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How An Accountant Can Solve Problems Through Creative Solutions | Allen Schiff CPA

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Al Capone was a notorious mobster and crime boss who committed countless crimes either himself or through his organization. However, the crime that finally got him caught and sent to prison wasn’t related to his gangster reputation. Ultimately, Capone was arrested and convicted for income tax evasion. The man who had a seven year reign as crime boss of Chicago ended up being taken down by a team of accountants. 

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While this story may not have much to do with dentistry, it is a testament to just how important accountants can be to any field. More than just the people who help you with your taxes, accountants are trained to understand businesses and create solutions that others may not think of. Here are just a few of the ways accountants can solve problems for your practice find success.

Understanding Dentistry:

While an accountant of any type may be able to be helpful to your practice, a dental CPA fully understands all the ins and outs of dentistry and is able to use that knowledge to help you. Dental accountants are uniquely qualified to assist you because they understand your issues in the larger context of dentistry and can examine an issue from every relevant angle. They know the business and therefore have a better grasp on will be the right solution for you. 

Big Picture Thinking:

Accountants are known for their analytical minds. When it comes to solving a financial problem in your practice, a new perspective that considers all the widespread consequences may be exactly what your practice needs. This capacity for lateral thinking is one of the reasons why dental accountants are able to make such significant contributions to your practice success.

Creativity:

Difficult problems require creative solutions. While accountants aren’t always respected for their originality, you may be surprised to know that their line of work takes quite a bit more creative flexibility than most believe. Combining their knowledge of the dental field with the ability to bring a unique approach allows dental accountants to come up with innovative solutions that work to meet and exceed your practice’s financial goals.  

While it’s better to have an accountant before trouble arises, we are here to help you no matter your circumstances. If you’re facing a problem that requires a special touch, contact our Dental CPA Baltimore team of professional dental accountants today and find the solution for success you’ve been looking for.

5 Qualities Your Next Accountant Should Have | 21204 dental CPA

Allen Schiff CPA

The easiest way to gage how well your practice is doing is to hire a professional dental accountant. However, not all accountants are the same, and you should know what you’re looking for before you trust your business to anyone. As you research your options, make sure your next accountant has these five qualities.

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Informed

It may seem like a no brainer, but your accountant should be an expert in bookkeeping and accounting specific to the dental industry. Make sure they know the best options for dentists and stay on top of practice related financial details and information. 

Organized

If you’ve tried to do your accounting yourself, you know just how quickly it can turn messy. Hire an accountant that knows how to clean up the mess and keep it that way. Not only will this allow you to reach your goals faster, but it was also help ensure your business is both efficient and compliant. 

Credible

Trust is one of the most important factors when deciding on an accountant. You are often putting your practice, your financials and your life in their hands. In this case, reputation means everything. Find out everything you can about the company and accountant before signing anything. Consider contacting professional references for testimonies.

Responsible

The devil is in the details, and one mistake could cost your practice dearly. Discuss the ways that your accountant would avoid mistakes and stay familiar with your financials. You spend a lot of time familiarizing yourself with your patients, an accountant needs to do the same with your practice. 

Dedicated to You 

The top dental accountants understand that customer service is paramount. Your accountant should go above and beyond to help your practice become successful. Our team knows this to be the case, and gives each of our clients the respect and dedication they deserve. Contact our Towson MD Dental CPA office today and see how a great accountant can help you.  

Top Three Tips for a Profitable Dental Practice | 21204 Dental CPA

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Part of what makes being a dentist so exciting and fulfilling is establishing your own practice. Dentists can work on their own or in a partnership setting. In either case, though, they’re at the top of their business. Being the CEO of a small business comes with responsibilities outside of the appointment rooms. Dentists need to invest time making sure their practices are profitable. This means having a grasp of things like overhead, revenue, and marketing strategies. Here are some of the most important tips to help dental practices become more profitable. 

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Analyze Your Expenses

This should be the first priority for any practice focused on widening profit margins. Dentists should produce a detailed list of their monthly expenses. This includes equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes. Carefully scrutinize this list for anything that’s not strictly necessary, or that your practice spends an excessive amount on. You may be able to reduce your overhead by cutting down on specific supplies, finding savvy ways to limit your insurance payments, or even writing off more expenses to reduce your taxes. There are myriad routes to pulling down your overhead. They all start with patiently poring over your expenses. Having a certified dental accountant is a great way to make sure this work is done accurately and effectively.  

Establish Growth Objectives 

Businesses without specific goals are often their own worst enemy. That’s because when you lack concrete objectives, you’re more likely to fall into a state of complacency with your company. It goes without saying, of course, that complacency leads to stagnation and lost profits. Dental practices that want to be as profitable as possible should map out where they want their business to be in three months, six months, a year, and five years. Have a clear sense of the number of patients you want to gain within each time frame, and start developing strategies that help get you there.

Master Online Marketing 

In 2019, the majority of people looking for a dentist in their area will use the internet to find one. In fact, statistics show that 90 percent of Americans use internet search engines to find local businesses. That includes dental practices. So how can dentists gain a foothold in these searches and put their practice’s website in front of as many eyes as possible? The answer is online marketing. More specifically, search engine optimization (SEO) marketing. SEO marketing has one simple, powerful objective: get a business’s website and content to rank as high on search engines as possible. In today’s marketplace, where Google, Bing, and Yahoo dominate the way we discover small businesses, this is a critical step in boosting profits.

For expert help in making your business as profitable as possible, contact our Dental Accountant in Baltimore office today. We know how to help your business generate all new levels of success.

Why a Dental CPA Is Your Most Valuable Asset | Best Dental CPA

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Dental practices are businesses, and the dentists at the heart of them are CEOs. If you own a dental practice, or are one of several dentists in a partnership-based practice, you should be treating that practice like a business. That means looking for ways to grow revenue, trim overhead, maximize business deductions, and minimize your tax liability. A dental CPA can help dentistry firms achieve all these goals. Here’s how. 

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They’re Specialists

A dental CPA is more than just a generic accountant. Dental CPAs work exclusively with dentists and their practices. This means that they have specialized knowledge that other accountants lack. Dental CPAs have an insider’s grasp of the industry, including expenses, trends, and the best ways to lower a practice’s tax burden. They also understand what new equipment is delivering the best return on investment, and how to save money every year from the depreciation of assets unique to the dentistry field. 

They Can Analyze Your Firm’s Financial Health

The benefits of having a dental CPA go far beyond just getting an advantageous grip on your business’s taxes, though. They can also apply their financial acumen to your overall business model. An experienced dental CPA will be able to look at a practice’s financial reports and determine how it can reduce its expenses and increase profits. They’re trained to recognize financial oversights and areas of inefficiency specific to the dental industry.

Given just a few months to carefully analyze your practice’s finances, a dental CPA will be able to make insightful, actionable suggestions that make an immediate difference. 

Industry Benchmarks

Benchmarking is the practice of comparing a business’s performance metrics with both competitors and the highest standards in the industry. While a dentist in Ohio may have no idea how their practice compares with firms in California, Texas, or New York, a good dental CPA does. They’re thoroughly versed in the industry’s key performance indicators (KPIs). These include metrics like patient loads, profit margins, and the percentage of active patients that are currently under schedule. 

Dentists primarily focused on their patients and the scientific aspects of their profession may have never even considered evaluating their practices in these ways. But benchmarks and KPIs are powerful ways to frame and understand your business. Dental CPAs can leverage those tools better than anyone. Our office offers you expert guidance on all of these financial strategies and more. Contact our certified dental accountant in Towson MD today and learn more about the many ways a Dental CPA can help you.

Retire Confidently With a Dental Accountant | Best Dental CPA

Retire Confidently With a Dental Accountant

There is a saying made famous by Stephen Covey that has stuck with us for years. The saying goes, “begin with the end in mind”. While these words can mean many different things to many different people, to us, they mean that it’s never too early to start planning for your retirement. 

Talk About Retirement with Dental CPA in Maryland

As a dentist with your own practice, your eventual retirement requires a great deal more planning than that of the average person. Hiring a dental accountant can reduce your financial waste, helping you to retire sooner with confidence. 

If retirement planning feels like it’s still a long way down the road, consider what has to be accomplished in order to ensure success:

  • In-depth debt reduction strategies
  • A strong practice exit plan (estate planning)
  • A retirement funding plan
  • Understanding risk management
  • And, if necessary, providing for your family.

It’s never too early to start working your way through this list. In fact, its recommended by most accountants that you meet with your advisor at least once a year to report on your progress and make necessary adjustments. 

Think of a dental accountant like a financial coach. Among the many services offered, accountants can help you find the right pensions, properties, and business opportunities to invest in while you’re still working. As your revenue starts to increase, they can also help you understand where your money is being spent in order to put you in better financial shape once you’re ready to retire. 

When you do retire, an accountant will also help you divvy up your assets while making sure they don’t fall into the wrong hands.

Retirement shouldn’t feel like work. Start building financial peace of mind today with a certified dental accountant. Contact our Towson MD Dental CPA office for more information.

Thousand Dollar Mistakes You May Be Making | 21204 dental CPA

Thousand Dollar Mistakes You May Be Making

Most dentists are experts at what they do. They keep teeth healthy. Many of those same dentists are less experienced in making sure their books are well kept and accurately reflect the financial health of their practice. Both of these skills are absolutely critical to maintaining the longevity of your practice. With that in mind, here are 3 common bookkeeping mistakes that could be costing you thousands of dollars and eventually your entire business.

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Misunderstanding the Difference Between Cash Flow and Profit

Understanding financial reports is no easy task. The complexity can often be confusing for inexperienced people, leading to some costly mistakes. Commonly, a dentist/in house bookkeeper will mistake profit figures for the amount of available cash. This is not correct. As a result of this mistake, dentists make purchases hat incur overdraft fees and charges costing your practice a lot of money. Profits are computed using a profit and loss statement. Cash flow however, is measured using a cash flow equation and factoring in depreciation expenses, inventory, and accounts receivable.  

Accidently Recording Transactions in the Wrong Period

Another common mistake is made as practices “close the books” at the end of each month. As your in house bookkeeper reconciles accounts and prepares your financial statements, transactions from previous periods can be wrongfully entered. If this mistake goes unnoticed, all of your future reports will be wrong as well as you tax documents and cash figures. As you can imagine, that is not good news. Misrepresentation of cash, whether or not it was an honest mistake, can mean a doubling of repair costs and harsh penalties from the IRS.

Not Working With an Experienced Dental Accountant

Trying to manage your financials yourself or hiring and inexperienced bookkeeper can spell disaster for your practice. High tax bills, theft, common cash mistakes and more are all results of an unreliable accounting system. 

Working with a dental accountant can save you time and money by implementing an effective system. Give yourself the peace of mind that comes with knowing you have an accurate understanding of your practice finances at all times. Contact our Towson MD Dental CPA office for more information.

Best Dental CPA | How Hiring a Dental Accountant Can Save Time

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Staff issues, the IRS, practice management, day to day business needs; it can all seem overwhelming. It’s more than likely that you got into the dental field to be a dentist, not an accountant, and even though those are important, we know it might just not be your thing. You don’t have to worry- most dentists feel the same way. But unfortunately lack of interest or knowledge doesn’t let you off the hook. After all, the right accountant can be the difference between your practice succeeding or failing. As your best line of defense against the complex and brutal business world, a specialized CPA can save you not only a great deal of time, but also money.

 Unlike an accounting computer program, a specialized accountant does more than provide basic numbers. Unless you or someone on your staff has a background in dental accounting, you’ll need a CPA to organize and present the data in a useful way. A skilled dental CPA will go multiple steps further than a computer program ever could. Just as you gather information to help treat your patients, your dental accountant will use those reports to evaluate, diagnose and plan in order to keep your business running as efficiently as possible.

The CPA will ask questions and create solutions to problems such as: How is the financial health of you practice? What can we do to minimize taxes and generate more revenue? Is it time to add another dentist?

Services your CPA will provide depend upon your needs. You may only need your tax returns prepared. But if you’re looking for the maximum benefit of a specialized accountant, they can also provide you with added security, tax planning and expert business advice. Remember, an excellent dental CPA can save you both time and money while providing peace of mind.

If you have questions about what a specialized CPA can do for you practice, or would like to begin your search for a CPA, contact Schiff & Associates today.

The New Dentist Names Allen Schiff Best Dental Accountant 2021

The New Dentist, an influential online industry magazine, has named Allen Schiff, CPA, CFE the Best Dental Accountant for 2021. Schiff, president and founder of Schiff & Associates, based in Towson, MD, was nominated by many clients for freely donating his time to helping dental practices understand the impact of COVID-19 — whether they were clients or not. 

“As CPAs we had two choices: to put our head in the sand or walk stride for stride with our clients holding their hands to get through the pandemic,” Schiff told the magazine. “I chose the second route.”

Over the past year, Allen has participated in many ADA and state dental association webinars, informing attendees of the financial aspects of the CARES Act

“They held multiple virtual meetings on evenings and weekends to help me navigate the complex processes, covering PPP1 and PPP2 loans, EIDL loans/grants, state grants, HHS grants, ERTCs and more,” client Eric Morse, DDS, said of Schiff & Associates. “They donated significant hours of their time to give national webinars to dentists at no cost.”

Schiff & Associates has been instrumental in securing nearly $30 million in PPP loans and other funding sources for his clients. 

“Many times, we received Allen’s emails to provide guidance or update us on the constant changes relating to the pandemic and all the PPP/Employer Tax Credit/Grant programs, etc., late at night or … extremely early in the morning at 1, 2 a.m. and sometimes after a few hours at 5 or 6 a.m.,” said client Trang Ton, DDS. “We were way ahead of our fellow dentist friends with all the business, accounting and tax aspects of the pandemic and felt very confident getting back on our feet and on track because of this amazing accounting team.”

Schiff’s nominations also noted his tireless lobbying of the American Dental Association for changes that benefit dentists; his attendance at continuing education courses and sending reports back to his clients; and his longtime role as an instructor at the University of Maryland School of Dentistry and other dental schools on the business side of dentistry. 

Schiff, who is president of the Academy of Dental CPAs (ADCPA), has more than 35 years of experience in dental accounting and practice management. A graduate of the University of Baltimore, he is an accomplished speaker, contributing writer to Dental Economics magazine, and a multiple recipient of the SMART CEO award in the State of Maryland. His firm guides 265 practices across the nation.

Dental CPA in Maryland | Is Your Business Healthy?

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The definition of success is subjective. However, many can agree that accomplishing a healthy work-life balance seems to be one of the most important ways to achieve success on many levels. By establishing healthy business habits, you can minimize the occurrence of career burn-out. If you’re experiencing career dissatisfaction and questioning the health of your business, consider the following:

Establish healthier habits. Arrive at work at the same time each day. Consistency for yourself and your team can make a difference in creating a peaceful work environment. Dedicate time to work on your business and stick to it. When administrative work, important decisions and other owner responsibilities stack up, it’s common to carry that stress around with you. Eventually it affects your team and patient satisfaction as well.

Know your number. Money is not the root of all evil. It’s also not the solution to every problem. It’s a necessary component to running a healthy business. It’s important to know where you stand financially and have the ability to make smart investment decisions. Before purchasing that $30,000 “high tech solution to all of your problems”, consider how it will truly aid in providing better care for your patients. What will the ROI be? How have others in your situation made this investment profitable? Our team will help advise your major financial decisions. When it comes to your numbers, it’s helpful to know where you stand at all times. We are here for you.

Owning a business can be a very satisfying and rewarding responsibility. It can be difficult to find the time needed to accomplish everything on your to-do list. Prioritize your responsibilities and create deadlines. This alone will help you make the time for the important items that often get pushed to the backburner. Once your priorities are clear, it will become easier to say “no” when necessary and to have the focus required to check off important items.

If you’d like assistance in making wise financial decisions, contact us at Schiff & Associates today.

Allen Schiff CPA | There’s Power in Numbers

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Being a member of the exclusive Academy of Dental Certified Accountants (ADCPA.org) allows our team the benefit of providing collective experience, national averages and best practices. The ADCPA meets twice per year to learn and grow together. By joining with dentistry’s top dental accountants, we have the ability to expand our service offerings, continually improve our communication and technology, as well as learn about ancillary supporting services which benefit our dental clients.

