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→
Category: Dental CPA Blog
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→
COVID-19 – 05-19-20 BULLETIN RELEASE – PPP Loan Forgiveness Further Guidance
Late in the day, Friday, May 15, 2020, the SBA came out with the instructions and application borrowers will use to request PPP loan forgiveness from their lender. While this new information provides some welcomed relief to pieces of the forgiveness puzzle for many, it falls short in answering all outstanding questions that still remain…Read More→
Key Factors to consider When Selecting An IT Services Provider
As a dental practice owner, choosing an IT services provider is one of the biggest decisions you can make to ensure the security of your practice and patient’s confidential information. Your technology partner should be a close advisor on the IT services you need now and, in the future, based on a clear understanding of…Read More→
COVID-19 – 04-27-20 BULLETIN RELEASE – PPP Loan Expenses Planning
While we wait for additional SBA guidance to come out, we want to provide some pointers and information for those who have received PPP loan proceeds from the first round of funding or who intend to apply for a PPP loan during the second round of funding. Understand that for the moment, these should be…Read More→
COVID-19 – Important Links You Should Know
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→