Fast Secrets For Employee Retention Credit for Dentists - The Inside Track

This suspension can be owing to directives from an authorized governmental entity. It could also be due to a decrease in gross receipts, as further explained below. Dentists are eligible for relief under the Employee Retention Tax Credit. Also employee retention credit for dental practices, they may be eligible to have their Paycheck Protection Program loans forgiven completely. Every podcast I do, I go through all the rules. There's so much I can't tell you.

I always use the analogy of imagine if you're state dental board came to you with an email every single week and said https://www.youtube.com/watch?v=JxFxAmsT8GU , OK, doctor, this is how you this is how you do a crown prep. We're going change it this week. We just passed a new law and plan to change it next week. That's how our CPAs have lived the past 12 months. We now have a new venture.

All photos and information are taken from Aprio's article "The dental employee retention credit" attached at the end of this post. Your current CPA should be able to help you navigate the topic. I highly recommend that they receive this information. Multiply the number you had employees that you paid 10 grand each quarter to get to twenty five thousand dollars in 2020. And that's how much you can get PPP forgiveness.

• But if they're not accepting applications, you can find another bank.
• The gross receipts decline requirements for 2020 are more difficult to meet due to the requirement to show a greater than 50% decline.
• In Ohio, medical and dental practices were ordered to shut down from March 19, 2020 through April 30, 2020.
• Dental practice owners and the financial advisors that support them are always on the search for advantageous tax credits that can minimize tax liability.
• Don't spend a quarter of the tax savings.

Use employee retention tax credit for dental practices just like a 'occupation'

Doctors who have previously filed for SBA forgiveness in round one. Doctors who hope not to have yet filed. We've been telling doctors for several months that there's no rush to file. We've had doctors that have filed to get their work done. These are also known as covered property damage. This is caused by someone coming into your dental office and looting or vandalizing it. Not likely during public disturbances as many of you recall during the tensions that took place in many cities throughout the country.

Use employee retention tax credit for home improvement service businesses like a 'job'

You must have had a minimum of twenty five percent revenue reduction in any calendar quarter to qualify for a second round PPP Loan. To qualify for the Employee Retention Credit in 2020, a dental practice needed a 50% decline in gross receipts during any quarter in 2020 compared to that same quarter in 2019. A practice could also qualify if they experienced a full or partial government shutdown (the Wisconsin Dental Association's recommendation does not qualify for this observed shutdown). 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.

We at Eide Bailly, the Academy of Dental CPAs, understand how this works. So if this is something you'd like, and I'll do it again at the end, we have a whole bunch of people who are doing this. This is a complex spreadsheet. Read more about employee retention credit for dental practices here. We will save our clients and all other clients, who engage us, tens to thousands of dollars with this tax credit. So this example, I'll get to it in the next example.