What To Know About The Clean Vehicle CreditBig changes have been made to the electric vehicle tax credit - now simply known as the "Clean Vehicle Credit." Read on for a 1) brief review of the credit in 2023, 2) the various criteria needed to be eligible for it, and 3) new updates that can be implemented for 2024. 2023 Rundown: Effective January 01, 2023, the credit was subject […]
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An Embezzlement Protection Guide for DentistsDental embezzlement within private practice dental offices is staggeringly high. But a basic understanding of the embezzler profile, symptoms, causes, methods, and safeguards can significantly lower the likelihood of it happening in your office. This guide can help you better protect your practice against this problem. Please note, while this guide is meant to be informative, […]
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Beware of Dental Impersonation Scams: A Dentist's Tale of DeceitIn today's interconnected world, scams and online frauds have become increasingly sophisticated and prevalent. The dental industry is no exception to this deceit. We share the story of a dentist we personally know here at PracticeCFO, who ended up being the target of this very crime. Read on to hear their experience and learn valuable insights on […]
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Fighting the Fraud: Breaking Down the ERC MoratoriumEffective 9.14.23, the IRS has announced an immediate halt to the processing of new ERC filings. This moratorium has been put in place to help the IRS better target fraudulent ERC filings, which have risen to alarming rates since the program's inception. With a stronger focus on compliance, this moratorium is intended to 1) track down […]
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Items to Consider When Entertaining a DSO SaleMany dentists are receiving proposals from DSOs to purchase their practice. These proposals are more complicated than a traditional practice sale. On surface, they generally look very appealing. However, there are various factors to consider when determining if the proposal is, in reality, a good one (or not). These factors include: At this year's annual Dykema Conference, DSO […]
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They're Back: Student Loan Payments Resume & Interest AccruesAfter a three-year pause on federal student loan payments, September 1st marked the first significant step toward restarting the process: borrowers will once again see interest accrue on their loan balances. The milestone comes one month ahead of the next major date for millions of American borrowers: October 1st, when most payments will resume. Here’s what […]
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New Podcast! The Evolution of Deal Structures in the DSO SpaceWe’ve seen a consistent trend toward consolidation in the dental space for the last 15 years. But coming out of the pandemic, the DSO marketplace is changing. And if you’re thinking about selling your practice to a Dental Service Organization, it’s useful to understand the different deal structures available to you. So, how are DSO […]
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New Pass-Through Entity (PTE) Payment Programs Aim To Address SALT LimitationsThe Tax Cuts and Jobs Act (TCJA) of 2017 imposed a $10,000 limitation on the amount of state and local taxes (SALT) that taxpayers can deduct on their federal income taxes for the tax years 2018 - 2025. This has had a significant impact on taxpayers in states with high SALT burdens, such as California, […]
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Employee Retention Credit (ERC) Update: A Tangled WebIf you have filed for the Employee Retention Credit (ERC), you likely have also had some IRS notices darken your doorstep. These notices paint a concerning picture that your ERC amendment forms (941x) are on hold until further action is taken. Despite this bleak notice, we'd like to reassure everyone who filed with us that your ERC […]
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