The Facts On Fast Advice For Employee Retention Credit for Dental Practices

Two newer programs, which are part of HHS Provider Relief Funds, offer additional relief for dental practices. 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, 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's another opportunity to qualify if the practice was fully or partially shut down due to a government order.

I always use the analogy of imagine if you're state dental board came to you with an email every single week and said employee retention credit for dental practices, OK, doctor, this is how you this is how you do a crown prep. We're going change it this week. We're going to amend the law that just came down next week, and we want to make it even better the week after that. Well, that's been our CPAs lives here in the last 12 months. We now have a new venture.

This blog will not be about this test since most dentists are not qualified. If ordered by the state, full shut down of dental practices lasted approximately eight to fifteen weeks starting in March 2020. This allowed most practices to qualify during their 2020 mandated shut down. If the gross revenues of the business are less than 20% in the first, second and third quarters 2021, the organization will be considered an eligible employer. Because the 2020 gross revenue reduction criteria are more difficult, a lower than 50% fall is required. It is very important that you know that if your personal returns were filed on time and you have filed your tax returns, you will need to amend your return if you receive this credit.

• 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%.
• Ohio was ordered to close all dental and medical practices between March 19, 2020 - April 30, 2020.
• The financial advisors who support dentists are always on the lookout for tax credits that reduce tax liability.
• You shouldn't spend a third on tax savings.
• If your practice achieved a 50% or greater decrease in gross receipts for any quarter of 2020 compared to the previous quarter in 2019,

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

Qualified wages include an allocable amount of "qualified health plan expenses" paid by an Eligible employer. Again, given the intricacy of these two programs, medical and dental practices must work with a good financial advisor to properly utilize the tax credit. Contact us today to learn how TPG can maximize your assistance. That's a total of two hundred and thirty-three hundred times seven. It is two hundred an ten thousand dollars per month.

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

You have 3 years, from the date you filed the payroll return, to amend the return and claim the credit. 2021 can still be claimed in 2023 and 2024 in certain cases. While most COVID-19 relief programs have ended, the Employee Retention Tax Credit recently came back into focus. Dental practice owners have been contacted by specialty tax consultants and retrieval companies offering to help them claim ERTC retroactive credits for 2021. If you reduce the number of hygiene chair to meet the six-foot standard, you would be eligible. This would result is 10% fewer patient visits per quarter in 2021, compared with 2019.

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

Eide Bailly Academy of Dental CPAs has a different understanding of how this works. If you'd like to have our help in this and I'll reiterate it at the conclusion of the show, we have a whole team that is doing this. We have a very, extremely complex spreadsheet that is doing all this. Read more about employee retention credit for dental practices here. We are going to save our clients and anyone else who engages us, tens or thousands of dollars through this tax credit. This is an example. I'll move on to the next one.