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→
Category: Dental CPA Blog
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→
Should I convert some or all of my taxable IRA money to a Roth IRA?
While this has been a very common question for many years it seems to be making a strong return in 2020 due to Covid19. The possibility of lower taxable income for some people who have been laid off or who’s businesses might experience a steep decline in income has generated a renewed interest in this…Read More→
Practice Transitions With COVID-19
Just as the US is starting to re-open from this pandemic so are dental practices across the country. Dental practices are faced with a new set of protocols along with a new set of overhead expenses known as PPE. While many practice owners are processing this new norm and implementing these new procedures in their…Read More→
COVID-19 – 06-10-20 BULLETIN RELEASE – PPP Loan – Revised Flexibility Act
Looking back at the COVID whirlwind, the original PPP loan legislation was rapidly drafted and signed into law the week of March 23, 2020, which was concurrent with many State Governor’s forcing business closures and issuing stay at home orders due to COVID. The timing of these events was a disaster to the PPP loan…Read More→
Payroll Protection Program (PPP) Loan Questions – It Depends
That’s the answer we, as CPAs, have to give many times when responding to questions on a forums board or chat groups on many types of questions, whether its income tax-related, practice transition, paying an associate, or staffing issues. It’s no different from PPP loan questions. Sure, there are some one-size-fits-all answers to questions like…Read More→