This message is for dental practice buyers. Be on the lookout for Covid related income disguised as patient income or reduced overhead. We’ve been seeing this since early to mid-2021, and we continue to see it. As we’re doing our due diligence for our buyers, we’re uncovering issues of how Covid income was reported on […]
Well, not really ALL about EBITDA; that said, it’s essential to know what it is, what it means, how it’s used, how it’s calculated, and most importantly, does it apply to you and your practice. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. Some see it as a form of net cash flow […]
A topic that gets beat to death is what I figured I’d hit it again for the heck of it. Seriously though, I’m seeing this topic more frequently lately. So instead of re-publishing one of our older employees vs. independent (EE vs. IC) blogs, I’d write another more current one. As new doctors enter the […]
In case you have not heard, the Employee Retention Credit (ERC), which was part of the CARES act legislation in March 2020, is back in play for 2020 for an expanded group of employers than the law originally allowed. This past December, Congress passed the CAA legislation which made an interesting and potentially valuable revision […]
As everyone knows, we have had a horrible virus around for over a year now, and while it certainly impacted practice transitions for some time between say March and June 2020, since June 2020 buyers are back in full force looking for a practice to call their own. Almost immediately buyers and potential buyers started […]
Under the new CAA legislation, the FFCRA credit for family and sick leave has been extended through March 31, 2021. After December 31, 2020, providing the wages to employees who meet the qualifying reasons below is no longer mandatory. However, an employer can still voluntarily pay these wages and possibly receive the FFCRA tax credit […]
EMPLOYEE RETENTION CREDIT (ERC) The CAA legislation provided some important updates to the Employee Retention Credit. Not only did this legislation extend the credit thru June 30 2021 but the credit is now retroactively available for all entities that paid wages during the periods of March 12 through December 31, 2020. 2020 CREDIT (AVAILABLE […]
PAYCHECK PROTECTION PROGRAM (PPP) LOAN – ROUND 2 REQUIREMENTS The business must have fewer than 300 employees, including sole proprietors and other self-employed individuals. The business must have used or will use all of the original PPP Loan funds received The business must demonstrate not less than a 25% reduction in gross receipts for any […]
Recently, as I’ve been reading through some of the dental-specific websites like Dentaltown or FB groups, the usual topic of year-end practice spending for tax planning purposes are starting to pop up with mixed feedback. It’s a fairly common year-end planning strategy that many CPAs will throw out there (as a general concept), that is, […]
Here we are several months into the Covid-19 Pandemic. Businesses have been applying and receiving a variety of loans and grants; SBA, local government grants, health and human service grants, business association grants, etc. But should our business insurance help cover our losses incurred by the closures and loss of business caused by the pandemic? […]
