It’s fall 2020, and you have found a practice that checks just about every one of your wish list boxes. You have engaged professionals to assist you with the due diligence, nailed down your lender for the loan, negotiated a new favorable lease with the landlord, and have the closing date nailed down as…Read More→
Category: Dental CPA Blog
Join Us In Welcoming Lance Jacob As Our New Partner!
We (the partners) are proud to announce that Lance Jacob has joined the ownership group of Naden Lean, LLC. Lance has been with our firm for over thirty years and has been a principal for ten years. “Personally, Lance and I have worked together on many clients for most of his tenure here. I…Read More→
Owner Occupied Real Estate-Seller Won’t Sell Real Estate-Deal Breaker?
Often, when a dental practice seller also owns the real estate, they sell both the practice and the real estate at the same time (or at least that is their desire). At the same time, this ends up being an excellent opportunity for most buyers, that is, to buy real estate and become a real…Read More→
Another Crazy Tax Season Ahead – 2021 Version
With the passage of the CAA in late December 2020 and the talk of additional pending legislation that appears to be heading our way, it will be another crazy income tax preparation season for many CPAs. Until the late December legislation, many CPAs had already been planning how their client’s income tax returns would be…Read More→
Employee Retention Credit (ERC) 2020 Planning
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…Read More→
Buying a Practice in 2021? Should there be a “Covid Discount”?
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…Read More→
FCRA Tax Credit – Extended to 3/31/2021 Where eligible and FFCRA Wages are No Longer Mandated
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…Read More→
What You Should Know About the Employee Retention Credit (ERC)
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…Read More→
PAYCHECK PROTECTION PROGRAM (PPP) LOAN – ROUND 2
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…Read More→
YEAR-END TAX PLANNING – TO SPEND OR NOT TO SPEND
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,…Read More→