Investigating Sensible Plans For Employee Retention Credit for Dental Offices

Two new programs are available to aid dental practices in need of additional relief. They are part the HHS Provider Relief Funds. Healthcare providers can apply for $25.5 Billion in relief funds through the Phase 4 General Distribution or the American Rescue Plan Rural on September 29, 2021. To optimize the PPP/ERC, you need to ensure that you qualify or might be qualified in any quarters in 2020 or 2021 when compared with the same quarter in 2019. There is another way to qualify, if the practice had to be closed down entirely or partially because of a government decree.

https://vimeopro.com/cryptoeducation/employee-retention-tax-credit-for-dental-practices

I always think of the analogy of if your state dentist board sent you an email every other week and said, OK. Doctor, this is how we do a 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, that's been our CPAs lives here in the last 12 months. I mean, not only are we supposed to know the tax laws and how to do accounting and help you with your personal financial and business financial issues, but we now have an entire new business.

This blog won't be focused on this test as most dental professionals are not qualified. Full shutdown of dental practices, if mandated by the state dental society, typically lasted between eight to 15 weeks beginning in March 2020, allowing most dental practices to qualify during their mandated shutdown in 2020. If the business's net revenues in the first, third, and fourth quarters of 2021 are greater than 20% of the organization's net receipts in the same calendar quarter of 2019, the company will be an eligible employer. The 2020 gross revenue fall criteria is more difficult because it requires a 50% increase in gross revenue. 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.

• If they don't accept applications, you can search for another bank.
• It is more difficult for 2020 to meet the gross receipts reduction requirements due to the requirement to demonstrate a decrease of at least 50%.
• Financial advisors supporting dental practices are always looking for tax credits that minimize tax liability.
• You shouldn't spend a third on tax savings.

Use employee retention credit for dental practices just like a 'job'

Doctors who have previously filed for SBA forgiveness in round one. Doctors who hope not to have yet filed. This is why we have been telling doctors for months that there is no rush to file. We've even had doctors file for things they want to do. Next, these are likely to be called covered property loss caused by someone coming into your dentist office and looting it or vandalizing its contents. Not likely during public disturbances as many of you recall during the tensions that took place in many cities throughout the country.

What They Told You About employee retention tax credit for dental practices Is Dead Wrong...And Here's Why

The fact is you have 3 years from the date you filed your payroll return, to go back and amend the return to claim the credit. 2021 can still sometimes be claimed in 2023 or in 2024. Although most COVID-19 relief programs were discontinued, the Employee Retention Tax Credit came back into being. Specialty tax consultants and retrieval companies have reached out to dentists asking for help in claiming ERTC retroactive credits through 2021. For example, you would qualify if you reduced the number of hygiene chairs to meet the six feet test, and this resulted in 10% fewer patient visits in the same quarter in 2021 as compared to 2019.

But again, we at Eide Bailly the Academy of Dental CPAs, we understand how this works. 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. This is a complex spreadsheet. Read more about ERTC tax credit 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. I'll now move on to the next example.