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PPP 2.0 and Employee Tax Credit with Art Wiederman CPA | All-Star Dental Academy
Eric and Art discuss the Payroll Protection Program (PPP) and the Employee Retention Tax Credit (ERTC). Basically, before December 27 dentists who took the PPP loan (which was a much better deal) could not apply for the ERTC. When former President Trump signed the Stimulus bill in late December, it allowed business owners to file to claim the ERTC if they qualified, even if they took out a PPP loan. This now allows us to bifurcate wages paid in 2020 so that potentially a dentist can get full forgiveness of their PPP loans as well as claim a tax credit equal to as much as $5,000 per employee.
To qualify for this, a dentist would either have to show at least a 50% reduction in their revenues for, most likely, Q2 of 2020 vs. Q2 of 2019, or show that any government unit (city, county, state) ordered them to shut down. Two days ago, the IRS issued 103 pages of rules on how this works.
About Art Wiederman:
Art has been a CPA serving the dental profession since 1984. He started his career working with dentists with the Pride Institute of Management running their financial services division, which ultimately became his CPA firm. Art merged his firm and is now part of Eide Bailly which serves over 700 dentists in the Western United States.
Art is a frequent lecturer at local, state and national meetings on the subject of financial issues for dentists. He also has a weekly podcast with thousands of listeners called “The Art of Dental Finance and Management with Art Wiederman, CPA”.
Visit Us:-https://www.allstardentalacademy.com/dental-training/podcast-ppp-2-0-and-employee-tax-credit-with-art-wiederman-cpa/
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By All-Star Dental AcademyEric and Art discuss the Payroll Protection Program (PPP) and the Employee Retention Tax Credit (ERTC). Basically, before December 27 dentists who took the PPP loan (which was a much better deal) could not apply for the ERTC. When former President Trump signed the Stimulus bill in late December, it allowed business owners to file to claim the ERTC if they qualified, even if they took out a PPP loan. This now allows us to bifurcate wages paid in 2020 so that potentially a dentist can get full forgiveness of their PPP loans as well as claim a tax credit equal to as much as $5,000 per employee.
To qualify for this, a dentist would either have to show at least a 50% reduction in their revenues for, most likely, Q2 of 2020 vs. Q2 of 2019, or show that any government unit (city, county, state) ordered them to shut down. Two days ago, the IRS issued 103 pages of rules on how this works.
About Art Wiederman:
Art has been a CPA serving the dental profession since 1984. He started his career working with dentists with the Pride Institute of Management running their financial services division, which ultimately became his CPA firm. Art merged his firm and is now part of Eide Bailly which serves over 700 dentists in the Western United States.
Art is a frequent lecturer at local, state and national meetings on the subject of financial issues for dentists. He also has a weekly podcast with thousands of listeners called “The Art of Dental Finance and Management with Art Wiederman, CPA”.
Visit Us:-https://www.allstardentalacademy.com/dental-training/podcast-ppp-2-0-and-employee-tax-credit-with-art-wiederman-cpa/