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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Student Loan Update: No Forgiveness, But Perhaps a SAVE-ing GraceIn a significant blow to the Biden administration's student loan forgiveness plan, the Supreme Court has ruled against its implementation. The court's decision, which came down in a 6-3 vote, deemed the proposed student loan forgiveness program as unconstitutional, stating that the President does not have the authority to unilaterally cancel federal student loan debt. […]
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New Podcast! Five Dumb Things That Smart Dentists Do, featuring Dr. Richard MadowYou’ve got to be pretty smart to be a dentist. You went to college, excelled in a difficult major like biochemistry, physics or molecular biology and made it through dental school. But then you were thrown out into the real world, where it takes more than clinical mastery to run a successful practice. And even […]
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New Podcast! PracticeCFO’s Diversified Approach to InvestingWhat’s the smartest way to invest your money to win in the long term? Dental practices benefit from being in an industry that is mostly recession proof. But can you build an investment portfolio that will also survive an economic downturn? Brandon Hobson, CFA®, CPA serves as Chief Investment Officer at PracticeCFO. On this episode […]
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PCFO Podcast Feature! How to Determine Your “Break-Even” as a Dental Practice Owner, with Chuck Blakeman & WesIt was an honor to once again be featured on Chuck Blakeman's Get Off The Treadmill Podcast! Tune in as Wes and Chuck navigate the world of breaking even in a dental practice. Lots of important accounting content in this episode that practice owners should be aware of. Listen here! To check out Wes's other […]
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Retirement Ready: What You Need To Know About The Secure Act 2.0The Secure Act 2.0 was signed into law in late December 2022 and builds upon the earlier "Setting Every Community Up for Retirement Enhancement" (SECURE) Act of 2019. This legislation enacts dozens of retirement-related provisions for employees and employers alike. The Secure Act 2.0 empowers individuals to save for retirement, improves the rules surrounding retirement, and […]
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Why You'll Regret Last-Minute Tax PlanningWith a month or two left in the year, it hits us. That dreadful tax season is nearly here. We immediately contact our CPA to find out what last-minute tax strategies and loopholes are available this year. The truth is, your CPA knows that there aren't many viable options left at this point. While certain timing-related tax strategies can be implemented late […]
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The Latest on Biden's Student Loan Forgiveness Plan & COVID DefermentAfter the Supreme Court’s historic hearing on February 28th that will determine the fate of President Joe Biden’s student loan forgiveness initiative, millions of borrowers are anxiously awaiting updates. Biden’s plan, if it goes forward, would eliminate $10,000 in federal student loan debt for borrowers who earned under $125,000 in income in 2020 or 2021 ($250,000 if […]
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