Employee Retention Tax Credit Can Be A Boon To Local Dental Practices September 2021 Compendium

Medical And Dental Practices Can Still Access Cash Relief From Employee Retention Credit

The funds can also be used to reimburse the practice for any lost revenues that were attributable to COVID-19. This program is very similar with the Employee Retention Credit (or PPP loans) where the revenue in each quarter is compared for 2019 and 2020 in order to determine if there were any decreases in any of those quarters. The financial advisors supporting dental practice owners and dentists employee retention credit tips as wages are always on the lookout for tax credits that reduce tax liability. In the past few years, standard good practices have included tax-advantaged savings and deductions by businesses as well as government-funded relief programs such as the CARES Act. https://fdr.s3-web.eu-gb.cloud-object-storage.appdomain.cloud/employeeretentiontaxcredit/Employee-Retention-Credit/Employee-Retention-Credit-For-Dental-Offices.html

https://f004.backblazeb2.com/file/rlqgve/employeeretentioncredittax/Employee-Retention-Credit-Eligibility/The-Irs-Has-Published-New-Rules-That-Can-Help-Dentists-Get-Greater-Economic-Relief.html

employee retention credit dentists

We have offices located on the East Coast in Maryland, Virginia, Washington, D.C., Pennsylvania, Florida, New York, to serve international clients. Frost Law is comprised of skilled tax attorneys, business attorneys, litigation attorneys, estates attorneys, Certified Public Accountants, Certified Financial Planners, and other tax professionals. Doctors may not perform elective procedures if they are under an order. Employers are usually eligible for government orders restricting their operations.

Medical And Dental Practices Still Have Access To Cash Relief Through Employee Retention Credit

Employers can also be eligible by proving that gross receipts have decreased. The qualification method, still in dispute, is a government directive requiring either a partial shuttering or a modification to business activity that caused more then a nominal effect. A nominal portion of an effect or result is defined as 10% by the IRS safe-harbor definition. ERC is available to eligible businesses that have had loans through the Paycheck Protection Program ("PPP") When the ERC became part of the CARES Act, it was not legal for any organization to claim an ERC.

The covered period is either the first 8 weeks or the first 24 weeks after you receive the loan. To qualify, your practice needs to have experienced decreased revenue, a COVID event, a partial or full shutdown, or a supply chain disruption and kept employees on the payroll. Comparing receipts for 2020 and 2019, the first employee retention tax credit dentists quarter was at 48%. This practice qualifies. The practice was at 83% in the second quarter which was higher than the 80% threshold. So in this example, the practice only had one qualifying quarter but the employer is entitled to the credit in quarter one and quarter two.

If You Qualify, The Cares Act Gives Businesses Up To $26k Each Employee

If the government order is a qualified government order, the order to shut down does not have to be a total order to shut down. 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. Staying current on all the information and guidelines of government stimulus programs can be challenging for dental practice owners.

Comments

Post a Comment

Popular posts from this blog

Expanding Your Investment Options: 403b to Gold IRA Rollover

Image
Protect Your Retirement Savings: 403b to Gold IRA Rollover https://twitter.com/CryptoCrispsBee/status/1642969498150895617 Rolling over your 403b retirement savings plan into a precious metals IRA can provide several benefits that traditional retirement investments may not be able to match. First, precious metals, such as gold and silver, are known for their inner value and capacity to retain their worth even in economic turmoil. This makes them a good option for investors who want to protect their retirement savings from inflation and market volatility. Another benefit of rolling over your 403b retirement savings plan into a precious metals IRA is that it offers diversification. By adding tangible assets to your retirement portfolio, you can mitigate your overall risk and safeguard your investments against fluctuations in the stock market. Precious metals also offer a low correlation to traditional stocks and bonds, which means they can help balance your portfolio and offer greater st
Read more

The Golden Guide: Rolling Over Your 401k to a Gold IRA

Image
What is a Gold IRA rollover? A 401k-to Gold IRA rollover is the procedure of moving funds from the traditional retirement account into an Gold IRA, which allows to invest in physical precious metals such as gold, silver, platinum, and palladium. This rollover provides an opportunity for diversification and wealth preservation during times of economic uncertainty. https://sites.google.com/view/goldiraguide/ What exactly is a Gold IRA rollover work? An Gold IRA rollover involves working with a trusted custodian to transfer funds from your current retirement account to an already existing self-directed Gold IRA. The custodian will guide you through the procedure, which usually involves the opening of an account deciding the kind of precious metals to put your money into, and organizing to store the precious metals. What are the advantages of rolling over my 401k account to an Gold IRA? Transferring your 401k funds to an Gold IRA offers several benefits including diversifying your investm
Read more

401K to Gold IRA Rollover Guide

Image
Gold IRA Rollover Guide Are you thinking of the possibility of protecting the retirement funds you have saved from volatility? If yes, you might want to consider rolling over your 401k to an investment in gold IRA. In this blog we'll go over the steps required to switch over and how you will reap the benefits of buying gold. An Introduction Gold IRA Rollover https://vimeo.com/810626484 ">gold IRA rollover It is essential to know the fundamentals of gold IRA rollover before taking the decision to move funds from the 401(k) into an gold IRA. The gold IRA is an individual retirement account that allows customers to put their money into physical silver, gold, and other precious metals. This type of retirement account comes with a variety of benefits, including tax-free growth and the ability to diversify your portfolio by investing in tangible assets. In order to initiate an 401(k) into a gold IRA rollover, you need to first open accounts with a bank that is specialized in
Read more