An Update On Advice In Employee Retention Tax Credit for Dental Offices

This can be caused by directives from an authorized governmental body. You could also be experiencing a decrease in their gross revenues, as discussed further below. Dentists are eligible for relief under the Employee Retention Tax Credit. Also, they may be eligible to have their Paycheck Protection Program loans forgiven completely. Read more about employee retention credit here. Every podcast I do, I go through all of these rules. https://twitter.com/CryptoCrispsBee/status/1591565990936166400

This is achieved by closing your physical space. ERC wages cannot be claimed on wages that were used for the PPP waiver, but they may still be eligible. Cherry Bekaert-related entities are independent companies and are not responsible if any other entity provides services under the Cherry Bekaert name.

All photos and information were extracted from Aprio's article "The Dental Employee Retention Credit" attached at the bottom of this post. However, your current CPA should help you navigate this topic and I highly suggest bringing this information to their attention. You know, multiply the number of employees that you had that you paid 10 grand to in the second and third quarters of 2020 twenty five thousand dollars. That's how much money you have at stake to get PPP forgiveness.

• 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 doctors and dentists were ordered to close down their practices 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.
• Do not spend a third of the tax savings.
• If your practice experienced a 50% or more reduction in gross receipts during any calendar quarter 2020, compared to the same quarter in 2019,

Use employee retention credit for dental practices like a 'profession'

Doctors that have already filed for SBA forgiveness for round one, and doctors who have hopefully not yet filed. This is why we've been telling our doctors for months that there's no rush. 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 unlikely, as many of us remember from the tensions in many cities across the nation.

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

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 that is eligible for the Employee Retention Credit 2020 must have a 50% reduction in gross receipts between any quarter in 2019 and 2020. A practice can also qualify if the government shut down completely or partially (the Wisconsin Dental Association doesn't recommend this). Owners of dental offices may find it difficult to keep up-to-date with all the guidelines and information provided by government stimulus programmes.

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

We should be able choose March, April, or May, you know. No, they don't allow that. You get a 50% reduction and you can go to the bonus round in the second and third quarters. Read more about employee retention credit here. The second way you qualify is the most unlikely. However, for many of you living in many states you may qualify.