If considering a general CPA for your dental practice, consider the advantages to hiring an ADCPA member.

When uniting with other top dental CPA’s, our team at Schiff & Associates have the ability to learn alternative ways to serve our clients. We discuss controversial topics and learn where our peers stand in terms of providing the most ethical, and beneficial tax strategies. Having a CPA that is well versed in tax law and is up to date on best practices can save you time and money.

Dental CPAs provide a wide range of dental specific accounting needs. As your Practice grows, your taxes become more complex. Dental CPAs will share effective techniques for maximizing your tax savings. Aside from tax planning and support, we offer proficient insight on current trends and relevant issues that aid in making sound decisions for your business. Whether starting your first practice or managing your established growth, you can rest assured knowing your our team is by your side, providing you with strategic advice, every step of the way.

For more information on how our team will help you, contact Schiff & Associates.

Schiff & Associates, LLC
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707 Ext #1205
100 West Road Suite 410
Towson, MD 21204

21204 Dental CPA | 3 Ways to Buy Time: Boost Your Practice’s Productivity with Time-Saving Measures

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Time is your most precious resource. On certain days, managing your time is not just difficult, it is downright impossible. Ask yourself about the strategies you are currently using to organize your day. What other tools could you be leveraging to save your practice’s most precious commodity? Here are 3 methods you can implement to maximize your time.

1. Re-evaluate Your Management Tactics

You can buy time without spending a dime. Employ a new way of keeping track of practice productivity. You can have your team record their tasks for the day in a quick email. Each staff member can quantitatively list their duties, allowing for simple reference later. This cuts down on micromanaging your staff by way of asking, “What did you do today?” Managerial work is difficult to implement after a full day of back-to-back appointments.

You can cut back on daily meetings because you will have a clear picture of what each team member is contributing. Having a list of completed tasks at the end of the day allows for everyone at your practice to be keenly aware of who is to be held accountable for each task.

2. Utilize Apps to Maximize Efficiency

“Lost time is never found again.” Ben Franklin knew this more than 200 years ago, so how can you apply this knowledge to running your practice? There are numerous tools available for your phone that can be a valuable resource for keeping track of your practice. You can benefit from the use of efficiency apps. In today’s world, there is no need to manage all aspects of your business manually.

Take advantage of scheduling apps and software. You can schedule emails to remind patients to book their next visit to your office without having to send it in real time. This can be an indispensable tool for patient retention, by keeping you in consistent contact with your patients. Apps such as these will help you save time and keep track of your practice’s performance.

3. Consider Express Check-In

It is not always your team that is responsible for lost time slipping through your fingers. One late patient can set the whole day off-schedule. Make it easy for your patients to register. Provide compliant forms online for patients to fill out before coming into the office. Saving time at the front desk will help your entire practice run on schedule. Never allow for your practice to earn a reputation of running behind schedule, instead work with your patients to create a smoother, faster registration. Your patients will not want to fill out redundant forms. Rework any documents or forms where possible to prevent your patients from filling out information such as their name and address multiple times.

Successful business leaders are experts at time management. Put methods in place that allow for concrete, quantitative results to measure productivity. Utilize technology to make your life easier and allow your patients to work with you to save time. Don’t get caught watching the sand fall through the timer, take action and rethink your time management strategies.

Schiff & Associates, LLC
Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707 Ext #1205
100 West Road Suite 410
Towson, MD 21204

Dental CPA Near Me | 4 Simple Ways to Reduce No-Shows

Dental CPA Near Me

Whether your patient is scheduled for a cosmetic consultation, restoration placement, or routine hygiene and screening visit, you want to be certain they will come. When your patient cancels with little or no notice, they delay important treatment and wreak havoc with your schedule. Even one missed appointment per day can lead to thousands in lost revenue in a single year.

Reports indicate that about one in ten patients cancels or skips scheduled dental visits. Consider these 4 easily implemented strategies for reducing your practice no-show rate:

  1. During a patient’s visit, clearly communicate the state of their oral health. Explain what treatment they need, why they need it, and when it needs to happen. Emphasize the benefits of receiving the treatment in a timely manner. Patients who understand the value of their treatment are more likely to remember and return as scheduled.
  1. Ask your patient to choose how their appointments are confirmed. Offer to use text, email, mail, or phone calls, if possible, so they are more likely to receive their reminder. Consider offering your patient the ability to authorize you to contact a spouse, parent, or partner who most often handles scheduling or reminding them of commitments.
  1. Whatever their method of choice, follow through with appointment reminders at least 24-48 hours prior to their scheduled window. If you speak to someone directly during a reminder, choose words that prompt the patient to agree to call if they cannot keep the appointment. Cancellations are less frequent when the patient feels they have made a commitment.

4. Set aside time at least once a month for your team to reach out to patients who are not yet scheduled for their next visit. Use the preferred contact method on file and offer same day or next day appointments, if possible. This has the benefit of both bringing back inactive patients and filling openings left by cancellations or reschedules.

Communication is key in reducing no-shows and reactivating patients. Before implementing new strategies for scheduling, hold a team meeting and discuss your new policies in detail. Be certain that every member on your team is ready and willing to explain the value of treatment, follow up with patients, and support the changes to your systems.

For more ideas that can help your business thrive, contact our office for a consultation.

100 West Road suite 410
Towson, MD 21204

Towson Dental CPA | 4 Ways to Grow Your Confidence as a Business Leader

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The up and down nature of confidence can be exemplified as a business leader because of the stressful nature of maintaining a high-ranking position. Confidence can grow with practice and effort. Here are four ways to grow confidence as a business leader.

Consistency is Key

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the business leader, not the other way around. Gaining a sense of consistency and stability with schedules, rules, and realistic expectations can lead to an increase in confidence that the business will run smoothly. Know and understand the key parts of the business, important dates, and the function of each role. You can only become confident in your business operations when you fully grasp the nature of the entire business.

Be Yourself

Being afraid to say what you think can be viewed as a lack of confidence. Speaking your mind, while still having a professional filter, can build confidence as it shows you are part of a team and contributing. Being yourself will also dispel any notion coworkers might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your employees, but are also essential traits for effective leadership.

Be Open to Criticism

Change cannot come from one person alone, and not all criticism should be seen as a slight against you. Listen to feedback from coworkers and customers and tailor that feedback into something positive. Do not let the criticism fester and destroy your confidence, take it and use it to grow as a person. Accepting constructive criticism and negative comments can help increase your confidence. 

Know What You Are Talking About

Fully understanding what you are talking about can help improve your confidence. If you are a business leader, strive to know everything you can about the business and its operations. If you are speaking about a topic, research everything you can about that topic. Become the expert. You will be better positioned to demonstrate confidence when it is clear that you are invested in what you are discussing.

Confidence can not only make or break your career, it can impact the business as a whole. You can take your confidence to the next level, while learning how to prevent situations from arising that can be detrimental to your confidence. 

For a consultation, contact our team.

100 West Road suite 410
Towson, MD 21204

Schiff Client Update, Friday, January 15, 2021

PPP2 Loans – as a reminder, you will qualify for a PPP2 Loan if your Fee Income is down at least 25% or more for any calendar quarter when comparing 2020 to 2019. Your best chances of meeting this requirement are Q2 2020 vs Q2 2019. If you have not done so, you are welcome to use the attached spreadsheet to perform this computation.

Many clients are asking me – “should I apply for the PPP2 Loan”? I would quickly respond with a  “YES” but, I am also respectful to those of you, that are not interested in a “Government Handout”. Whatever your decision is, I will respect it.

How will the PPP2 Loan work? – the rules will be the same as the PPP1 Loan. You must spend the funds within a 24 week period and the allocation of such is still 60% for Payroll Covered Costs and 40% for Other Covered Costs. The PPP2 Loan will equal 2.5x your average monthly payroll for 2019, the same as PPP1.

PPP1 Loans – When should I file for forgiveness? As you may recall, you have 10 months to file for forgiveness from the end of your 24 Covered Week Period. If your Practice is down by 50% or more in calendar quarter comparison from 2019 to 2020, you will qualify for the ERC – The Employer Retention Credit. If this is the case, you should hold off on filing for Forgiveness of the PPP1 Loan because you will need to SAVE some wages from the PPP1 and use them for the ERC computation. I have built a spreadsheet to support this. It is very very complicated and hard to understand, but I will share it with you this coming Sunday at 12 Noon. I am hoping the Banks will program their Portals to allow such information to be entered with the Banks Computers computing such Credit. Let’s be patient and see what transpires.

HHS Provider Relief Grants – Today ( January 15, 2021), the Portal of the Department of Health & Human Services is supposed to open, to allow us to submit various financial information on how you spent the HHS Provider Relief Grant(s). I am hoping in addition to the actual COVID Expenses incurred, the Department of HHS will allow us to use the loss of Gross Revenue. Let’s wait and see what their Portal calls for. We will address this on Sunday too!

Please reach out to your Schiff Team Member for any Financial Information you may need for any of these Government Programs. We are just an e-mail away!  


Finally, I will be hosting a ZOOM Meeting on these topics, this coming Sunday at 12 Noon. Here is the Zoom Link Info:

Allen Schiff is inviting you to a scheduled Zoom meeting.

Join Zoom Meeting – https://us02web.zoom.us/j/84365302687

Meeting ID: 843 6530 2687

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Towson Dental CPA | 5 Signs You NEED an Accountant

Have you wondered whether you actually need to have a professional accountant? Here are 5 signs that confirm you do:

1)     You earn over $200,000 per year – Your odds of being audited once you start earning over $200,000 a year increases to nearly 4%. While this may not seem like a large number, it’s actually an increase of over 300%. Having your financials in order in case this does occur is vitally important once you become a high-earner.

2)     You are a business owner or are self-employed – Utilizing the services of an accounting professional is vitally important for any business owner or entrepreneur. Tax laws change annually. The current US tax code has over 7 million words in it. Making sure all of your deductions are included, your assets are depreciating properly, and you are maximizing your tax savings will wind up saving you money in the long run.

3)     You are setting money aside for others – When putting money aside for your children, grandchildren, or anyone you want to take care of, it’s very important to use a financial professional to decide which vehicles to use for tax-deferred or tax-free savings. This includes college savings plans or trusts.

4)     You are incurring large capital gains tax – The key to success in paying big capital gains tax is paying at long-term rates. An accountant can help you with a Qualified Small Business Tax Credit, minimize your taxes, and help you set long-term payment goals.

5)     You are experiencing rapid growth in your business – Not only is keeping your finances up to date time-consuming, it’s also complicated. When you’re experiencing rapid growth, it’s time to call in an accounting professional. Having more customers, employees, and vendors is going to require more paperwork and number crunching and can rapidly become impossible for you to manage.

Contact our team today to learn how we can make your life easier. 

100 West Road suite 410
Towson, MD 21204

PPP2 Loan Applications are now available!

Many of you have inquired about the PPP2 and the application process for such. Just now, the SBA released the PPP2 application. Please click on the link below:

https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form.pdf

Please keep in mind, in order to qualify for this next round of funding (PPP2) you must be able to prove your collections were down by 25% or more for any calendar quarter. You must meet one of the following:

  • For all entities other than those satisfying the conditions set forth below, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the same quarter of 2019. Alternatively, Applicants may compare annual gross receipts in 2020 with annual gross receipts in 2019; Applicants choosing to use annual gross receipts must enter “Annual” in the 2020 Quarter and Reference Quarter fields and, as required documentation, must submit copies of annual tax forms substantiating the annual gross receipts reduction.
  • For entities not in business during the first and second quarters of 2019 but in operation during the third and fourth quarters of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than either the third or fourth quarters of 2019.
  • For entities not in business during the first, second, and third quarters of 2019 but in operation during the fourth quarter of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019.
  • For entities not in business during 2019 but in operation on February 15, 2020, Applicants must demonstrate that gross receipts in the second, third, or fourth quarter of 2020 were at least 25% lower than the first quarter of 2020.

Next week, the week of January 11th, the Banks will be opening their portals, so you will be able to apply for PPP2. It is my recommendation, you stay with the Bank that satisfied your PPP1 Loan, for they already have your financial information. If you need a referral for another financial institution, just e mail me.

You must apply for PPP2 by March 31, 2021. I would not wait, if you qualify, for these funds ($284B) are available on a first come , first serve basis!

If you need any financial documents to support your PPP2 loan request (Tax Returns, 941’s 940’s, State Unemployment Forms), please reach out to your Schiff Team Member

Finally, and as a reminder, if you qualify for the 50% reduction, that we spoke about earlier this week, please contact us, so we can help you with the strategy surrounding the maximization of the Employer Retention Credit (ERC). Please do not file for Forgiveness of PPP1, until we have chatted.

Dental CPA in Towson | Career Tips for New Dentists

Starting your professional career as a new dentist can be one of the most exciting (and anxious) times of your life. Whether you are beginning your own practice or joining one, there are several important aspects to keep in mind. We have compiled a quick guide that will help you manage your priorities as a new dentist with confidence.

  1. Protect Your Work-Life Balance – While you might be used to a heavy schedule during your years in academia, don’t let yourself burn out. You deserve a healthy work-life balance. By setting expectations and following them, you can enjoy your time with friends, family, or hobbies without feeling tread on by your work schedule.
  2. Know Your Strengths – Your practice should center on two things: what you are compassionate about, and what you are incredible at. Don’t pursue a specialty just to appeal to your community if it isn’t something you are excited about. Focusing on your strengths will bring you more satisfaction in your work as well as higher quality to your service.
  3. Manage Your Debt – Dental school graduates usually have a significant trail of student debt following them. Whether you refinance, make extra payments, or choose an alternate repayment plan, focus on reducing your balance instead of simply paying off the interest. Don’t forget to contribute early to your retirement fund, either. The best time to start saving was yesterday.
  4. Successful Practice Management – A dental practice is a business, and a business needs a strong leader. Dental schools don’t typically prepare you for the financial and leadership elements of your career, so don’t be afraid to seek coaches or consultants. With the right mentor, both you and your practice can succeed.
  5. Continue Your Education – The last advice you want to hear as a new dentist is ‘more schooling,’ but it’s true. Once you have settled in, you should look for new opportunities to hone your skills. There exists a world of workshops, lectures, and courses that can further your passion in dentistry, bring you confidence in your work, and improve the value of your practice.

With the right mindset and plan, you can build yourself up as a new dentist, achieving your leadership and financial goals. If you are considering starting your own practice, our team will be the resource you need to secure your future in success. Contact us today to schedule a consultation.

100 West Road suite 410
Towson, MD 21204

Schiff Client Update, December 31, 2020

PPP#1 Loans

  1. Covered Expenses paid with your PPP#1 Loan will now be tax deductible for money already received
  2. PPP#1 funds will not be taxable income, which means the expenses paid with the PPP#1 funds will be tax deductible
  3. The New Tax Bill, that President Trump signed on Sunday, December 27, 2020, repeals the requirement of deducting the EIDL advance from the PPP forgiveness amount
  4. The EIDL advance up to $10,000 per Practice (or $1,000 per Employee), will not have to be repaid.
  5. The New Tax Bill simplifies the forgiveness process on PPP loans of $150,000 or less. (We have yet to see what that new process or form will be). Please wait to apply for forgiveness, for the Banks are still waiting on updated guidance from the SBA and the US Treasury. Please remember, you MUST file for forgiveness, 10 Months after your 24 week period is up. If you do not file for forgiveness, your PPP Loan , will become a two (2) year Loan payable at 1% interest.

