In this episode of The Dental Boardroom Podcast, Wes Read CPA, CFP, founder of a dental CPA and financial planning firm, dives deep into the Employee Retention Credit (ERC)—what it was, how it worked, and the lingering tax implications that dentists still need to address in 2025. From qualification rules and tax amendments to why the IRS is still behind on guidance, Wes breaks it all down with clarity and real-world insight. If you're a dentist who claimed the ERC or are still navigating its aftermath, this is a must-listen.

Key Points Covered:

What the ERC is: A government stimulus program that provided financial relief to businesses during COVID closures, especially valuable to dental practices.

How eligibility was determined: Based on revenue drops and specific calendar quarters in 2020–2021.

Claiming the ERC: Typically filed retroactively through amended 941 payroll tax returns.

Why ERC resurfaced in 2025: The amendment window has closed, and many dentists are left wondering how to finalize tax treatment of ERC funds.

Tax implications explained: Receiving ERC impacts labor expenses, corporate profits, and personal tax returns—requiring multiple amendments.

When to file amendments vs. report ERC on current returns: Wes explains how to navigate reporting ERC on 2024 or 2025 returns if amendments weren’t done in time.

IRS delays and confusion: Lack of consistent IRS guidance caused delays and headaches for dental CPAs and clients.

Important advice: Include the ERC in your current or next year’s tax return if you're too late to amend previous years.

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