Swift Advice In Employee Retention Credit for Dental Practices - Insights

Two newer programs, which are part of HHS Provider Relief Funds, offer additional relief for dental practices. Read more about employee retention credit here. On September 29, 2021, healthcare providers are able to apply for $25.5 billion in relief funds through the Phase 4 General Distribution and the American Rescue Plan Rural. To maximize the PPP/ERC, you must make sure that you are qualified or might qualify in any quarters of 2020 or 2021 as compared to the quarter in 2019. You may also qualify if the practice has been closed completely or in part due to a government directive. https://youtu.be/JxFxAmsT8GU

This is based in closing your physical space. While wages used to apply for PPP forgiveness can't be claimed as ERC wages but 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.

This blog will not focus on this test, since most dental professionals do not qualify. 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 revenue of the business is less than 20% than its gross receipts for the comparable calendar quarter in 2019, the organization will be deemed an Eligible Employee. The 2020 gross revenue fall criteria is more difficult because it requires a 50% increase in gross revenue. It is important to note that if you have already filed your personal returns and filed them on time, you will need an amended return to get the credit.

• But if they're not accepting applications, you can find another bank.
• Due to the requirement to show a decline of greater than 50% in gross receipts for 2020, it is more difficult to meet the 2020 gross receipts decline requirements.
• Ohio's medical and dental practices were shut down between March 19, 2020 and April 30, 2020.
• The financial advisors who support dental practice owners are always looking for tax credits that will minimize tax liability.
• You shouldn't spend a third on 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,

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

Doctors who have already filed for SBA forgiveness round one and doctors who hopefully have not yet. This is why we've been telling our doctors for months that there's no rush. We've even had doctors file for things they want to do. The next is likely these are called covered damage. Not likely during public disturbances, as many of you remember during the tensions that went on in many cities across the country.

Use employee retention credit for home improvement services such as for instance a 'profession'

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. Although most COVID-19 relief programs were discontinued, the Employee Retention Tax Credit came back into being. Specialty tax consultants have reached out and offered to help dental practice owners claim ERTC retroactive credits up to 2021. You might be eligible if the number and quality of hygiene chairs you use to meet the six foot test is reduced. This would resulted in 10% more patient visits in the same quarter 2021 than it did in 2019.

Well, you know, we should be able to pick March, April and May. No, they won't let you do this and other things like that. So 50 percent reduction, you get to the bonus round for the second and the third quarters. Read more about employee retention tax credit for dental practices here. The second way to qualify, which is likely the least likely, is to have been under a government shutdown.