Two new programs are available to aid dental practices in need of additional relief. They are part the HHS Provider Relief Funds. Healthcare providers will be able to apply for $25.5 million in relief funds via the Phase 4 General Distribution, and the American Rescue Plan Rural, starting September 29, 2021. You can optimize the PPP or ERC by making sure you qualify in 2020 or 2021 in any quarters, compared to 2019. You might be eligible if the practice is closed entirely or partially due to a government order.
employee retention credit for dental practices
I like to think of it as if the state dental board sent you an e-mail every week and said, OK, doctor. This is how you do crown prep. We are going to change it this coming week. We just passed a new law and plan to change it next week. Well https://youtu.be/JxFxAmsT8GU , that's the story of our CPAs in the last 12 mois. I am referring to the fact that we now have a new business and must be knowledgeable about tax laws and accounting.
This blog will not focus on this test, since most dental professionals do not qualify. The state dental society may require a full shutdown of dental offices. This typically occurred in March 2020. Most dental practices were able to qualify during the mandated shutdown in 2020. If the business's gross revenue is more than 20% less than the organization's receipts in the comparable quarter of 2019, it will be an Eligible Employer. Because the 2020 gross revenue reduction criteria are more difficult, a lower than 50% fall is required. It is very important you know that if the returns are already filed and you file your personal tax on time, this credit will not be taken as a deduction.
- The gross receipts decline requirements for 2020 are more difficult to meet due to the requirement to show a greater than 50% decline.
- Ohio was ordered to close all dental and medical practices between March 19, 2020 - April 30, 2020.
- The financial advisors who support dental practice owners are always looking for tax credits that will minimize tax liability.
- Don't go out and pay a third of the tax savings.
- If your practice saw a 50% reduction in gross receipts in any quarter of 2020, as compared with the same quarter in 2019.
Use employee retention tax credit for dental practices such as a 'profession'
Doctors who have filed for SBA forgiveness for round 1 and doctors who may not have yet filed. And this is why we've been telling physicians for months, there's not a rush to file. We've had doctors who filed for the procedure they want. The next is likely these are called covered damage. Public disturbances are unlikely, as many of us remember from the tensions in many cities across the nation.
What They Told You About employee retention credit for dental practices Is Dead Wrong...And Here is Why
You must have had a minimum of twenty five percent revenue reduction in any calendar quarter to qualify for a second round PPP Loan. A dental practice must see a 50% drop in gross receipts for 2020 to qualify for the Employee Retention Credit. A practice may also be eligible if it experienced a partial or full government shutdown (the recommendation of the Wisconsin Dental Association does not qualify for this observed shut down). Owners of dental practices may find it difficult keeping up to date with all the information and guidelines that are available through government stimulus programs.
The Do's and Do nots Of Employee Retention Tax Credit For Dental Practices
Eide Bailly Academy of Dental CPAs is a firm believer in this system. So if you would like our help, by the way, in doing this and I'll repeat this at the end of the show, if you would like our help in getting this, we have a whole group that is doing this. We have a very, extremely complex spreadsheet that is doing all this. Read more about employee retention credit for dental practices here. And we are going to be saving our clients and non clients, whoever engages us, tens of thousands of dollars in this tax credit. This is an example. I'll move on to the next one.
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