Standards For Rapid Advice Of Employee Retention Tax Credit for Dental Practices

Two new programs are available to aid dental practices in need of additional relief. They are part the HHS Provider Relief Funds. Read more about ERC tax credit here. 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 employee retention credit for dentists, 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. Another way to qualify is if the practice was closed down completely or partially by a government order.

This is achieved by closing your physical space. Wages used to apply for the PPP forgiveness cannot be claimed as ERC wages, but remaining wages may 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 were taken from Aprio's article "The Dental Employee Retention Credit" attached at bottom of this post. Your current CPA should be able to help you navigate the topic. I highly recommend that they receive this information. You can multiply the number your employees that you paid 10 million dollars each quarter. That's how much money you have at stake to get PPP forgiveness. https://vimeopro.com/cryptoeducation/employee-retention-credit/

• A practice cannot use the same wages for the PPP and the ERC.
• Please contact your planner if any of the qualifications you have listed are relevant to your practice.
• You can still apply for a loan from the PPP if you are a first-time applicant.

How employee retention tax credit for staffing firms could Save You Time, Money, and Stress.

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. Contact us now to discuss how TPG could maximize your business's assistance. This is two hundred thirty three hundred times seven, which is two hundred ten thousand dollars per quarter.

Use employee retention credit for construction companies just like a 'occupation'

You have three years from the date that you filed your payroll returns to amend the return and claim credit. So 2021, can still be claimed in 2023 or 2024 in some cases. While most COVID-19 relief programs may have expired, the Employee Retention Tax Credit was recently reinstated. Specialty tax consultants have reached out and offered to help dental practice owners claim ERTC retroactive credits up to 2021. You could qualify for this if you decreased the number of hygiene seats to meet the six-foot test. This would result to 10% fewer patient visits in that quarter in 2021 compared to 2019.

We at Eide Bailly, the Academy of Dental CPAs, understand how this works. So if you would like our help, by the way, in doing this and I'll repeat this at the end of the show, if you would like our help in getting this, we have a whole group that is doing this. We have a very, extremely complex spreadsheet that is doing all this. Read more about employee retention credit here. We are going to save our clients and anyone else who engages us, tens or thousands of dollars through this tax credit. I'll now move on to the next example.