Employee Retention Credit for Dental Practices Solutions - An Analysis

Two new programs offer additional relief to dental practices. Read more about employee retention credit here. Healthcare providers will be eligible to apply for $25.5Billion in relief funds under the Phase 4 General Distribution and American Rescue Plan Rural as of September 29 employee retention credit for dentists, 2021. To really optimize the PPP and ERC, you want to make sure you qualify or might qualify, in any quarters in either 2020 or 2021, when compared to the same quarter in 2019. You may also qualify if the practice has been closed completely or in part due to a government directive.

I use the analogy that "OK, doctor, this how you do a Crown Prep" every week. We're going to make it better this week. We just passed a new law and plan to change it next week. Well, 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.

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 can help you navigate this topic, and I strongly recommend that you bring this information to their attention. You can multiply the number employees you had that you paid 10 Grand to in the second quarter of 2020 twenty-five thousand dollars. And that's how much you can get PPP forgiveness.

• A practice cannot use identical wages for the PPP, and the ERC.
• If you feel any of the above qualifications exist for your practice, please reach out to discuss with your planner.
• If you're applying for a PPP loan for the first time, you have a separate application that you can file.
• But for that 50,000, you do not get a deduction.

How employee retention tax credit for staffing firms will Save You Time, Money, and Stress.

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 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. Public disturbances are not likely, as many of our readers recall from the tensions in many American cities.

What They Told You About employee retention credit for dental practices Is Dead Wrong...And Listed 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 have a 50% decrease in gross receipts in any quarter of 2020 to be eligible for the Employee Retention Credit. A practice can also qualify if the government shut down completely or partially (the Wisconsin Dental Association doesn't recommend this). Dental practice owners may find it difficult to stay current with all the information and guidelines provided by government stimulus programs.

Short Article Reveals The Undeniable Facts About Employee Retention Tax Credit For Dental Practices And How It Can Affect You

Eide Bailly Academy of Dental CPAs is a firm believer in this system. If you'd like our assistance, I'll repeat it at the end. We have a whole group who can help you. We've got a very, very intricate spreadsheet that is doing this. Read more about employee retention credit dental offices 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.