Standards For Rapid Advice Of Employee Retention Tax Credit for Dentists

This suspension may be caused by directives from an approved governmental entity. It can also be due if their gross receipts are down, as described 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. Every podcast that I do I go through these rules.

This is based in 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 entities are independent and are not liable to any other entity that provides services under the Cherry Bekaert branding. https://vimeo.com/channels/ertcreditdentalpractices/770293669

This blog won't focus on this test because most dental professionals don't qualify. If required by the state dental society to complete a shutdown, it typically lasted eight to fifteen weeks and began in March 2020. This allowed most dental practices to qualify for their 2020 mandated shutdown. If the business's gross revenue is more than 20% less than the organization's receipts in the comparable quarter of 2019, it will be an Eligible Employer. The gross revenue reduction criteria for 2020 are more difficult to satisfy because a higher than 50% fall is required. It is very important to remember that even if your returns have been filed, you will need to file an amended return in order to claim this credit.

• A practice cannot use identical wages for the PPP, and the ERC.
• 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.
• Company their cut.
• For 50,000, however, you don't get a deduction.

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

Qualified wages include an allocable portion of the "qualified health plan expenses" paid or incurred 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. Get in touch with us to find out how TPG can best assist your business. 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 such as a 'profession'

You have three years from the date that you filed your payroll returns to amend the return and claim credit. 2021 can still sometimes be claimed in 2023 or in 2024. Although most COVID-19 relief programs have expired, the Employee Retention Tax Credit has recently stepped back into view. Specialty tax consultants have reached out and offered to help dental practice owners claim ERTC retroactive credits up to 2021. You would be eligible if you reduced the number hygiene chairs required to pass the six-foot test. This would result in 10% less patient visits in the same quarter of 2021 than in 2019.

Again, Eide Bailly, Academy of Dental CPAs understands how it works. We have a whole group of people who can help you get this done. We've got a very, very intricate spreadsheet that is doing this. Read more about ERC tax credit here. We will be saving our clients as well as non clients, whoever engages me, tens and thousands of dollar in this tax credit. I'll now move on to the next example.