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→
Category: Dental CPA Blog
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→
COVID-19 Update-03-18-20
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→
COVID-19 Tax Relief Legislation – Part 1
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→
Last Minute Income Tax Tips for Dentists, Part 2: Credits and Deductions
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,…Read More→
Bookkeeping Tips for Dental Practices
For anyone who’s not an accountant, and even some who are, organizing financials is tedious. In a 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,…Read More→
Managing Dental Practice Labor Costs
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→
Dental CPAs Q&A: Should High Labor Costs Disqualify a Practice Acquisition?
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…Read More→