PPP#2 – Second Round of Funding

  1. The SBA will have 10 days (after the New Tax Bill is enacted) to establish regulations for the next round of PPP#2 funding. Thus, please keep in mind that the highlights below are terms we anticipate being signed into law; however, the SBA’s regulations may alter this.
  2. $284.5 Billion in funds will be available through the next PPP#2 loans.
  3. Paycheck Protection Program (PPP#2) offered through March 31, 2021.
  4. Is your Practice eligible for the second round of funding (PPP#2)? Businesses with less than 300 employees who have had a 25% or greater reduction in collections (i.e., gross receipts) in any ONE quarter of 2020, when compared to that same quarter of 2019. For example, let’s assume you collected $100,000 in April 2019, $1000,000 in May 2019 and $100,000 in June 2019 for a total of $300,000 for Q2 of 2019. We will need to compare that to the same quarter of 2020 (April, May & June 2020) to determine if you have a reduction of Collections that are 25% or better. I sense most of you will, since you were closed a good portion of Q2 2020. If so, we will then need further guidance from both the SBA and the US Treasury, as to what criteria will be needed to be satisfied to meet the new requirements of the PPP#2.
  5. I will be working with the ADA in January 2021 as the PPP#2 develops and will be reporting back to you at that time. The ADA has been “off the charts” supporting Dentistry throughout this process. Your membership with the ADA is working for you!!  

Other Key Tax Provisions for Dentistry

  1. Employee Retention Tax Credit: Extended through July 1, 2021; We are waiting on further guidance as to how this work in 2021.
  2. COVID-Related Pay Tax Credits: Extended to March 31, 2021. These are the refundable payroll tax credits for Emergency Paid Leave and Emergency Family Medical Leave Pay that were set to expire on December 31. Please e mail Diane Nelson, CPA, MST at DNelson@schiffcpa.com for further guidance and help if needed.
  3. Charitable Giving Incentive Extended: One-year extension of the $300 “above the line deduction,” meaning you can take this deduction even if you are not using itemizing your deductions on your individual income tax return. Is now $600 if Married Filing Joint (MFJ). Please see note below on giving to the ALS Clinic at Johns Hopkins Hospital in Baltimore, Maryland. Thank you!
  4. Flexible Spending Arrangement (FSA) Relief: Allows individuals to carry over any unused health and dependent care FSA benefits from 2020 into 2021 plan year.

Department of Health & Human Services (HHS)

Many of you received Phase 2 funding from the Department of Health & Human Services. Some of you, even received funding from HHS recently within their Phase 3 funding. As of today, we will have to report to the Department of HHS in January 2021 and again in July 2021 as to how you used these proceeds and what monies were spent on such. As soon as January 2021 begins for Small Business, the Department of HHS will be supplying us with further guidance as to what documents will be needed in order to gain full forgiveness. As of now, please save all documentation (Invoices, Canceled Checks and Credit Card Receipts) for any items you purchased that would qualify for PPE Equipment & Supplies. We will be sending out an updated e-mail with instructions, as soon as the requirements become apparent to us.  

2020 4th Quarter Estimated Payments due , January 15, 2021

During the last Quarter of 2020, we have met with most of our clients. During your 2020 year end meeting, we presented to you, two (2) scenarios with respect to your Tax Position as of December 31, 2020. Please review such, and please pay the 2020 4th Quarter Estimate based on the Column of your Tax Projection that states the PPP Loan will not be taxable. If you have any questions, please contact your Schiff Team Member on Monday, January 4, 2021.

Maryland – LLC’s , Sub S Corporations – Maryland MD 510 Payments due TODAY, December 31, 2020

Recently, the State of Maryland changed their tax laws as it relates, to the State of Maryland Taxes due from Pass Through entities, such as a Maryland LLC, Maryland Partnership and a Maryland Subchapter S Corporation. The new Tax Law, will allow you to pay your State Taxes through your entity, and receive a tax deduction. Please be sure to pay this Tax with Maryland Tax Form 510D. https://www.marylandtaxes.gov/forms/20_forms/510D.pdf. Please pay today, December 31, 2020, if you have not done so.

This only applies to Maryland Partnerships and Corporations, NOT SOLE PROPIETORSHIPS taxed as an LLC!

ALS Clinic at Johns Hopkins Hospital Baltimore – Cindy Schiff

As you have gotten to know Cindy, life was not about her, but about mankind. There will be no better way to honor her life with a contribution to research of the horrible disease of ALS. Contributions in Cindy’s name can be mail to:


Hopkins ALS Clinical & Education Fund
c/o Lora Clawson, CRNP
JHOPC – Suite 5070A 
601 North Caroline Street
Baltimore MD 21287

Or , you can pay on line at >>

https://secure.jhu.edu/form/als?fbclid=IwAR3RvQ3xmUM0vdcXfrcxvOI1XF7h1k5j58ARe8iWPvqtUx38lWl6lyV4QfM

Special “THANKS” to each of you, that have made a Contribution to the ALS Clinic at Johns Hopkins Hospital in Baltimore in honor of Cindy’s Name. I am so appreciative of each you and your generosity. The ALS Clinic in Baltimore, is amazed at the abundance of love as well!  My heart is filled with amazing warmth & comfort….Thank you!

ADCPA PODCAST on PPP Funds & Cindy Schiff & the ADCPA

As most of you know, the ADCPA produces a weekly PODCAST on Dental Practice Management as well as Dental Finance. The December 16th PODCAST was on >>>What Dentists Need to do to Qualify for a New PPP Loan in the Next Round of Stimulus as well as was dedicated to Cindy & her life. If you would like to listen to this Podcast, please click on the Hyper Link below. I am grateful for Art Wiederman, CPA (ADCPA Los Angeles CA) for dedicating the PODCAST to Cindy & her life.

https://blubrry.com/art_of_dental_finance/71634748/what-dentists-need-to-do-to-qualify-for-a-new-ppp-loan-in-the-next-round-of-stimulus/

Additional Coronavirus Response and Relief (ACRR)

This morning the text of the new Additional Coronavirus Response and Relief (ACRR) legislation was released. If the legislation is passed by Congress and signed into law, it will include the following items:

1.  PPP Deductibility – Expenses used to obtain loan forgiveness will be deductible.

2.  EIDL Grant taxability – The EIDL Grant (up to $10,000 received in April 2020) will be tax free and related expenses will be deductible.

3.  EIDL Grant impact – The EIDL Grant will no longer reduce PPP loan forgiveness. Under the CARES Act, if a practice received a $100,000 PPP and $10,000 EIDL, it would be eligible for $90,000 forgiveness and be left with a $10,000 PPP loan. That adjustment is being eliminated allowing for the potential to obtain full forgiveness.

4.  Simplified application – PPP loans of under $150,000 will be eligible for a one page simplified forgiveness application but still must retain documentation and meet the requirements of the program.

5.  2nd Round PPP – If your practice incurred a 25% or greater reduction in collections in any 2020 calendar quarter compared to 2019, it may be eligible for a 2nd PPP loan. Most practices should have incurred such a reduction for the 2nd quarter that includes April – June 2020. We need additional time and guidance to determine if there will be other limitations.

6.  Stimulus payments – Taxpayers with under $150,000 adjusted gross income (married filing joint) or $75,000 (single) will be eligible for an additional $600 stimulus payment or 2020 tax credit.

7.  Meals – Business meals provided by a restaurant paid in 2021 and 2022 will be 100% deductible but still require normal documentation including the business purpose, who attended, and what business was discussed. There is no change to business meals paid in 2020.

It is important to note that even if this legislation is passed without changes, it will take the Treasury Department, SBA, and IRS a few weeks or months to clarify some details. 

This is GREAT NEWS to all business owners! A early Christmas gift before Christmas!  :>)

Next Round of HHS Grant Relief Funds 12/16/20

Today, December 16, 2020, many of you should be receiving the next round of HHS Payments (Phase 3 Payments).  Please check your bank statement for they are ACH into your Business Checking Account. For those of you, that have had your 2020 year-end meeting with us, you may want to increase your Estimated Tax Payments due January 15, 2021, for these funds are taxable. Please contact your Schiff Team Member for any questions you may have. If your 2020 year-end meeting is coming up, we will need this info from you ASAP, so that we remain current.

Towson MD Dental CPA | Claim Financial Freedom

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well. 

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help!

1. Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses.

2. Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you.

3. Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions.

4. Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used.

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more.

100 West Road suite 410
Towson, MD 21204

Townson Dental CPA | Combat Burnout to Increase Production

Have you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers? Burnout can happen to all dentists and their teams. Yes, this includes you. Before burnout starts to significantly impact your practice, you need to know how to recognize it and how to manage it.

Identify Signs of Burnout

If you start to feel unfocused, tired, or bored, you may be experiencing burnout. Does your team lack the enthusiasm they once possessed? When you start to notice these clues and behaviors, take action immediately. You and your team have invested countless hours in building a fulfilling career in dentistry. Don’t allow a temporary period of burnout to cause you to question your work. Instead, it’s time to reinvigorate your attitude.

Identify the Problem Areas

When production numbers begin to slip, look at where your numbers are starting to drag. A dental CPA can help you identify areas where your numbers a falling. When a department’s numbers begin to sink, your team members can start to feel low, impacting the office’s overall morale. Identifying the problem area allows you and your team to find and implement a solution before dissatisfaction spreads.

Identify New Areas to Explore

If you are experiencing burnout, the time may be right to learn a new skill. Sign up for a CE course or workshop on a subject that is new or intriguing. By expanding your skills, you can increase the number of services you provide, which can turn sagging appointment numbers around. Could your team benefit from additional courses? You may want to try selecting a course the entire team can participate in together. Not only will you all be learning new applicable skills, but you will be improving your relationships with each other which will lead to improved morale.

Burnout will happen to even the best dental team. When you start to notice the signs of burnout, don’t wait for things to improve on their own. Be proactive and identify the areas you or the team could improve. Whether it is improving the number of hygiene appointments, or taking a new CE course, take action immediately to combat signs of burnout.

A dental CPA team can help you evaluate areas of opportunity. Contact us today.

100 West Road suite 410
Towson, MD 21204

Maryland Dental CPA | Common Payroll Mistakes and How to Avoid Them

Handling payroll for a dental practice is often thought of as a simple task. The truth, however, is that there are many minor errors that can easily lead to major problems. Train your team to catch these small mistakes your practice might be making, so you can be sure to avoid them in the future.

Estimated Recordkeeping – Don’t wait until the day before payroll is due to log shifts worked for the pay period. Days can begin to blend together and it can be challenging to recall who worked which days and times after the fact. Looking through notes and emails to figure out past days’ activities can be stressful and even inaccurate, leading to incorrect pay.

Employee Misclassifications – There are many differences, at both federal and state levels, between an employee and a contractor. Make sure you classify your team members, temporary replacement workers, and anyone else in payroll correctly to ensure an accurate, streamlined process. Depending on the infraction and your area, heavy penalties can occur for misclassified worker pay.

Not Tracking Bonuses or Gifts – Work trips or group outings are no problem, but any sort of bonus or gift that has monetary value needs to be tracked. Gift cards are a common example of this. Make sure to keep a running log of any exchanges like these for year-end purposes.

Paying Employees Wrong Rates – When employees are hired, given a raise, or have their pay otherwise adjusted, make sure this is correctly logged in the system or software you use. Using an hourly wage in a program to pay as salary can have rounding problems, so double-check your work. Manual error or forgetting to process a raise on the books right away can lead to owing back-pay or other issues in the future.

Holidays or Haphazard Payroll – Try to set a fixed schedule for your payroll. When holidays affect the normal cycle, have an established plan to deal with it appropriately. Depending on your area, missing or late payroll can create tax headaches or incur penalties, as well as causing hardship for your team.

Payroll can be a straightforward and mistake-free process at your practice, but it requires proper oversight and attention. Keep an airtight system, follow up on any mistakes, and think ahead. For more information on how to handle payroll or tax concerns, contact our office.

Towson Dental CPA | Converting Leads into Patients

Marketing is an essential part of attracting new business. Strong print and internet marketing materials can help introduce your practice to potential new patients. Glowing reviews and testimonials tell people that you have a trustworthy team and offer quality care. However, even the best marketing efforts won’t contribute anything to your business if you fail to convert leads into patients. There are a variety of reasons outside of your control that might stop someone from scheduling an appointment at your practice, but it’s important to make sure you do all you can to help motivate people to seek treatment with you. Below are some tips to help your team more effectively sell the value of your service to potential new patients.

Be responsive and available. As a dental professional, you know what it’s like to be busy. Often, your patients have busy lives of their own. Make sure your team is available to take calls as they come and try to offer flexible appointment times to help people work within their limited free time.

Don’t be too pushy. While it’s helpful to be clear about all the treatments offered at your practice, patients are often turned off by overly “salesy” approaches. Take the time to get to know a patient and their needs, goals, and budget before trying to sell them on dental solutions. This will make them feel valued and understood, increasing the likelihood of treatment plan acceptance.

Offer a friendly and welcoming environment. There are a number of people who absolutely dread going to the dentist. Because of that, some potential patients may already have a negative feeling towards you and your team despite no fault of your own. Work to overcome this discomfort quickly by offering a personable and kind environment. Make sure your team greets patients by name and gets to know a bit about them. A little can go a long way.

Don’t lose track of people. Repetition is one of the easiest techniques for cementing something into memory. If a potential new patient contacts your office, be sure to follow up if you don’t hear from them again. You never know the reason they didn’t call back, so taking that step for them can offer a second chance to make a connection and help your practice stand out more in their mind.

Many dentists find it difficult to think about their practice as a business. It is likely that you chose dentistry due to a passion for service and healing, not bookkeeping or sales. Yet nearly any successful retailer will say that the only way to gain business is to give customers what they want, when they want it. Contact our firm for more strategies on boosting new patient numbers and patient retention!

Update – Phase 3 Dept HHS Provider Relief Grant (PRG)

I wanted to reach out to offer some insight into the HHS Phase III Funding Application that I emailed you on Friday October 23, 2020.

This 3rd round of HHS funding will first go to Dental Practices who have not received funding from HHS within the previous two (2) HHS phases. This would include Start Up Dental Practices as well as those Practices that were rejected or did not apply for Phase 1 or Phase 2 Funding. After all applications have been processed AND all entities who qualified for the 2% of net 2019 collection payment have in fact received their payments, there is a possibility of additional payments from HHS if there are monies left over. There are no guarantees.

At this time we do not know how much funding, if any, will be left over to be distributed to practices that have already received their 2% of Net 2019 Collections payment from HHS. We will have to wait and see.

If you are in need of your P & L for Q1 2020, Q2 2020 and/or Q1 2019 and/or Q1 2019, please reach out to your Schiff Team Member. We can also supply you with your 2019 Income Tax Return as well.

BREAKING NEWS: VA Dentists Newly Eligible to Apply for up to $100,000 from Rebuild VA Grants

We are receiving a lot of inquiries with respect to “VA Dentists Newly Eligible to Apply for up to $100,000 from Rebuild VA Grants”. Please see the following email:
https://www.schiffcpa.com/wp-content/uploads/2020/11/Email.pdf

It is our opinion you should apply for these Grants. Please note, these GRANTS are TAXABLE

If you receive the Grant, it can be used for any of the following:

  • Payroll support including employee salaries, paid sick leave, medical leave, or family leave, and costs associated with the continuation of group health care benefits during those periods of leave
  • Mortgage Payments
    Rental or Lease Payments
  • Eligible Utilities:  Electricity, Gas, Water/Sewer, Telephone and Internet service
  • Principal and Interest Payments for business loans incurred prior to, or during the COVID-19 emergency
  • COVID Related Expenses – (applicants who received CARES Act funds are not eligible for reimbursement of these expenses under the Rebuild VA Grant)  (An example of this would be if you received the HHS Grant)

Here is a complete list of documents needed along with the required documentation:
https://www.governor.virginia.gov/media/governorvirginiagov/governor-of-virginia/rebuildva/RebuildVA-Business-Doc-Requirements_v3.pdf

Examples of Documentation – W-9, Business Income Tax Returns, Most recent Virginia Employment Commission Quarterly Report:
https://www.vec.virginia.gov/employers/VEC-FC-2120

PLEASE NOTE: You will need a DUNS NUMBER for the Completion of the W-9. If you do not have a DUNS Number, you can apply for one here:
https://www.dnb.com/duns-number/get-a-duns.html

Please reach out to your Schiff Team Member if you need any documentation from us (Tax Returns) during the Application Process.

