Clear-Cut Systems Of Employee Retention Tax Credit for Dental Practices - The Options

To aid dental practices with further relief, there are two newer programs that are part of the HHS Provider Relief Funds. Read more about employee retention credit here. 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. To really optimize the PPP and ERC, you want to make sure you qualify or might qualify https://vimeopro.com/cryptoeducation/employee-retention-tax-credit-for-dental-practices/video/765842749 , 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.

This is achieved by closing your physical space. ERC wages cannot be claimed for wages that were used to apply to the PPP forgiveness, but other wages may be eligible. Cherry Bekaert is an independent brand. They are not responsible for any services provided by any other entity under the Cherry Bekaert label.

All photos were taken from Aprio's article "The Dental Employee Retention Credit" attached at bottom 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. That's how much money you have at stake to 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.
• Ohio's medical and dental practices were shut down between March 19, 2020 and April 30, 2020.
• The financial advisors who support dental practice owners are always looking for tax credits that will minimize tax liability.
• You shouldn't spend a third on tax savings.
• If your practice had a 50% decrease in gross revenues in any calendar quarter of 2020 when compared to the 2019 same quarter.

Use employee retention credit for dental practices such as a 'profession'

Qualified wages include an allocable amount of "qualified health plan expenses" paid by an Eligible employer. Given the complexity of both these programs, dental and medical practices should work with a professional financial advisor to ensure that they are able to make the most of the tax credit. Get in touch with us to find out how TPG can best assist your business. That's two hundred, thirty three hundred and seventy-eight times seven. This is two thousand and ten thousands dollars per quarter.

Whatever They Told You About employee retention credit for dental practices Is Dead Wrong...And Listed here is Why

A second round PPP loan can only be obtained if you have had a minimum twenty five percent decrease in revenues during any calendar quarter. 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 be considered if they were subject to a partial or total government shutdown. The recommendation of the Wisconsin Dental Association is not sufficient to qualify for an observed shutdown. Dental practice owners may find it difficult to stay current with all the information and guidelines provided by government stimulus programs.

The Do's and Do nots Of Employee Retention Tax Credit For Dental Practices

But again, we at Eide Bailly the Academy of Dental CPAs, we 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. 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.