Blogs

As we continue to update you on the latest news and changes, please take a look at the following list of important links. BUSINESS CLIENTS Coronavirus Tax Relief | Internal Revenue Service – www.irs.gov/coronavirus Disaster Loan Assistance – https://disasterloan.sba.gov/ela/Information/Index Industries Affected by Coronavirus (COVID-19) – https://verticaliq.com/covid-19/ SBA Specific Resource – https://www.sba.gov/funding-programs/disaster-assistance COVID-19 Working Captial Access...Read More→

ATTN CLIENTS: We are sure your emails have been flooded with updates from everyone, however, we’d be remiss if we didn’t share some of the recent developments and provide ongoing tips for those that may be impacted by this crisis. During any time of crisis, knowledge is invaluable so make sure you stay informed with...Read More→

Attention Clients: As news changes daily regarding the COVID-19 (Corona) Virus, we are sure all of you have questions regarding tax relief legislation. We are monitoring pending legislation in Congress. The bill that was passed by the House of Representatives last Friday has yet to be approved by the Senate. At this time nothing definitive...Read More→

You probably heard about the tax and spending bill that Congress passed in December 2019. One of the biggest components of it is set to dramatically change retirement planning, and dentists should be paying attention. The deadline to fund an IRA with retroactive contributions is April 15, and with the SECURE Act in mind, there...Read More→

For anyone who’s not an accountant, and even some who are, organizing financials is tedious. Ina dental practice, you have to properly code expenses, assign billing categories, and produce timely financial reports all on top of running a practice. Here are some suggestions for how dental practices can become better organized, more efficient, and more...Read More→

In dentistry, labor costs usually represent the highest percentage of practice overhead. The industry average is around 27 percent and may or may not include benefits like retirement contributions, healthcare premiums, bonuses, and other benefits. I’ve seen practices where labor costs exceed 30 and even 40 percent of overhead expenses, and while I understand how...Read More→

In this edition of Dental CPAs Q&A, I’m going tackle a difficult topic: labor costs. It’s a sensitive subject to bring up sometimes because most dentists I know think the world of their staff, and want to compensate them accordingly for all the work they do supporting and growing the practice. There are limits to...Read More→

ORDINARY & NECESSARY This blog is LONG overdue. Over the years and moreso the past two to three years a client asks us about employing their children as models because they heard it from a colleague or at a study club meeting or at a seminar. Many times it’s the seminar speaker, who may even...Read More→

Last October, I wrote about a handful of specific definitions of the Qualified Business Income Deduction (QBID) as they applied to dentists. Given the law’s restrictions on type of business and income threshold, we already know that some dentists won’t qualify. But there are enough who will benefit a little all the way up to...Read More→

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