Schiff Dental Clients- HHS Phase 3 – Update October 23, 2020

HHS Grant Relief Fund – Phase 3

Yesterday, the HHS changed the rules yet again, to now include the loss of Gross Revenue during the Pandemic. As a result of this change, we are encouraging clients to file for the additional funding under Phase 3 of the Provider Relief Fund (PRF).

You can apply again, even if you already applied. You can apply if you are a “start up” Dental Practice (January through March 2020). You can apply if you did not receive the proper amount of funding under Phase2. Please keep in mind, these funds are currently taxable.

There will be reporting requirements in the future (July 2021) in order for you to substantiate the funding. If you cannot support the funding, the excess will have to be repaid back to HHS. What can you use the HHS Funding for, besides the loss of Revenue? Here is a list of expenses.

a. Supplies: Expenses paid for purchase of supplies used to prevent, prepare for, or respond to the coronavirus during the reporting period. Such items could include: personal protective equipment (PPE), hand sanitizer, or supplies for patient screening.

b. Equipment: Expenses paid for purchase of equipment used to prevent, prepare for, or respond to the coronavirus during the reporting period, such as ventilators, updates to HVAC systems, etc.                                                          

c. Information Technology (IT): Expenses paid for IT or interoperability systems to expand or preserve care delivery during the reporting period, such as electronic health record licensing fees, telehealth infrastructure, increased bandwidth, and teleworking to support remote workforce. 

d. Facilities: Expenses paid for facility-related costs used to prevent, prepare for, or respond to the coronavirus during the reporting period, such as lease or purchase of permanent or temporary structures, or to modify facilities to accommodate patient treatment practices revised due to coronavirus.

e. Other Healthcare Related Expenses: Any other actual expenses, not previously captured above, that were paid to prevent, prepare for, or respond to the coronavirus.

We are encouraging all clients, to start to maintain a list of Covid Expenses you have incurred within your practice between the period of March 15, 2020 and June 30, 2022.

For additional information on the HHS Phase 3, please click on the following links:

ADA News – October 22, 2020 – https://www.ada.org/en/publications/ada-news/2020-archive/october/hhs-provider-relief-fund-open-for-phase-3-applications?utm_source=DEC_DIQ+Morning+Briefing&utm_medium=email&utm_campaign=CPS201022074&o_eid=5213J4648590B4Z&rdx.ident%5Bpull%5D=omeda%7C5213J4648590B4Z

What is the Provider Relief Fund? – https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html?language=es#what-is-the

HHS Webcast – November 2, 2020 – click here to register – https://webex.webcasts.com/starthere.jsp?ei=1392456&tp_key=eddc1773dc

ADA – FAQ’s – HHS – https://success.ada.org/~/media/CPS/Files/COVID/HHS_Provider_Relief_Fund_FAQ.pdf

HHS Client Assistance à If you have questions, please contact the HHS Provider Support Line at 1-866-569-3522 during the hours of operation from 7 a.m. to 10 p.m. CT Monday-Friday.

Schiff Dental CPAs | Medicine for Your Business

The business world often goes hand in hand with stress. Pressures to attract new customers, meet quotas, or increase productivity can make working feel like an unpleasant chore. If you have begun to dread going into the office due to an oppressive atmosphere, chances are strong that you are not alone in your feelings. Turning things around for you and your team may be easier than you think. Consider adding fun back to your business with a daily dose of laughter.

 While the addition of humor to the workplace does not move deadlines or reduce the expectations for performance, it can help create a more enjoyable environment for everyone there. When the office feels fun and engaging, the work feels lighter and more accessible. Scientific studies have shown that laughter relieves tension, boosts the immune system, and relaxes the muscles. Additionally, laughing can increase memory, energy, and creativity and elevate the mood. Every office can benefit from these effects.

There are many ways to inject some humor into your workdays. Try sharing a joke with your team to start the huddle and invite them to bring their own. Post a board in a shared space and challenge everyone to bring a funny image or comic strip to hang. Have a silly shirt day once a week or once a month. Take silly photos or videos of you and your team to share on social media.

Embracing a little more humor with your colleagues and team takes only a small investment of time and can yield large increases in mood, productivity, and worker morale. For more ideas on making your work more engaging, contact our Schiff Dental CPAs.

Dental CPA | Dental Practice Human Resources: FAQs

Whether you manage human resource decisions and concerns yourself or simply oversee your practice manager, as the business owner, you are responsible for ensuring your policies are legal, appropriate, and applied fairly. You may find it useful to take a moment to review a few commonly asked questions regarding aspects of human resources for dental practice owners.

What questions do I need to avoid during interviews?

There are a few basic, even common questions we would not think twice about asking during conversation that are not appropriate for an interview setting. Some of these include:

  • Are you married?
  • Do you have children?
  • What is the origin of your (unusual) name?

While all these questions can be meant to break the ice, they can also lead to the sharing of information about protected class status, such as disability, family status, ethnic or religious heritage, and others. Even if the answers would have no bearing on your decision, these questions can leave you open to a complaint or suit if the position is not offered.

What should I do if an employee refuses to sign their disciplinary action form?

Bring a witness into the room, note the refusal to sign, and have the witness sign confirmation that the disciplinary action form was provided. Additionally, remind the employee that refusal to sign does not nullify the disciplinary action and further infractions can still lead to more serious consequences.

We use software to track the hours our employees work. The program has a function to automatically deduct meal times so the employee does not need to manually clock in and out. Should we use that function?

Before you decide to implement an automatic system of this type, consider the time saved by not manually entering hours. Then compare that to the time lost by entering corrections if a team member misses lunch, returns early, or runs late. If your office rarely deviates from schedule, this may be beneficial. However, if you find that you are making corrections more than once or twice a week, it may be costing more time than it saves.

If you have other questions regarding staffing concerns, contact our office for a practice management consultation.

Maryland Dental CPA | From Dreams to a Reality: Effective Goal Setting

No matter how impressive your vision for your practice may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful practice owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals. Establish daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in constant control of your practice. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure it never happens again. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them at the last minute.

 

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office, include them on your calendar. Write your goals in a place you look daily as a constant reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Goals Need to be Measured

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see 10 new patients by the end of each month or to increase the number of referrals by 50% before the end of the quarter. Pick specific numbers and concepts that can be defined in a concrete way. Abstract goals are harder to reach because they are too difficult to define. When goals are measurable, you will know exactly what you need to achieve your desired result.

Rethink the way you are setting your goals for your practice. Your ambitious plans will be successful only if you have a road map to reach them. This is where effective goal setting comes in. Get into the habit of writing down your goals and measuring them. Effective goal-setting strategies take careful planning. Master these skills and you will be on your way to the practice success you have dreamed of achieving.

For more tips on managing your practice, please contact Schiff & Associates.

Dental CPA in Maryland | Finding Opportunity in Hygiene Appointments

What percentage of your total production consists of hygiene appointments? For many dentists, hygiene appointments make up a significant portion of total production numbers. According to a study last year, hygiene appointments comprise nearly one-third or greater of total production numbers for approximately 80% of all dentists.

Hygiene is a significant source of overall production, but is there room for improvement? The same study uncovered a startling statistic – only 17% of dentists indicated that the majority of their active patients are receiving regular hygiene appointments every six months. This means there is a significant opportunity here. Hygiene numbers could increase as much as five times among current, active patients.

What steps can you take to encourage patients to schedule, and attend, regular hygiene appointments?

It is necessary to have an action plan in place. Create a consistent system that can be followed for confirmations. Some practices call or text one or two days prior to the appointment. This can help reduce the number of no-shows. Instill in your team the need to address the importance of hygiene examinations to patients. Most patients are not fully aware of all that goes on during the appointment and view it merely as a cleaning. Emphasize the need for regular oral cancer screenings as well.

Opportunity exists within your practice. Harness the potential that each patient brings with regular hygiene visits.

Boost hygiene production to improve your bottom line. Contact Schiff & Associates for financial insight and assistance.

 

Maryland Dental CPA | How Team Morale Can Make or Break Your Dental Practice

Team morale can make or break your dental practice. It’s a bold statement, but there are several reasons why it is true. The morale of every member of your team impacts other team members, your patients, and over time, even your bottom line. If you want your dental practice to be a success, team morale needs to be a priority.

Unhappy staff are less productive. When a member of your team is unhappy in their job, they work more slowly, are less efficient, and are less likely to “go the extra mile” to ensure a great patient experience. When an unhappy staff member isn’t giving a great patient experience, that patient is less likely to be a repeat patient and unlikely to refer anyone else to your practice. Over time, this could potentially cost you dozens of patients and thousands of dollars.

Unhappy staff make other staff unhappy. When one person is feeling unmotivated, unappreciated, or disgruntled, their attitude affects those around them. Other staff are forced to work harder to compensate for the lack of productivity. One person complaining about being unhappy can hurt the morale of every other person in your office. What starts as a seemingly small problem can quickly gain momentum if it isn’t addressed quickly and correctly.

Unhappy staff are more likely to quit. On the surface, this may seem like a good thing: take the poor attitude and low morale out of the equation. However, the cost of finding, hiring, and training a replacement can be high. Even more, the most common reason why an employee quits a job is that they feel unappreciated and/or unsupported by management. Chances are good that if one of your staff feels that way, others aren’t far behind.

Overcome team morale issues with good leadership. As the dentist and CEO of the practice, you are the primary person your team is looking to for leadership. Hold yourself accountable to your team for following through on your promises. Deal with conflicts as soon as they arise. Have an open door policy that makes your staff feel comfortable coming to you with problems so you can address them before they become unmanageable.

Hold regular effective team meetings to ensure every team member understands their place in your vision for the practice. Recognize individual and team successes. Show appreciation. Ensure that you are supportive of any staff empowered to make decisions. If you need to coach them on a change in policy, do so privately to avoid undermining their authority.

You are the leader of your team. The trust, support, recognition, appreciation, and respect you give to your team is the foundation of your team’s morale. When you create a great working environment, your team morale is high. High team morale creates a better patient experience and greater productivity, which benefits everyone. To ensure your practice thrives, make your team’s morale a priority.

Maryland Dental CPA | How to Prepare for an Audit

The prospect for an audit can be daunting. The best way to combat the stress and anxiety induced with this process is to prepare yourself and your company before it happens. Below are a few tips to keep your stress levels low and your preparations high through the process.

Know what it will entail

If you are unaware of what an audit entails, it is a good idea to do your research and learn about the process. Knowing what questions the IRS examiner might ask or what documents they will want to see can help control your anxiety and show you are well prepared.

Document thoroughly

Get in the habit of keeping up with your primary and secondary tax records year-round to be better prepared for when an audit happens. Staying organized using a personal filing system will help you know where everything is. Be sure to have a digital and paper trail as well incase anything happens to either filing system.

Gather the Information

Before the audit happens, make sure you have all the necessary documentation that will be asked of you to present. If you believe something is missing, you can try to recreate the records as accurately as possible or contact the place where you submitted it to for their records. Since you will have all your documents in one place, lay out the information and label it for the auditor for an efficient process.

Pre-audit compliance report

If you feel overwhelmed or disorganized, get on track with a thorough examination of your financial data to prepare and compile your documents. Our experienced team will help you set up a system and provide you with confidence if facing an audit.

For more information on audits, or addition accounting advice, contact Schiff & Associates today.

Schiff Client Update – Thursday – August 6, 2020 4:45 PM

Please see this most important message from the ADA with respect to the following major tax issues that will impact your Dental Practice. Here are the highlights:

Giving  additional flexibility for Paycheck Protection Program (PPP) loans by allowing borrowers to:

>> Providing income tax credits to dental practices for the purchase of (PPE) Equipment & supplies
>> Use the Employee Retention Tax Credit (RTC) in conjunction with the PPP Loan Proceeds
>> Allow PPP funds to be used for the purchase PPE Equipment & Supplies.
>> Ability for Dental Practices to have access to additional PPP funds.
>> Deduct expenses paid for with your PPP loan proceeds
>> Allow Provider Relief funding to be non-taxable income

Please take the time to click on the hyperlink below, and reach out to your Congress Representative and have them support the upcoming Covid-19 package.


Dear Dr. Schiff,

We would like to thank you for your continued support and involvement in ADA advocacy efforts. Because of the efforts of you and more than 126,000 of your colleagues, we have been able to make sure Congress included dental concerns in previous legislation on COVID-19 relief.

We are requesting your help again. Congress may take up the next version of a pandemic relief proposal in the coming week. This version will expand on some of the past relief initiatives, as well as other concerns and issues arising from the COVID-19 pandemic. Like we did before, we must ensure dentistry is included in this next legislative package. We are asking Congress to include the following provisions as they move forward with negotiations:

  • Providing tax credits to small businesses for the purchase of additional personal protective equipment (PPE) and safety improvements to the office.
  • Increasing funding for Medicaid and protecting adult and child Medicaid dental benefits from cuts.
  • Providing temporary and targeted liability protection to small businesses that follow applicable public health guidelines during the pandemic.
  • Giving additional flexibility for Paycheck Protection Program (PPP) loans by allowing borrowers to:
    • Take advantage of the Employee Retention Tax Credit.
    • Use PPP funds to purchase PPE.
    • Take out additional PPP funds.
    • Apply for PPP loans if they are 501(c)(6) organizations.
    • Deduct expenses paid for with PPP loans.
  • Incentivizing health care practitioners to work in health-disadvantaged communities that have been further undermined by COVID-19 by providing tax credits, federal grants, additional student loan repayment, and other incentives.
  • Ensuring that Provider Relief funding is not included as taxable income
  • Providing supplemental funding designated for the National Institute of Dental and Craniofacial Research (NIDCR) at the National Institutes of Health (NIH) to help the Institute re-launch its research priorities to pre-pandemic levels and help advance their COVID-19 research agenda.
  • Investing resources in the public health infrastructure including the Centers for Disease Control and Prevention (CDC) and the Indian Health Service (IHS).

Schiff Client Update – Thursday – August 6, 2020 4:45 PMPlease urge your members of Congress to support these provisions in the upcoming COVID-19 package.

Take Action Now!

Urge Your Members of Congress to Include Dentistry in the Next COVID Package

Schiff Client Update – Sunday, August 2, 2020 8:30 AM

HHS Application (2% of annual Fee Income 2019)  The new due date for filing is now August 28, 2020 extended from August 3, 2020 and July 24, 2020!

Please note: This HHS Grant Relief program is open to all Dentists. If you apply, you will receive 2% of the annual fee income of your practice after patient refunds that were reported to the IRS for 2019.

HHS expects to distribute $15 billion to eligible Medicaid and CHIP providers. The payment to each provider will be at least 2 percent (2%) of reported gross revenue from patient care; the final amount each provider receives will be determined after the data is submitted, including information about the number of Medicaid patients providers serve. Before applying through the enhanced provider relief portal,  applicants should:

Read the Medicaid Provider Distribution Instructions – PDF*

Download the Medicaid Provider Distribution Application Form – PDF*

Please read the INSTRUCTIONS. Many of you have asked, how do I calculate “lost revenue”? Please take your collections for the period of March and April 2019 and compare them to March and April 2020. This difference will be your lost revenue.

*** All Dental Practices (DE for the 2 digit code) should apply.

Finally, if you do NOT want your annual revenues disclosed to the public, you should NOT apply.

2020 Mid-Year Meetings

Please reach out to us as soon as possible (via e-mail), as our August and September calendars are filling up fast with clients desiring a 2020 Mid-Year Meeting. As a result of the Pandemic, will be hosting all 2020 Mid-Year Meetings via ZOOM. Please keep in mind, as of the date of this writing, your PPP Loan Proceeds will be taxable, because the expenses you paid in order to gain Loan Forgiveness, are not deductible at this time. As a result, you need to plan accordingly for your future tax liabilities. Included in the new proposed tax bill, it to make the expenses paid with your PPP Loan >>>Tax Deductible! That would be simply amazing!!

