Two newer programs https://vimeo.com/770293669 , 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. You may also qualify if the practice has been closed completely or in part due to a government directive.
I use the analogy that if your state dental board sent you an email every week and said, OK doctor, this is how to do a crown preparation. We're going change it this week. We're going change the law next week. And we're going change it the week following. That's how our CPAs have lived the past 12 months. We are supposed to be familiar with the tax laws, how to do accounting, and how to help you with your personal and business financial problems. But, we also have a new business.
All photos were taken from Aprio's article "The Dental Employee Retention Credit" attached at bottom of this post. Your current CPA may be able help you navigate these topics. I strongly suggest that you inform them. 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 the amount you can afford to pay for PPP forgiveness.
- It is impossible to use the same wages in both the PPP (or the ERC) for a practice.
- Please let your planner know if you feel any of these qualifications might be applicable to your practice.
- If you're applying for a PPP loan for the first time, you have a separate application that you can file.
- Their cut.
- You do not get a deduction for the 50,000.
How employee retention credit for staffing firms will Save You Time, Stress, and Money.
Qualified Wages include an allocable percentage of "qualified Health Plan expenses" paid to or incurred by an eligible Employer. To properly use the tax credit, both dental and medical practices need to work with a qualified financial advisor. Contact us now to learn more about how TPG may be able to maximize your business's assistance. That's two-hundred and thirty three hundred seven times seven. That's two-hundred and ten million dollars per quarter.
Use employee retention credit for construction companies like a 'occupation'
To be eligible for a second round PPP loan you must have experienced a minimum of a twenty-five percent drop in revenue in 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 eligible if they experienced a partial or complete government shutdown (the Wisconsin Dental Association's recommendation doesn't qualify for this observed shutdown). Staying current on all the information and guidelines of government stimulus programs can be challenging for dental practice owners.
The Do's and Do nots Of Employee Retention Tax Credit For Dental Practices
Well, you know, we should be able to pick March, April and May. They won't let that happen and other stuff like that. So 50 percent reduction, you get to the bonus round for the second and the third quarters. Read more about employee retention credit here. The second way that you qualify, which is probably the least likely, although for many of you in many states you may qualify, you have to have been under a government order shutdown.
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