Retention Credit combined with PPP Loans The COVID-19 shutdowns presented a unique challenge for dental practices. Thankfully congress acted quickly and dental practices were able to take advantage of the PPP loans. During the PPP fiasco, the congress also laid out the opportunities to use the Employee Retention Credit (ERC). However you had to pick one […]
PPP Forgiveness Sept 2020 Update
As we are nearing the last quarter of the year, businesses that received the PPP loan are now starting to get emails from their lenders to began gathering their documents to apply for forgiveness. Here are some points regarding our take on the timeline along with important dates to keep in mind. Possibly delay […]
PPP Loan Extended to 24 Weeks Impact on Dental Practices
Hope you and your families are doing well. Earlier this month the Senate passed H.R. 7010 to modify specific provisions related to the PPP Loan forgiveness. As expected the President signed it into law This is great news and honestly should have been done months ago! The changes will most likely allow dental practices to […]
Year End Tax Strategies for Dentists
As we move into the last Quarter of 2018, this is a great time to review your tax strategy with your Dental CPA. You should make sure your Dental Independent Contractor Business or your Dental Practice is taking advantage of the tax deductions available to dentists. Below are some Year End Tax moves to consider. […]
Impact of 2018 Tax Reform on Dentists
As most of you have probably heard, President Trump signed the Tax Reform Bill rolling out some of the largest Tax Reform since the Reagan Administration. The key question is how will this impact dentists operating their own practice and/or working as Independent Contractors. Dental Practice and Dentists working as Independent Contractors are considered Businesses […]
New Proposed Tax Laws and the Effect on Dentists Practicing as S Corporations
New Tax Laws have been proposed by the Republican’s last Thursday. Dentists and Dental Practices setup as S Corporations are asking, “How will this affect them” At Virjee Consulting, we have been following the proposed tax bills closely. Below are some key points: If your LLC or S Corporation provides professional services such as accounting, […]