PPP Loans are available if you have not filed for one yet

The Paycheck Protection Program (PPP) is a loan to provide a direct incentive for dental practices to keep their employees on the payroll. The SBA will forgive loans if all employee retention criteria are met and if the PPP funds are used for “eligible expenses”. The deadline to apply for a Paycheck Protection Program loan is August 8, 2020.

ADA and PPE Tax Credit Update

I am working closely with the ADA and it appears Congress is “liking” the idea of a Tax Credit, for the costs that you have incurred for the acquisition of PPE Equipment and Supplies, from March 2020 through December 31, 2020. As you may recall, a “Tax Credit” is better than a Tax Deduction, for a Tax Credit is a dollar for dollar reduction of your Federal Income Taxes. >>I am fairly confident this will be passed in the new tax bill>>>>fingers crossed!!

In addition to the PPE Tax Credit, Congress will be meeting this week and there is a chance of major changes to the current PPP Programs as we know it. Here are some of the proposed changes, they may occur in the not to distant future:

Providing additional flexibility for the Paycheck Protection Program (PPP) loans by allowing borrowers to:

  • Employee Retention Tax Credit …make it available to all PPP Loan Recipients…..currently not available
  • Use PPP funds to purchase PPE……currently not available
  • Additional PPP funds if your business is down by 50% or more from the same quarter of last year…..currently not available
    • PPP Loans issued will be forgiven without submission of documentation for forgiveness for PPP Loans of $150,000 or less…..currently not available
  • Deduct all expenses paid for with the use of the PPP loans…..currently not available

Fingers crossed to all of the above!!!

PPE Equipment & Supplies?

If you are in need of PPE Equipment / Supplies, please click here>   https://www.crazydentalprices.com/schiff/   The 10% Discount Code is SCHIFF10 

For customer service>> Jay Glazer jay@crazydental.com

Schiff Client Update – Tuesday – August 4, 2020 11 AM EST (2% Provider Relief Grant)

Overnight, many of you received your 2% Provider Relief Grant (2% from Dept of HHS). Many of you are asking, what or how do I spend these funds?

There aren’t stringent restrictions but officially HHS has stated that the funds must be used for what is outlined below. Also, make sure you are keeping track of the money and not spending HHS funds on expenses they already are attributing to PPP funds.

Same category of expenses is fine, just make sure they aren’t inadvertently using both funds (PPP and HHS) for the exact same thing:


The term “healthcare-related expenses attributable to coronavirus” is a broad term that may cover a range of items and services purchased to prevent, prepare for, and respond to coronavirus, including:

  • supplies used to provide healthcare services for possible or actual COVID-19 patients;
  • equipment used to provide healthcare services for possible or actual COVID-19 patients;
  • workforce training;
  • developing and staffing emergency operation centers;
  • reporting COVID-19 test results to federal, state, or local governments;
  • building or constructing temporary structures to expand capacity for COVID-19 patient care or to provide healthcare services to non-COVID-19 patients in a separate area from where COVID-19 patients are being treated; and
  • acquiring additional resources, including facilities, equipment, supplies, healthcare practices, staffing, and technology to expand or preserve care delivery.

Providers may have incurred eligible healthcare-related expenses attributable to coronavirus prior to the date on which they received their payment. Providers can use their Provider Relief Fund payment for such expenses incurred on any date, so long as those expenses were attributable to coronavirus and were used to prevent, prepare for, and respond to coronavirus. HHS expects that it would be highly unusual for providers to have incurred eligible expenses prior to January 1, 2020.

The term “lost revenues that are attributable to coronavirus” means any revenue that you as a healthcare provider (Dentist) lost due to coronavirus. This may include revenue losses associated with fewer patient visits, canceled elective procedures or services, or increased uncompensated care. Providers can use Provider Relief Fund payments to cover any cost that the lost revenue otherwise would have covered, so long as that cost prevents, prepares for, or responds to coronavirus. Thus, these costs do not need to be specific to providing care for possible or actual coronavirus patients, but the lost revenue that the Provider Relief Fund payment covers must have been lost due to coronavirus. HHS encourages the use of funds to cover lost revenue so that providers can respond to the coronavirus public health emergency by maintaining healthcare delivery capacity, such as using Provider Relief Fund payments to cover:

  • Employee or contractor payroll
  • Employee health insurance
  • Rent or mortgage payments
  • Equipment lease payments
  • Electronic health record licensing fees

You may use any reasonable method of estimating the revenue during March and April 2020 compared to the same period had COVID-19 not appeared. For example, if you have a budget prepared without taking into account the impact of COVID-19, the estimated lost revenue could be the difference between your budgeted revenue and actual revenue. It would also be reasonable to compare the revenues to the same period last year. As you know, Schiff prepares Budget for most if not all clients

All providers receiving Provider Relief Fund payments will be required to comply with the reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary. HHS will provide guidance in the future about the type of documentation we expect recipients to submit. Additional guidance will be posted at https://www.hhs.gov/provider-relief/index.html.

HHS Updates on Provider Relief Fund for Dentists – ADA NEWS ALERT

Here is the ADA position on the HHS Provider Relief Fund for Dentists. We along with the ADCPA received many calls from our clients about the “balance billing” issue if you were to participate with this grant (relief funds). You will see below, the ADA worked with HHS to resolve this issue. It ONLY becomes an issue if you are treating patients that have been diagnosed with the virus.

You are welcome to SHARE with your friends and colleagues.

Finally, please consider registering for the webinars as listed below. They will be very informative!


HHS Updates on Provider Relief Fund for Dentists
Hello, Fellow Dentists:

As you may recall, the Department of Health and Human Services (HHS) announced on Friday, July 10 that all dentists with a verifiable dental provider Taxpayer Identification Number (TIN) are allowed to apply for funding through the Enhanced Provider Relief Fund (PRF) Payment Portal.

The deadline to apply has been extended to Monday, August 3.

Balance Billing

Many of you have already applied and the number one concern we’ve heard has been about accepting the Terms and Conditions on balance billing, also known as surprise billing. The ADA worked with HHS to set the record straight and they’ve now clarified that:

  • Dental providers who are not caring for patients with presumptive or actual cases of COVID-19 are not subject to balance billing prohibitions. ‘Presumptive’ is defined as a case where a patient’s medical record documentation supports a diagnosis of COVID-19.
  • HHS thinks few, if any, dentists are performing dental work on active COVID patients. So, there should be very few dental patients covered by this bar.
  • Qualifying for payment from the PRF has to do with past treatment earlier this year when HHS broadly viewed every patient as a possible case of COVID-19. Balance billing prohibitions apply only to treating current active COVID-19 patients with a medical record that supports a diagnosis of COVID-19.

Reporting Requirements

  • For those concerned about reporting requirements, HHS did release a notice stating that detailed instructions regarding future reports will be released by August 17 and will apply to payments exceeding $10,000 in the aggregate from the PRF.
  • The reporting system will become available to recipients for reporting on October 1, 2020. The reports will allow providers to demonstrate compliance with the terms and conditions, including use of funds for allowable purposes.
  • Recipients of PRF payments do not need to submit a separate quarterly report to HHS or the Pandemic Response Accountability Committee.
  • There are plans by HHS to provide recipients with Question and Answer (Q&A) Sessions via webinar in advance of the submission deadline.

Webinars and Other Help Available

  • HHS is hosting a webinar for dentists and Medicaid/CHIP providers to learn more about the application processRegister now. The webinar will be held on Monday, July 27, 2020 at 3pm ET.
  • ADA is also hosting a webinar. Register Now. This webinar will educate dentists on the PRF as well as Small Business Administration (SBA) loans and updates on Congressional activity. This webinar will be held on Tuesday, July 28, 2020 at 8pm ET.
  • HHS instructions are available to act as a guide in applying to the PRF.
  • Read the recent ADA News article where Dr. Phillip Fijal, chair, Council on Government Affairs, has a conversation on his application process and gives helpful tips. The article also reviews eligibly requirements to apply.

Terms and FAQs

The ADA is proud to support dentists as they return to serving their communities. Together, we are driving dentistry forward on its path to recovery. Be sure to visit ADA.org/COVID19Advocacy for regular updates.

Stay Well,

Chad P. Gehani, DDS
President

All Dentists Now Eligible for Provider Relief Fund Payment

As part of the 2.2 Trillion CARES Act signed by the President on March 27, $175 billion was allocated to the CARES Act Provider Relief Fund. This fund was intended to provide funds to healthcare providers to help them fight the COVID-19 virus for their patients. This fund was limited up until recently to physicians, hospitals and other healthcare providers other than dentists. As of last Friday, all Dentists are eligible.

Many of you that are ADA Members received an e-mail from the ADA (see below) this past Friday evening announcing that all Dentists are now eligible for the #175 Billion in HHS Payments. Initially when the program was first introduced, the HHS Program was only for those Dentists providing services to patients that are Medicaid eligible (Please see >> Schiff Client update, June 10, 2020 at 8:00 PM). This is not the case now  as a result of the ADA’s advocacy. This Program is now available for all Dentists. Go ADA!

From my reading of the updates (please see below), it appears a dentist wouldn’t know if they were eligible until they start the application process. You will need your Federal Identification Number (TIN) along with your annual collections.  You are eligible only if your Federal Identification Number matches a list approved by the HHS. There are steps in the FAQs to follow if your TIN is not on the approved list.

The amount of money you receive, if eligible is 2% of Gross Revenue on the most recently file tax return. Note that the funds you receive will be made public so if privacy is a concern to you then you may not want to apply for the Relief Funds. Anyone reading the list will be able to estimate your annual Collections. For example, if you Gross $1 million you are eligible for $20,000. As of now, the funds will be “taxable”. The ADA is lobbying to get these funds to a “non-taxable” state! Stay tuned!

HHS Announces Over $4 Billion in Additional Relief Payments to Healthcare Providers Impacted by the Coronavirus Pandemic

https://www.hhs.gov/about/news/2020/07/10/hhs-announces-over-4-billion-in-additional-relief-payments-to-providers-impacted-by-coronavirus-pandemic.html

The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is announcing approximately $3 billion in funding to hospitals serving a large percentage of vulnerable populations on thin margins and approximately $1 billion to specialty rural hospitals, urban hospitals with certain rural Medicare designations, and hospitals in small metropolitan areas. HHS is also opening the provider portal to allow dentists to apply for relief.  HHS recognizes the urgent need these vital funds play in supporting safety net providers and those serving large rural populations facing financial devastation catalyzed by the pandemic.

Welcome to the CARES Act Provider Relief Fund Payment Attestation Portal.

 The Department of Health and Human Services (HHS) has announced $175 billion in relief funds, including to hospitals and other healthcare providers on the front lines of the coronavirus response as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Paycheck Protection Program and Health Care Enhancement Act. This funding, along with additional relief funding outside of the CARES Act, supports healthcare-related expenses or lost revenue attributable to COVID-19 and ensures uninsured Americans can get treatment for COVID-19. This site is open to all providers who want to apply for a Provider Relief Fund payment, regardless of network affiliation or payer contract. HHS is contracting with UnitedHealth Group to facilitate delivery of the funds.

How were dental providers determined to be eligible for this Distribution?  (Added 7/10/2020)

Many dental providers have already successfully applied for funding under the Medicaid-focused General Distribution.  To support payments to dental providers who may not bill Medicare or Medicaid, HHS has developed a curated list of dental practice TINs from third party sources and HHS datasets.  Providers with TINs on the curated list must meet other eligibility requirements including operating in good standing and not be excluded from receiving federal payments.  As a next step, HHS will work with states and its vendors to authenticate dental providers not on the curated list.

How can a dental provider find out if they are on the curated list?  (Added 7/10/2020)

When a dental provider applies, the first step of the application process is to validate that their TIN is on a curated list of known dental providers. HHS will work to validate applicants that are not on that list.  If you are concerned you were not on the curated provider list, please ensure you have an active, verifiable dental provider TIN and submit your information to the Provider Relief Fund application portal.  You will be notified if you are permitted to continue your application for PRF payment.  Any eligible dental providers not on the curated list will undergo additional review and if validated will be permitted to apply for funding.

To be eligible, a dental provider must meet all of the following requirements:

  1. Must not have received payment from the initial $50 billion Medicare-focused General Distribution
  2. Must not have received payment from the $15 billion Medicaid and CHIP Distribution
  3. Must have either (i) filed a federal income tax return for fiscal years 2017, 2018 or 2019 or (ii) be an entity exempt from the requirement to file a federal income tax return and have no beneficial owner that is required to file a federal income tax return. (e.g. a state-owned hospital or healthcare clinic)
  4. Must have provided patient dental care after January 31, 2020
  5. Must not have permanently ceased providing patient dental care directly, or indirectly through included subsidiaries
  6. If the applicant is an individual, have gross receipts or sales from providing patient dental care reported on Form 1040, Schedule C, Line 1, excluding income reported on a W-2 as a (statutory) employee.

https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/dental-distribution/index.html

The terms and conditions to the program.

PLEASE READ THESE CAREFULLY. There are a few of these terms and conditions which need clarification. Below are three of the terms and conditions to carefully review:

  1. A) The Recipient certifies that it provides or provided after January 31, 2020 diagnoses, testing, or care for individuals with possible or actual cases of COVID-19
  2. B) Recipient is not currently terminated from participation in Medicare or precluded from receiving payment through Medicare Advantage or Part D; is not currently excluded from participation in Medicare, Medicaid, and other Federal health care programs; and does not currently have Medicare billing privileges revoked.
  3. C) The Recipient certifies that it will not use the Payment to reimburse expenses or losses that have been reimbursed from other sources or that other sources are obligated to reimburse.

https://www.hhs.gov/sites/default/files/terms-and-conditions-medicaid-relief-fund.pdf

Portal to apply for HHS Funds >

 https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html

The documents you will need to upload so you can be prepared when you start the process.

  1. Most recent business federal tax return for 2017, 2018 or 2019 (IRS Form #1120S Corporations, IRS Form#1040  Schedule C – LLC’s and Sole Proprietors, IRS Form #1065 for Partnerships / LLC’s). Please e-mail your Schiff Team Member if you need copies of your 2019 Income Tax Return.
  2. First Quarter 2020 Form 941, Form 940 Annual Federal Unemployment Tax Return (2019)
  3. Applicant’s FTE worksheet https://hhs.gov/sites/default/files/prf-fte-worksheet.xlsx
  4. Gross Revenue Worksheet https://hhs.gov/sites/default/files/prf-gross-revenues-worksheet.xlsx

Good luck with the application process! You have until July 24, 2020 to apply. I would start the application process now, in case there are “glitches” during the way!

Towson MD Dental CPA | Making Informed Acquisitions

Purchasing an existing practice can be an exciting prospect. Whether it’s your first practice or you’re an established owner, the process can be lengthy as you weigh all the pros and cons of the potential investment. Making sure you know everything you need to about a practice before seriously considering an acquisition will help protect you from making a poor choice that could end up costing you big in the long run. Below are some considerations to keep in mind when looking to purchase a practice.

Towson MD Dental CPA

Acquisition is Just the Beginning

Even the most aesthetically modern and technologically advanced practice will require some renovations or changes to make it match your branding and practice culture. This is even truer for older practices or ones that simply aren’t up to the standards you hold. It’s important to factor the costs of updating a practice will incur into your calculations. A great deal on a building might not seem so great if you’ll have to pay twice as much to get it patient-ready.

Assess the Assets

Before you commit to purchasing a practice, a professional appraisal of the tangible assets is highly recommended. This can include everything from the soundness of the construction to the usability of the existing furniture or the functionality of the existing equipment. It’s essential to know exactly what is included in your potential purchase and to make sure it’s worth the amount you’re about to pay for it.

Reputation Matters

When looking to purchase a practice, figure out what reputation the current owners have built in the community. If it has particularly poor reviews or has a hard time retaining patients, those are important potential hurdles to keep in mind. While it’s not impossible to build a new reputation for your new practice, it will require a more proactive effort on your part to establish your separation from the previous ownership.

These tips may help you think more comprehensively about practice acquisition. If you need advice on a potential acquisition you’re considering or are simply looking for additional guidance in running your practice well, contact our firm today!

