77003

Registration Fees: Meeting & Dinner Banquet:

ACPA Full/Associate Member - $200 Non-Member Physician - $250

Resident/Associate Member- $100Resident/Associate (Non-Member) - $175

Medical Student (Registered) - $50Medical Student (Non-Member) - $75

Dinner Banquet Only:$100 Per Person



The Woodlands Resort & Conference CenterTo get the group discount reservations must

be made byMarch 22, 2017.

Guests may make reservations by calling The Woodlands Resort at 800-433-2624 or 281-367-1100 and asking to be connected

to the Reservations Department.

Booking ID # 83818. Group Rate: $199 tax per night room rate

(single, double or suite)

All reservations must be made with the hotel by March 22, 2017. After this date the reserved block of rooms will be released,

and reservations can be made at the hotels prevailing rates ($249.00 per night), if rooms are available.

Travel Discounts:

Avis Discount for the Association of Cameroonian Physicians in the America's 2017 event

United Airlines is providing a discount to ACPA Members trave-ling to the meeting. When booking your reservation enter Z Code: ZY6U.

Avis Rental Car is providing a discount to ACPA Members renting cars for this meeting. Your Avis Worldwide Discount or AWD number is D447129.Below is a hyperlink to Avis.com, when this link is used, your AWD number will automatically be placed in the reservation detail.

ACCOMODATIONS

Membership benefits

Association of Cameroonian Physicians in the America’s (ACPA) is a non-profit membership organization with a vision for a stronger Cameroonian healthcare community in North America and improved healthcare in Cameroon.

Members shall enjoy the following benefits through different activities and programs of the Association.

Professional Development: CME programs, mentoring, professional presentations and discussions, committee participation, leadership opportunities.

Professional Networking: Local and national networking with other members, local and national galas, meetings, job opportunities. • Practice referrals: Your practice and contact information in our membership registry, searchable by prospective patients. • Access to members-only documents and online resources.

Family Benefits: Family networking, children engagement

Improving healthcare in Cameroon: Medical missions, involvement in policy initiatives, involvement with healthcare leadership in Cameroon, partnering with other sister associations

Platform for Volunteering: Partner with local charities, medical missions, health fairs and other community activities, mentoring.

ACPAWelcome New Members

Founder’s Club

Founders’ Club membership shall be open to Full and Associate members who are pioneer members of the Association from the time of its creation until the first full year of its legal existence. Founder’s Club members receive a membership certificate, Founder’s Club membership cards, and special recognition at organization meetings and events. Founders’ Club members are required to make a minimum one-time donation of $1000 to receive the distinction.

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Dr. Judith Peyechu, Founder’s Club

Dr. Nelson Tajong, Founder’s Club

Dr. Irene Wakem, Regular/Full Member

Dr. Remy Teqwimuah, Founder’s Club

Dr. Patrick Elangwe, Regular/Full Member

Ms. Stella Achenjang, Student

Dr. Bertrand Fonji, Regular/Full Member

Mr. Eric Mbua, Student

Ohio J-1 Visa Waiver Program

Delta DoctorsJ-1 Visa Waiver Program

Purpose The Delta Doctors J-1 Visa Waiver Program offers a J-1 Visa waiver to foreign physicians who commit to serving for 3 years in an underserved area of the Delta region, waiving the foreign medical residency requirement and allowing them to remain in the United States. The program is intended to provide physician services in areas that typically have difficulty attracting and retaining physicians.Eligibility - Priority is given to primary care physicians, including general or family practice, general internal medicine, pediatrics, obstetrics / gynecology, and psychiatry who agree to work full-time in one of the following shortage areas: • Health Professional Shortage Area (HPSA) • Mental Health Professional Shortage Area (MHPSA) • Medically Underserved Area (MUA) • Medically Underserved Population (MUP)Geographic coverage: Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, TennesseeAmount of fundingThis is an incentive program that offers foreign physi-cians a visa waiver, allowing them to work in the U.S.There is a non-refundable application processing fee of $3,000.Application processLinks to additional guidance are available on the program website. (http://dra.gov/initiatives/promo-ting-a-healthy-delta/delta-doctors/how-to-apply/) Sponsor - Delta Regional AuthorityDeadlines - Applications accepted on an ongoing basisContact - 662.624.8600 [email protected]

Completed applications should be mailed to:Delta Doctors ProgramDelta Regional Authority236 Sharkey Ave, Suite 400Clarksdale, MS 38614

PurposeThe Ohio State 30 J-1 Visa Waiver Program offers a J-1 Visa waiver to foreign physicians who commit to serving for 3 years in an underserved area of Ohio, waiving the foreign medical residency requirement and allowing them to remain in the United States. The program is intended to provide physician services in areas that typically have difficulty attracting and retaining physicians.

EligibilityPrimary care physicians, psychiatrists, and sub-specialty trained physicians are eligible to apply.Geographic coverageOhioAmount of fundingThis is an incentive program that offers foreign physicians a visa waiver, allowing them to work in the U.S.Application processLinks to additional guidance and application forms are available on the program website. Begin the process by submitting the Notice of Intent to Apply form. (http://www.odh.ohio.gov/odhPrograms/chss/PCRH_Programs/recruitment/jvisa.aspx)Completed applications should be mailed to:Ohio Department of HealthAttn: The Revenue Room – 1st FloorP.O. Box 15278Columbus, Ohio 43215Applications for high-priority primary care and addiction treatment placements will be accepted until June 30, 2017. All other applications must be postmarked by March 31, 2017.SponsorOhio Department of HealthDeadlinesMar 31, [email protected]

Denis Foretia, MD, PresidentBertrand Fote, MD, Secretary

MAL Fobi, MD, TreasurerNgwebifor Fobi, Executive Director

ACPA Headquarters6557 Satilla Road

Blackshear, GA [email protected]

march, 2017 volume 2, issue 2 · medical equipment costs: you can elect to expense a certain amount...

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