Towson MD Dental CPA | Making the Right Impression

When clients visit your office, they observe. Your clients are going to make decisions and judgements based on what they see. If you don’t already, you need to think in the same manner your clients do. If you were a new client to your office, would you schedule a second appointment? Here are a few elements to consider.

Towson MD Dental Accountant

Your Office’s Appearance

Look at your office. Is it clean and hygienic? Is it cluttered, dusty, or musty? Your clients will pick up on elements such as these. Make your office spotless. You risk your professional credibility if your office appears to be dirty. Clients are visiting you for professional treatment, so the environment must be clean. Décor matters too. Consider repainting your walls to be a soothing light blue or green. What artwork do you have hanging on your walls? Project a modern atmosphere to create confidence in your methods.

Your Team’s Appearance

Both you and your team should always be presentable. Is a team member coming to work wearing wrinkled clothing or covered with pet hair? Are phone calls left unanswered? An observant client will notice and it could cost you repeat business. You are in the business of retaining and serving your clients, so your team needs to smile often and set a confident, professional tone.

Keeping your office clean is a key element to client retention. Create an environment that makes your clients feel comfortable. Visitors will interpret your office and the appearance of your team as a reflection of your professional capabilities. It is imperative in today’s age of social media and online reviews that you present a positive impression of your business. A misstep on your part may be read by other prospective clients online.

Make the right impression with your clients if you hope to gain repeat business.

To get started with a professional consultation, please contact Schiff & Associates.

 

Free Exclusive Webinar: 4 proven strategies to reduce practice overhead to 60% or less

One thing I believe in is “if it’s been done before then it must be possible.”

This quote was shared by one of my mentors, Dr. Omer Reed who has been an inspiration to both myself and my clients, to truly believe in the fact that it is not impossible to achieve our dreams and goals.

As we face these uncertain times, I am reminded of how we bought our practice, LifeSmiles in May of ‘07, (which at the time was a practice that was dysfunctional in every possible way), and then faced a nationwide economic crisis during ‘08 and ‘09.

We did not know the future of our practice during those times yet we managed to not only survive the downturn of the economy but also thrive in the midst of it.

In fact, in a market where 400 dentists failed, Life Smiles was able to thrive in the midst of it.

I believe this story brings tremendous hope to those who hear it.

The strategies I will be sharing during this webinar are the very same strategies that helped us develop LifeSmiles into our ideal practice.

Therefore, I encourage you to join me and my good friend Allen Schiff, on Tuesday, 28th July at 5 PM PT (7 PM CT/ 8 PM ET) to learn The 4 Proven Strategies to Reduce Your Practice Overhead to 60% or Less and implement them in your practice with the knowledge that, “if it has been done before, it must be possible”.

I also look forward to answering all your questions during the live Coaching / Q&A segment.

Here’s the link to Register: www.thrivingdentist.com/webinar/adcpa/ 

I look forward to seeing you at this exclusive live webinar!

Schiff Client Update, Friday, July 10, 2020 ; 6:30 AM – (Tax Due Date 07.15.20)

Tax Due Date 07/15/20 – Individual Income Tax Returns

This coming Wednesday, July 15, 2020, is the due date for your 2019 Individual Income Tax Returns for both Federal and State. This due date was changed from April 15, 2020 to July 15, 2020, due to the Pandemic. Please make sure all taxes are paid by this date. Please make sure if you did not file your tax return by July 15, 2020, we have filed a Tax Extension on your behalf. Please confirm with your Schiff Team Member.

Tax Due Date 07/15/20 – Maryland Personal Property Tax Returns

This coming Wednesday, July 15, 2020, is the due date for your 2020 Maryland Personal property Tax Return. This due date was changed from April 15, 2020 to July 15, 2020, due to the Pandemic. Please make sure you have filed your 2020 Maryland Personal Property Tax Return along with the $300 annual filing fee, if applicable. There are NO extensions for this type of tax return beyond July 15, 2020. The $300 filing fee should be made payable to the State Department of Assessments and Taxation (SDAT).

2020 Mid-Year Meetings

Please reach out to us as soon as possible (via e-mail), as our July, August and September calendars are filing up fast with clients desiring a 2020 Mid-Year Meeting. As a result of the Pandemic, will be hosting all 2020 Mid-Year Meetings via ZOOM.

PPE Tax Credit Update

It appears Congress is “liking” the idea of a Tax Credit, for the costs that you have incurred for the acquisition of PPE Equipment and Supplies, from March 2020 through December 31, 2020. As you may recall, a “Tax Credit” is better than a Tax Deduction, for a Tax Credit is a dollar for dollar reduction of your Federal Income Taxes. If you are in need of PPE Equipment / Supplies, please click here>   https://www.crazydentalprices.com/schiff/

Schiff Client Update June 24, 2020 3:30 PM

PPP – Paycheck Protection Program Flexibility Act of 2020

On June 5, 2020, the “Flexibility” Act was signed into law. As a result, the covered period has been extended from 8 weeks to 24 weeks. In addition, the Payroll Costs have been reduced from 75% to 60% in order to gain maximum PPP Loan Forgiveness. As a result of the 24 week period, we are encouraging all clients to use the 24 week period as opposed to the 8 week period. Also, you should be able to obtain maximum PPP Loan Forgiveness just accounting for the payroll costs during this new and extended period.

PPE Tax Credits & PPE Equipment & Supplies

The ADA is working hard and encouraging Congress to allow Dental Practices to obtain a “tax credit” up to $25,000 for the cost of PPE. It is my understanding at this time, it will be a dollar for dollar credit. In other words, if you spend $1,000 on PPE, and if this Tax Bill is passed, you will receive a Tax Credit in the amount of $1,000. Speaking of PPE, if you are in need of PPE, please click here>>> https://www.crazydentalprices.com/schiff/    In order to use your Schiff coupon, please place “Schiff10” in the coupon section of your order.

Retention Tax Credit (RTC)

There is a possibility, Congress will revisit this Tax Credit (RTC) in the near future and allow you to take the “Tax Credit, even though you received a PPP Loan. This would be amazing! Why? Because the requirements for the Tax Credit are, your business would have to have suffered a loss, calculated by measuring the 2nd Quarter of 2019 vs. the 2nd Quarter of 2020 Collections. If your collections are down by 50% or more, you would qualify for this tax credit. For example,  Let’s assume you collected $100,000 per month for the months of April 2019, May 2019 and June of 2019 or $300,000 and you compare that to April 2020, May 2020 and June 2020 (Q2 2020) at $150,000 or less, you would qualify for the RTC. If so, the credit will be increased from 50% of the 1st $10,000 in wages per employee to 80%  of such wages, for wages paid during Q2 of 2020. So, as of now, if you received a PPP Loan, you do not qualify for the RTC. However, this could change in the future….please stay tuned!  :>)

Maryland Unemployment Update – You may have this question!

Question – As I understand it, the maximum weekly unemployment benefit for Maryland is $430.00 plus the Federal stimulus of $600.00 a week  Based on the formula, how much can an employee in Maryland earn on a weekly basis without impacting the above?

Answer – The amount a claimant can earn each week depends on a few things. The claimant must be working less than 35 hours per week and earning less than the Regular UI benefit amount.  For instance, if a claimant is eligible for $400 in Regular UI per week, is working 30 hours per week and earned $350 that week, they would still be eligible to receive a partial unemployment check along with the additional $600 in federal stimulus.  However, if the claimant earns more than their Regular UI weekly benefit amount, regardless of the number of hours worked, they are not eligible.  If they are working 35+ hours per week, regardless of their wages earned, they are not eligible.

EIDL Loan Update

As of the date of this writing, please hold onto your EIDL Loan. We will assess the situation this coming Fall. At that time, we will determine if we are going to payoff the EIDL Loan. Borrowers can obtain their EIDL loan payoff information by contacting the SBA Disaster Loan Servicing Center at (800) 736-6048.

Family First Coronavirus Response Act (FFCRA). 

Now that offices are starting to open, I wanted to provide additional guidance on the Family First Coronavirus Response Act (FFCRA).  The ADA lobbied and was successful with the under 50 employee limit. So, if your practice has less than 50 employees, you are exempt from providing the additional 10 weeks of FMLA leave.

However, under FFCRA, employers with under 50 employees are still required to provide their employees with paid sick leave for specified reasons related to COVID-19. This rule will impact most dental practices.

Paid Sick Leave

This leave is available to employees from the time you reopen the office.  The employees did not qualify for leave during the closure of your office due to Covid-19. The Act provides that covered employers must provide the following to all employees:

  • Two weeks (up to 80 hours) of paid sick leave at the employee’s regular rate of pay where the employee is unable to work because the employee is quarantined (pursuant to Federal, State, or local government order or advice of a health care provider), and/or experiencing COVID-19 symptoms and seeking a medical diagnosis; or
  • Two weeks (up to 80 hours) of paid sick leave at two-thirds (2/3) the employee’s regular rate of pay because the employee is unable to work because of a bona fide need to care for an individual subject to quarantine (pursuant to Federal, State, or local government order or advice of a health care provider), or care for a child (under 18 years of age) whose school or child care provider is closed or unavailable for reasons related to COVID-19, and/or the employee is experiencing a substantially similar condition as specified by the Secretary of Health and Human Services, in consultation with the Secretaries of the Treasury and Labor.

While full-time employees may receive up to 80 hours of paid sick leave (if they work 40 hours per week), part-time employees are entitled to a pro-rata number of hours based on hours worked over two workweeks. If, for example, a part-time employee works 15 hours per week, this team member would be eligible for up to 30 hours of paid sick leave.

Qualifying Reasons for Leave for paid sick time:

Here are the qualifying reasons for paid sick leave. Under the FFCRA, an employee qualifies for paid sick time if the employee is unable to work (or unable to telework) due to a need for leave because the employee:

  1. is subject to a Federal, State, or local quarantine or isolation order related to COVID-19;
  2. has been advised by a health care provider to self-quarantine related to COVID-19;
  3. is experiencing COVID-19 symptoms and is seeking a medical diagnosis;
  4. is caring for an individual subject to an order described in (1) or self-quarantine as described in (2);
  5. is caring for a child whose school or place of care is closed (or child care provider is unavailable) for reasons related to COVID-19.

There are dollar limits on how much can be paid for sick leave.  For reasons 1, 2, and 3 (above), the daily rate of pay is capped at $511. The two-week cap is $5,111 (10 days).  For reasons 4 and 5 (above), the daily cap is $200, and the total cap for the two-week period of leave is $2,000 (10 days). If, for example, you have a full-time employee who is unable to work because she is caring for a child due to a COVID-related daycare closure (reason 5), he/she is eligible for paid sick leave of up to $200 per day and $2,000 over the two-week period.

Can an Employee Take Intermittent Leave?

The Act does not permit intermittent leave unless there is a written agreement between the employer and employee. Intermittent leave can only be used for childcare (reason #5 above).  For example, you may have an employee who can return to work, but she can only work reduced hours because childcare is unavailable for reasons related to COVID-19. If the employer and employee have a written agreement that permits intermittent leave for this situation, the employee can receive paid sick leave for the missed hours of work.

What to Do When an Employee Requests Leave

If you have an employee request leave under FFCRA, we recommend you have them fill out a “leave form” located here >https://mcusercontent.com/0cd89d595f6ac2e6699fc9924/files/7d5b7b14-6002-4c7f-9ead-fc601c3c4f36/FFRCA_Leave_Request_Form.pdf

Payroll Tax Credits Offset the Cost

Covered employers qualify for dollar-for-dollar reimbursement through payroll tax credits for all qualifying wages paid under FFCRA. Qualifying wages are those paid to an employee who takes leave under the Act for a qualifying reason, up to the appropriate per diem and aggregate payment caps mentioned previously. Applicable tax credits also extend to amounts paid or incurred to maintain health insurance coverage. When reporting payroll to your payroll provider (ADP Payroll Services), please make sure to specify hours for FFCRA so they have that information for the tax credit.

Also, if you have not already done so, you should post a notice in your office regarding FFCRA. Here is the notice >https://mcusercontent.com/0cd89d595f6ac2e6699fc9924/files/78143208-5f6b-4084-909e-5f5d7e83ae60/FFCRA_Poster_WH1422_Non_Federal.01.pdf

Finally, this is my understanding of the Family First Coronavirus Response Act (FFCRA). I would suggest you consult with an HR Attorney for further guidance. If you need a referral for an HR Attorney, please e-mail us.

Towson MD Dental CPA | Manage Your Calendar to Balance Your Life

Appointments and continuing education consume most of your time. How do you manage to live a happy, well-adjusted, balanced life when you simply don’t have time? The key is in planning. Do you use a calendar to manage your time or do you simply make agreements and arrangements as they come up? Here is how you can balance your schedule by managing your calendar.

Schiff Dental CPA | Manage Your Calendar to Balance Your Life

Set Clear Boundaries

The first step to achieving a work-life balance is to consider your basic responsibilities and obligations. Set aside blocks of time in your calendar to meet with patients, hold team meetings, and attend organizational group meetings. Your calendar should be your primary time-management tool.

Time Off Means Time Off

You need to set aside time for activities unrelated to work. When you decide to take a day off, make sure it’s in your calendar. If it’s not in there, your time off is likely to be consumed by an emergency patient appointment, unexpected meeting, or other business-related expense. Make your scheduling priorities clear with your office team so they are not left with the burden of how to handle unexpected situations while you are away.

It’s Not Just for Work

Your calendar doesn’t need to be exclusive to work. In fact, it may be beneficial for you to regularly include your other commitments. From your children’s school activities to anniversaries and birthdays, seeing these events alongside your work schedule can help you make better scheduling choices. You’ll be more reluctant to accept an invitation to a meeting or convention when you know it will conflict with another occasion. By including other events on your calendar, you minimize the risk of dealing with a stressful schedule conflict between your work life and your personal life.

Never let your calendar run your day. You have the ability to schedule your day by using your calendar as a tool for time management. Start by setting clear scheduling boundaries by blocking the time you need for your main responsibilities. Don’t be afraid to take time off, but always make sure it is a part of your schedule.  Also, consider including other life events and activities in your calendar to better manage your schedule.

For more tips on effectively managing your work schedule, contact our team today.

Towson MD Dental CPA | Opportunity Called – Did You Answer?

The first step to growing your practice is attracting new patients. Your website, social media, and marketing are all geared toward the idea of getting people to call your office. To help convert this interest into new patient appointments, you have probably spent time selecting and training the team members who answer the phones during office hours. But have you considered what happens when a prospective patient calls when the practice is closed?

Towson MD Dental CPA

If a person calls your office for information about a service or comparison shopping, they may decide to call back within your business hours. Chances are, they were not ready to schedule an appointment at the time of the call, so they may accept the delay and still call back. However, a new or current patient who is experiencing a dental emergency is far more likely to hang up and try calling another dentist who has someone answering the phones and ready to help.

Many dental practices do not have any coverage for phone calls outside their hours of operation or during lunch hour. Others have an impersonal answering machine advising callers of the practice hours and perhaps offering to record a message. This can be extremely frustrating for your patients, both current and prospective.

If your patient discovers on Friday afternoon or evening that they will need to reschedule an appointment set for Monday morning, chances are that message will not be heard until it is too late to move another patient into the opening. If your phones are being answered outside working hours, this can be addressed much more promptly, leading to better scheduling and happier patients.

You may be wondering how to arrange to have 24/7 phone coverage. There are a few options available, but one of the most economical and most personal for your practice is to train some of your team members to share the responsibility. No one has better knowledge of your practice, your patients, and your schedule than your own team. You will want to decide on the best way to compensate them for the added time, such as paying them a set amount per weekend or evening day or an amount per call answered.

Once this is determined, arrange a rotation for the team members who will participate. Your main phone line can be forwarded to a practice-owned mobile phone during off-hours, which can be held by the team member on call. Be sure that each person has your after-hours contact information in case of an emergency, especially when you are first launching this system.

After a few months, hold a meeting with all the involved team members to review the number of after-hours calls you receive, what times are most common, and how many are converted into new appointments for your practice. This can help you value the ROI for this new plan of action and to determine whether your office benefits from full 24/7 coverage or if a more limited extension of hours is more cost-effective. Contact us today.

 

 

Schiff Client update, as of June 4, 2020 at 6:00 AM

Yesterday, at approximate 7:00 PM EST, the SENATE approved HR7010. We are expecting President Trump to sign the Bill today.

Here are the highlights of HR7010, Changes to the Small Business PPP Loan Programs

Below is a summary of the changes to the Small Business PPP Loan Program. These modifications to the program require a new strategy but provide significant flexibility for a practice to reopen and rehire its employees and still be able to obtain maximum PPP Loan forgiveness. It is very important to realize that this will require a new round of guidance to be issued by the Treasury and SBA but provides time for them to issue updated information we will need, due to the extension of the program from 8 weeks to 24 weeks.

 Changes to the PPP loan program:

1)  8 week covered period extended to 24 weeks

Practice tip: The PPP loan was based on 2.5 months, approximately 11 weeks, of payroll and you now have 24 weeks to spend it. This eliminates most of the challenges of the program and allows employees to be rehired when the practice is ready to open up.

2)  75% rule reduced to 60%

Practice tip: Due to the 24 week covered period, the new 60% rule should not be a problem. We are recommending that you spend 100% of the loan amount on payroll over the 24 weeks as that will make the Loan Forgiveness application process go much easier, because you will only need to attach payroll reports to support your forgiveness. However, if you spend less than 60% of the loan on payroll, you will have $0 (NONE) “no” loan forgiveness which is a drastic change from the previous 75% rule.  So the takeaway here is, please spend at least 60% or more of your PPP Funds on payroll, so you can avoid this trap.

3)  Rehire date moved from 6/30/20 to 12/31/20

Practice tip: Your practice now has until 12/31/20 to rehire employees back to the 2/15/20 level.

4)  Required FTE goal for the rehire exemption is reduced if you are unable to rehire employees or business has declined due to HHS, CDC, or OSHA requirements regarding COVID-19

Practice tip: Continue to plan on rehiring your employees back by December 31, 2020. However, if guidelines (HHS, CDC and / or OSHA) are issued that restrict the number of employees you may have in the office, this should give the practice flexibility in adjusting staffing levels to a new normal. This exception is new and we will need new guidance to clarify it.

5)  New PPP loans will have a minimum maturity of 5 years

Practice tip: The goal of the program has shifted back to trying to get 100% forgiveness. However if you do not obtain this, we believe you will need to contact your bank to modify the terms to the allowable 5 years. We recommend trying to avoid doing this unless absolutely necessary. Current PPP Loans will mature over the original 2 year period.

Indirect changes to the PPP loan program:

1)  We still don’t know about:

  • payments to related parties
  • 2019 retirement plan contributions
  • misc. other payments but they may not matter.

2)  We assume the $15,385 per individual payroll limit will be increased to $46,154 but will need confirmation from the SBA. The $46,154 is the product of $100,000 / 52 weeks x 24 weeks = $46,154. We will need to confirm this.

3)  As we predicted, the Original SBA Loan forgiveness application will be completely changed, as a result of the above changes.

4)  Although utilities, health insurance, SUTA, and other small costs are still eligible, they become less important. Rather than worry about tracking small receipts (invoices / leases / canceled checks) , we are recommending focusing on the big items that are easy to show to the lender that will support the forgiveness application. Examples would be >>> payroll and rent.

5)  Due to the December 31, 2020 rehire date, practices typically won’t be filing forgiveness applications until January 2021 at the earliest.

Example of 24 Weeks

Out of all of our clients, the earliest a client received their PPP Funds was on April 13, 2020.

So, for example, if you received your PPP Loan proceeds on April 13, 2020, your 24 weeks began on April 13th and will end on September 28, 2020. This will be your “covered period” in order to meet the 60% / 40% Test as outlined above.

Maryland Unemployment Issues

If you need any additional help, for…….

Your own unemployment claims, please call 410-949-0022 or email     ui.inquiry@maryland.gov.

Employer related questions (not concerning your own claims) please email   dluisides‑dllr@maryland.gov

Please e-mail us any questions you may have. Hopefully, these are the final changes to the PPP Process, but as we have seen, it could change again!

 

We are here for you!
Please stay well!
My best to all,
Allen

Schiff Client Update as of Wednesday, June 3, 2020 , 9:00 AM

CARES ACT – Paycheck Protection Program Flexibility Act of 2020

Today, the SENATE will be voting on the major changes to the CARES ACT, especially within the PPP Loan process. Here are the major changes as we see them as of today. Please keep in mind, they are proposed and they have NOT passed as of now.

  • 75% / 25% current PPP Loan requirements to change to 60% to 40%
  • 8 week covered period could change to as many as 24 weeks, to 24 weeks or December 31, 2020, whichever is earlier
  • The June 30, 2020 rehire date could be changed to December 31, 2020
  • Expanding the two (2) year repayment of the PPP Loan to five (5) years
  • Allowing borrowers who receive the PPP Loan Forgiveness to also defer payroll taxes

Charging for PPE Equipment and Supplies

I have been actively involved with the MSDA, especially since their Friday e-mail of last week to its members over the issue, “Can you charge a Patient a PPE Fee”? It is my understanding you can only have “one fee schedule”. What this means is, you must charge all patients the same whether they are an insurance based patient or a fee for service patient. Some of you are charging a separate “PPE Fee”. It is my understanding, the PPE Fee varies between $15 to $25 a patient visit. This is your choice. I would recommend you just do a fee increase at this time, and not show the “PPE Fee”. By doing so, you can start to capture the new PPE costs that you are incurring as a result of the Covid-19 precautions.

As far as Dental Insurance is concerned, you can bill the Insurance Company for the PPE Fee. It is their choice as to whether they choose to reimburse you. If you practice like this, it is also my understanding you should charge the same PPE Fee to a FFS patient as well, thus only having one fee schedule.

Further and from my understanding, recently a Maryland Patient went to the Maryland Attorney General (Consumer Protection Division) and filed a complaint about a Maryland Dentist charging this PPE Fee, even though the Patient was an Insurance Based Patient. This is potentially a violation of your Dental Insurance Contract along with a violation of Maryland Consumer Protection laws, so my suggestion is, you should cease this practice immediately to further limit any liability you may have. This is true for any Medicaid Patients you are seeing along with any HMO Patients.

My advice, please consult with your Attorney for further guidance on this issue. Also , please reach out to Greg Buckler greg@msda.com , Executive Director of the MSDA for further guidance.

Maryland Unemployment Issues

I hope most of you have resolved your Maryland Unemployment issues. If you need any additional help, please reach out to

Your own unemployment claims, please call 410-949-0022 or email     ui.inquiry@maryland.gov.

Employer related questions (not concerning your own claims) please email      dluisides@maryland.gov.

2020 Schiff Client Mid-Year Meetings

As many of you are opening your offices and getting back to the “new normal”, we wanted to reach out to you about your 2020 mid-year consulting meetings.

This year we would like to schedule meetings upon your request. With the many challenges you have been faced with, we thought this would be most appropriate.

We can meet via ZOOM or in person, if the situation is safe for everyone. We are estimating 1.0 to 1.5 Hours per meeting. This year will be more challenging for Tax Planning due to the fact, we are still uncertain if the Internal Revenue Service (IRS) will change its position with respect to the expenses we are paying with our PPP Funds. Currently they are non-deductible. We are hoping Congress will put the necessary pressure on the IRS and reverse its decision.

Please contact your Schiff Team member if you would like to schedule a meeting and we will make it happen.

2020 Quarterly Tax Vouchers – 2020 Q1 and Q2

As a reminder, the 1st Quarter and 2nd Quarter Tax Vouchers are now due as of July 15, 2020. Please contact your Schiff Team Member if you need any guidance on these payments.

2019 Individual Tax Preparation

Also, for those of you that are still compiling your 2019 Tax Data, please send to us as soon as possible, so we can get started on its preparation. As a reminder, the 2019 Individual Tax Returns are now due July 15, 2020.

PNC Bank – SCAM UPDATE: Tax-related scams and government stimulus checks

As initially predicted, unfortunately, there are current scams over the Government issued “Stimulus Checks”. Please be careful with text messages, e-mails and phone calls. The IRS only communicates via US Mail and not through and of these other mediums. Please read PNC Bank’s detailed e-mail here. It is very informative.

Schiff Client Update as of Tuesday, May 26, 2020 at 7:30 AM

Employee’s hazard pay and Bonuses – Good News here!

Employee’s hazard pay and bonuses are eligible for PPP loan forgiveness. There is no guidance as to the amounts at this time. Please keep in mind, if the employee salary is already at $100,000+ annualized, the bonus paid to this employee will not help with Loan Forgiveness.

Retirement or health insurance contributions

No additional PPP Loan Forgiveness for retirement or health insurance contributions for self-employed individuals, including Schedule C filers and general partners. Your PPP Loan Forgiveness is limited to the $100,000 annual computation.

Payroll Costs Eligible for PPP Loan Forgiveness

When must payroll costs be incurred and/or paid to be eligible for forgiveness?

Payroll costs paid or incurred during the eight consecutive week (56 days) covered period are eligible for PPP Loan Forgiveness.  You can choose one of two periods:

  1. the date you received your PPP loan proceeds from your Bank (i.e., the start of the covered period);or
  2. the first day of your first payroll cycle in the covered period (the “alternative payroll covered period”).

Example:  You compensate your employees on a  bi-weekly payroll basis (every other week).  Let’s assume your eight-week covered period begins on June 1 and ends on July 26.  The 1st day of your first payroll cycle that starts in the covered period is June 7. You may elect an alternative payroll covered period for payroll cost purposes that starts on June 7 and ends 55 days later (for a total of 56 days) on August 1.  Payroll costs paid during this alternative payroll covered period are eligible for forgiveness.  Also, payroll costs incurred during this alternative payroll covered period are eligible for forgiveness as long as they are paid on or before the first regular payroll date occurring after August 1.

Nonpayroll Costs Eligible for PPP Loan Forgiveness

When must nonpayroll costs (Rent, Utilities & Mortgage Interest) be incurred and /or paid to be eligible for forgiveness?

A nonpayroll cost is eligible for forgiveness if it was:

  1. paid during the covered period; or
  2. incurred during the covered period and paid on or before the next regular billing date, even if the billing date is after the covered period.

Example:  Let’s assume your covered period begins on June 1 and ends on July 26.  You pay your May and June electricity bill during the covered period and you pay your July electricity bill on August 10, which is the next regular billing date.  You may seek loan forgiveness for your May and June electricity bills, because they were paid during the covered period.  In addition, you may seek loan forgiveness for the portion of your July electricity bill through July 26 (the end of the covered period), because it was incurred during the covered period and paid on the next regular billing date. Please maintain copies of invoices and canceled checks so we will have them when we file for PPP Loan Forgiveness.

Will a borrower’s loan forgiveness amount be reduced if the borrower laid-off or reduced the hours of an employee, then offered to rehire the same employee for the same salary and same number of hours, or restore the reduction in hours, but the employee declined the offer? 

No.  If you offered to rehire your employees, you are generally exempt from the PPP Loan Forgiveness reduction calculation. Here are the requirements:

  1. you made a good faith, written offer to rehire such employee (or, if applicable, restore the reduced hours of such employee) during the covered period or the alternative payroll covered period;
  2. the offer was for the same salary or wages and same number of hours as earned by such employee in the last pay period prior to the separation or reduction in hours;

iii. the offer was rejected by such employee;

  1. the borrower has maintained records documenting the offer and its rejection; and
  2. the borrower informed the applicable state unemployment insurance office of such employee’s rejected offer of reemployment within 30 days of the employee’s rejection of the offer. Further information regarding how you will report information concerning rejected rehire offers to state unemployment insurance offices will be provided on SBA’s website.

Will a borrower’s loan forgiveness amount be reduced if an employee is fired for cause, voluntarily resigns, or voluntarily requests a schedule reduction?

No.  When an employee of the borrower is fired for cause, voluntarily resigns, or voluntarily requests a reduced schedule during the covered period or the alternative payroll covered period , the client may count such employee at the same full-time equivalency level before the FTE reduction event.

Loan Forgiveness – Documentation Requirements What must borrowers submit for forgiveness of their PPP loans?

The loan forgiveness application form details the documentation requirements; specifically, documentation each borrower must submit with its Loan Forgiveness Application (SBA Form #3508), documentation each borrower is required to maintain and make available upon request, and documentation each borrower may voluntarily submit with its loan forgiveness application. Please be sure to maintain all payroll reports, along with invoices and canceled checks during your covered period.

When is your SBA Loan Forgiveness Form Due?

You have until October 31, 2020 to file your SBA Loan Forgiveness Form. The lender has 60 days from receipt of a complete application to issue a decision to SBA.

PPE Equipment ?

If you are in need of PPE Equipment and supplies, please click here >>  www.crazydentalprices.com

You will receive a 10% Discount if you use the Code Word Schiff10

If you need personal service, please contact Jay Glazer at jay@crazydental.com, or 410-205-8033

Schiff Client Update as of Tuesday, May 26, 2020 at 7:30 AM

Employee’s hazard pay and Bonuses – Good News here!

Employee’s hazard pay and bonuses are eligible for PPP loan forgiveness. There is no guidance at to the amounts at this time. Please keep in mind, if the employee salary is already at $100,000+ annualized, the bonus paid to this employee will not help with Loan Forgiveness.

Retirement or health insurance contributions

No additional PPP Loan Forgiveness for retirement or health insurance contributions for self-employed individuals, including Schedule C filers and general partners. Your PPP Loan Forgiveness is limited to the $100,000 annual computation.

Payroll Costs Eligible for PPP Loan Forgiveness

When must payroll costs be incurred and/or paid to be eligible for forgiveness?

Payroll costs paid or incurred during the eight consecutive week (56 days) covered period are eligible for PPP Loan Forgiveness.  You can chose one of two periods:

  1. the date you received your PPP loan proceeds from your Bank (i.e., the start of the covered period);or
  2. the first day of your first payroll cycle in the covered period (the “alternative payroll covered period”).

Example:  You compensate your employees on a  bi-weekly payroll basis (every other week).  Let’s assume your eight-week covered period begins on June 1 and ends on July 26.  The 1st day of your first payroll cycle that starts in the covered period is June 7. You may elect an alternative payroll covered period for payroll cost purposes that starts on June 7 and ends 55 days later (for a total of 56 days) on August 1.  Payroll costs paid during this alternative payroll covered period are eligible for forgiveness.  Also, payroll costs incurred during this alternative payroll covered period are eligible for forgiveness as long as they are paid on or before the first regular payroll date occurring after August 1.

Nonpayroll Costs Eligible for PPP Loan Forgiveness

When must nonpayroll costs (Rent , Utilities & Mortgage Interest) be incurred and /or paid to be eligible for forgiveness?

A nonpayroll cost is eligible for forgiveness if it was:

  1. paid during the covered period; or
  2. incurred during the covered period and paid on or before the next regular billing date, even if the billing date is after the covered period.

Example:  Let’s assume your covered period begins on June 1 and ends on July 26.  You pay your May and June electricity bill during the covered period and you pay your July electricity bill on August 10, which is the next regular billing date.  You may seek loan forgiveness for your May and June electricity bills, because they were paid during the covered period.  In addition, you may seek loan forgiveness for the portion of your July electricity bill through July 26 (the end of the covered period), because it was incurred during the covered period and paid on the next regular billing date. Please maintain copies of invoices and canceled checks so we will have them when we file for PPP Loan Forgiveness.

Will a borrower’s loan forgiveness amount be reduced if the borrower laid-off or reduced the hours of an employee, then offered to rehire the same employee for the same salary and same number of hours, or restore the reduction in hours, but the employee declined the offer? 

No.  If you offered to rehire your employees, you are generally exempt from the PPP Loan Forgiveness reduction calculation. Here are the requirements:

  1. you made a good faith, written offer to rehire such employee (or, if applicable, restore the reduced hours of such employee) during the covered period or the alternative payroll covered period;
  2. the offer was for the same salary or wages and same number of hours as earned by such employee in the last pay period prior to the separation or reduction in hours;

iii. the offer was rejected by such employee;

  1. the borrower has maintained records documenting the offer and its rejection; and
  2. the borrower informed the applicable state unemployment insurance office of such employee’s rejected offerof reemployment within 30 days of the employee’s rejection of the offer. Further information regarding how you will report information concerning rejected rehire offers to state unemployment insurance offices will be provided on SBA’s website.

Will a borrower’s loan forgiveness amount be reduced if an employee is fired for cause, voluntarily resigns, or voluntarily requests a schedule reduction?

No.  When an employee of the borrower is fired for cause, voluntarily resigns, or voluntarily requests a reduced schedule during the covered period or the alternative payroll covered period , the client may count such employee at the same full-time equivalency level before the FTE reduction event.

Loan Forgiveness – Documentation Requirements What must borrowers submit for forgiveness of their PPP loans?

The loan forgiveness application form details the documentation requirements; specifically, documentation each borrower must submit with its Loan Forgiveness Application (SBA Form #3508), documentation each borrower is required to maintain and make available upon request, and documentation each borrower may voluntarily submit with its loan forgiveness application. Please be sure to maintain all payroll reports , along with invoices and canceled checks during your covered period.

When is your SBA Loan Forgiveness Form Due?

You have until October 31, 2020 to file your SBA Loan Forgiveness Form. The lender has 60 days from receipt of a complete application to issue a decision to SBA.

PPE Equipment ?

If you are in need of PPE Equipment and supplies, please click here >>  www.crazydentalprices.com

You will receive a 10% Discount if you use the Code Word Schiff10

If you need personal service, please contact Jay Glazer at jay@crazydental.com, or 410-205-8033

Towson MD Dentist | Planning for Retirement

Whether you have been working for 3 years or 30, it is important to have a retirement plan in place. Unfortunately, many people have never taken the time to create a realistic estimate of what kind of savings they will need to enjoy the lifestyle they want during retirement years. Here are a few key factors that influence how much you should be saving to ensure that you can retire comfortably on schedule.

Towson MD Dentist

  1. How long will you be retired? Advances in modern medicine have increased life expectancy over the past decades. Depending on your health and family history, you may want to plan as though you will live to 100 and estimate your needs accordingly.
  2. What do you plan to do during retirement? If you are planning to travel more, visit family members more frequently, or embrace a hobby, you may have increased living expenses compared to your working years.
  3. What other expenses will change? Your commute, work clothes, and business lunches may stop, but you may have higher costs for medical care and prescriptions. Talk with our financial planner about the types of changes to your budget that are likely to occur during retirement.
  4. How much are you currently saving? When you meet with our financial planner, you will review the details of your current retirement savings plans and how your portfolio is performing. During retirement, it may be beneficial to continue some of your investments to help your savings outpace inflation.
  5. Do you have a withdrawal strategy? If you are an owner or partner in your business, is there a written agreement for buying you out when you retire? Do you plan to transition by working part time for a year or more or should you stop all at once? How are your retirement savings affected by taxes? All these and more should be part of your strategic plan for retirement. Our financial planning expert can guide you through the details of your withdrawal process.

For more information on planning for your comfortable retirement, contact our office and schedule a financial planning consultation.

 

Towson MD Dental Accountant | Revitalize Revenues through Increased Investment

Every business experiences trends of increasing and decreasing revenues. When new business slows and income begins to dip, many business owners react by cutting back on the item in their budget they think is most expendable: marketing.

Towson MD Dental Accountant

The unfortunate reality is that this is almost definitely the wrong step to take. When you cut your marketing budget, you reduce your revenues as well.

Today’s business cannot survive through only word of mouth referrals. Your company needs to attract new clientele on an ongoing basis, not just in the weeks following a postcard blast or mass email. In addition, you need to engage and maintain the loyalty of your existing customers.

Consistent, effective marketing helps you achieve both ends.

One recent study examined the marketing budgets of several publicly-traded companies. The researchers found that businesses that were spending an average of 16.5% of revenue grew up to 15% annually, and those that spent an average of 22% grew 16% – 30% annually.

When your marketing budget increases, your revenue follows suit.

There are several factors that can influence how much your business should be spending on marketing.

  • Are you a new startup company? You may need to invest more until you have established a client base.
  • Is business established and you want to maintain growth? Compare your current rates of new customers to those lost annually to determine how your current budget is doing.
  • Is business stagnant or decreasing? Consider investing an additional 5% or 10% above your current marketing budget, at least until the trend reverses.
  • How competitive is your local market? Higher competition requires greater investment to grow business.

For more advice regarding your marketing budget and business growth, contact our office.

Schiff Dental Client’s Update – Sunday, May 17, 2020 at 11:30 AM

SBA PPP Loan Forgiveness Application 05.15.20

I have reviewed the PPP Loan Forgiveness Application 05.15.20 (released on Friday evening at 7:15 PM) and have highlighted on the 11 Pages, the instructions pertaining to each line along with the cross reference for each of the Line #’s to make it easier for you to track where the #’s are coming from and what documentation will be needed in order to gain PPP Loan Forgiveness

Here are some highlights for you

  1. Alternative Payroll Period – the payroll period can be extended beyond the covered period if you are paying on a frequency, such as bi-weekly payroll and the payroll period extends beyond the “8-week” covered period
  2. Bi weekly Payroll – your can stay on bi weekly payroll even if it is beyond the covered period. We initially thought you would have to switch to weekly…this not the case
  3. 56 days are the covered period, not 8 weeks so if your start date is April 26th, the end date is June 20th and not the 8 week period of June 21st
  4. Health insurance – page 5 – it appears the owners health insurance can be included as a payroll costs – we will need further clarification
  5. Retirement Plan Contributions – page 5 – it appears the owners retirement plan contribution can be included as a payroll costs – we will need further clarification.  We will also need to confirm the payment of the 2019 Liability that remains unpaid at this time.
  6. Employee Rehire Letter & employee rejection confirmation(s) – we need to keep these on file for a 6 year period (pg. 8)
  7. FTE – is defined as 40 hours a week – anything less than 40 hours = .5 FTE (pg. 7 and pg. 9) we will need to discuss this for most of our clients work a 32 hour week as opposed to a 40 hour week.  We will need further clarification
  8. Payroll substantiation – need copies of payroll reports from ADP, Paychex, etc. (pg. 10) in order to support the Payroll Costs as part of the PPP Loan Forgiveness.
  9. Business Mortgage Interest Payments – Information needed to gain PPP Loan Forgiveness – Lender Amortization schedule and canceled checks or lender account statements (pg. 10)
  10. Business Rent – Information needed to gain PPP Loan Forgiveness – copies of Lease Agreement  or canceled checks or Lessor Account Statements  (pg. 10)
  11. Utility Payments – Information needed to gain PPP Loan Forgiveness – copies of invoices from February 2020 and invoices during the covered period cancelled checks or account statements verifying the payments (pg. 10)
  12. Statute of Limitations – 6 years (pg. 10)

Please take the time to review the attached as well. You may need to obtain your CPA Certification in order to complete the PPP Loan Forgiveness Application!!  :>) ….. I am sure these forms will change again before we see the final PPP Loan Forgiveness forms from the SBA. I will let you know, if this is the case.

As a reminder, please keep a file for all of your supporting documentation, so we can help you gain maximum PPP loan forgiveness.

Rehire Letter (employee rejection Letter)

The employee “rehire letter” is a must during these times. Why? Because based on current guidance, you will be “forgiven” if you have 6 employees as of June 30, 2020 as opposed to the 8 employees you had as of February 15, 2020, as long as you have 2 employee rejection letters to substantiate the decline in employees from 8 to 6. These letters must be retained for 6-years.

I have attached a suggested “employee rehire letter”.

Can you and / or your employees stay on Unemployment?

Once you announce the reopening of your office, you and your employees must come off of unemployment. It is your responsibility to notify your State’s Unemployment division, that you have reopened your dental practice.

Video introduction on your new PPE Procedures within your office

I feel this is a great idea announcing to your patients what your new PPE procedures will be as we move forward, “Post Covid”

The following two (2) Videos are from the ADCPA as well as a local orthodontist. I do not represent either of these clients. I wanted to share, in case you wanted to produce a Video for your practice as well. I have received permission to share these videos.

https://youtu.be/_KvCf450TR0

https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.facebook.com%2F113449855409561%2Fposts%2F2980177322070119%2F%3Fvh%3De%26d%3Dn&data=02%7C01%7Cart.wiederman%40hmwccpa.com%7Cfe1784d576c14fab0a8f08d7f8ec7e2c%7C0ae8eb149b024869b4843b7b85f009b0%7C1%7C0%7C637251566935192657&sdata=gZE38boCfNCJaX3o2f7ZIU35tfwruR%2F1df11cX1wAto%3D&reserved=0

If you would like to share your practices Video, I would be happy to share with our Schiff Dental Clients. We are just an e-mail away!

 

Please enjoy your Sunday!

Schiff Dental Clients Update , Monday, May 11, 2020 at 6 PM EST

SBA / US Treasury Guidance – update – PPP Loans
We are still waiting for the guidance on, what are the rules on how to properly spend your PPP funds? As soon as they are released, we will summarize them for you.

Accounting for your PPP Loan Proceeds – in QuickBooks / Peachtree / MYOB

We at Schiff have come up with a procedure to account for the PPP funds used for qualified expenses.

How to account for your PPP loan funds in your accounting software?

  1. Setup new General Ledger liability account – PPP loan payable – code your deposit of funds to this account—- Entry for initial deposit  is  Debit Cash, Credit PPP loan payable
  2. Code all disbursements to this PPP Loan Payable account —-(Entry for each PPP payment is Debit PPP loan payable, Credit Cash)
    • Payroll – Gross wages for each employee and SUTA tax (FICA and FUTA should be coded to Payroll tax expense account) , please recall that if an Associate is on Payroll, their Payroll is limited to $1,923 a week.
    • For Sole member LLC (Schedule C) – Draws – Code $1,923 per week for owner , Debit the PPP Loan Payable, Credit Cash
    • Health insurance – employees only – charged against the PPP Loan Payable as a Debit, Credit Cash
    • 401k match for employees only if you have been funding the match per payroll – charge to the PPP Loan Payable as a Debit , Credit Cash
    • Rent or Interest on Mortgage – Please charge these disbursements against the PPP Loan Payable Account as a Debit, Credit Cash . Please make sure you have a copy of your current lease
    • Utilities – Please charge these disbursements against the PPP Loan Payable Account as a Debit, Credit Cash – Utilities include >> Gas & electric, water, internet access and telephoneWhen the PPP loan account zeros out, you have spent all PPP funds. The gross wages, staff health, 401k match & SUTA paid from this PPP loan account should total to 75% or greater than the original PPP loan amount. When the account is zero you should return to your regular accounting entries.
  3. Keep copies of invoices and/or cancelled check in a separate folder so we can render an “accounting” to the bank at the end of the 8-week period.

Please reach out to your Schiff Team member if you need help setting this up within your Accounting Software

COVID-19 & Dentistry: Teledentistry, Billing for PPE, & In-practice Virus Testing

Below, is an excellent webinar (tomorrow at 5 PM EST) on the above subject matters, to include, “How to bill for PPE”? We are getting a lot of calls and e-mail inquiries on this very subject. As many of you know, Dr Charles Blair and I have been great friends for over 20 plus years. Dr Blair always shares beyond the attendees expectations. I would highly encourage you to register for this webinar.


Beyond the challenges associated with ramping up a practice during the COVID-19 recovery phase, dental offices are also faced with navigating new coding practices. Join Dr. Charles Blair, dentistry’s leading authority on insurance coding strategies, fee positioning and strategic planning, for a critical update on what practices can put into place for a stronger comeback. Dr. Blair will discuss:

  • Increased PPE costs and what can be done to offset this
  • In-practice virus testing including the required waiver certificate and the two new codes that will be effective as of June 1
  • Coding for teledentistry

RESERVE MY SPOT
If you cannot make the live webinar, be sure to register anyway and we’ll send you the recording afterward.

Schiff Dental Clients Update , Thursday , May 7, 2020 7:30 AM

Dear Schiff Dental Clients
Good morning to all!
I hope each of you, your families and clients are well!
We are here for you!

Schiff Dental Clients Update , Thursday , May 7, 2020 7:30 AM

 

COVID-19 Update: Dental Practice Reopening and PPE Survey

Yesterday, Governor Hogan (Maryland) announced effective at 7 AM today (Thursday, May 7th), elective and non-emergency health care procedures, including dental procedures, can begin provided that the office has in place the measures outlined in the Maryland Department of Health’s (MDH) regulations dated Wednesday, May 6, 2020. Please see below the full e-mail from the MSDA , Greg Buckler, IOM, MBA, MSM, Executive Director and Dr Marlene Shevenell, President.

PPP Loans – now what?

Now that the States of Maryland, West Virginia, North Carolina and Virginia are open or will be opened shortly, we are suggesting to each of you to start spending your PPP Loan Proceeds now. Please keep in mind under the current guidelines, you must spend at least 75% or more of your PPP Loan Proceeds (within the 8-weeks of beginning on the date of receipt) on the following as Payroll Costs (defined as Employee Wages, Your annual Wages limited to $100,000, Health Insurance for your team, 401k match / SIMPLE Match for your team and your State Unemployment Costs). The remaining 25% of your PPP Loan can be spent on Rent, Utilities (Telephone, Gas & Electric, Internet Access and Water) and interest on a Mortgage that was in place prior to February 15, 2020.

Some of the questions you may have are as follows:

  1. Can I pay my team a bonus? If so how much?
  2. Can I pay family members?
  3. Can I give my employees a raise?
  4. What happens if some of the employees refuse to come back to work due to what they are receiving as Unemployment Benefits?
  5. Can I wait until week #7 to pay 8 weeks of salary?
  6. Now that you received your PPP Funds, do you as the employer need to contact your States Unemployment Division?
  7. Can employees who work reduced hours, can they still collect “partial” unemployment?
  8. Can we pay employees who remain at home and are collecting unemployment , a bonus?
  9. Do you need to have a separate Checking Account for your PPP Loan?

PPP Loan Accountability

Please keep in mind, at the end of the 8-week period, we will have to render an “accounting” to your PPP Lender. We are suggesting you maintain a file that consist of your Payroll Reports (Weekly, biweekly or bi-monthly), copies of invoices & canceled checks to support your Rent, Telephone, Gas & Electric, Internet Access and Water) and interest on a Mortgage that was in place prior to February 15, 2020. We have attached an excel worksheet to this e mail to help you account for your spending of your PPP Loan Proceeds during your 8-week period. If you need our help, please reach out to your Schiff Team Member.

PPE Equipment and Supplies

If you are in need of PPE Equipment and / or supplies, please click here https://mailchi.mp/fa3642b208a0/cdpschiff   For further information , please e mail >> Jay Glazer at  >>  jay@crazydental.com

ADA – Return to work Interim Guidance Toolkit

You may want to consider visiting the ADA Web Site “Return to work Interim Guidance Toolkit”. The web site has an abundance of interim guidance information along with Sample Letters. Please click here>>

https://success.ada.org/~/media/CPS/Files/Open%20Files/ADA_Return_to_Work_Toolkit.pdf

SBA issues PPP guidance on laid-off employees who refuse to be rehired

Dental Practices that have received PPP loans can exclude laid-off employees from loan forgiveness reduction calculations if the employees turn down a written offer to be rehired This is according to new guidance from the SBA. Furthermore, the SBA has warned the employees who reject offers of reemployment may find themselves ineligible to continue receiving unemployment benefits.

We are anticipating the interim final rule will specify that a PPP borrower may exclude an employee from loan forgiveness calculations if the borrower made a good-faith, written offer of rehire and also documented the employee’s rejection of that offer. You may want to check with your HR Attorney on what the documentation should look like.

EIDL Loans – Update

Many of you were contacted yesterday (Wednesday, May 6, 2020), that your SBA EIDL Loan has been approved. Many of your approvals are at the range of $150,000. If you accept this approval, it will amortize over 30 years at 3.75% Fixed, with the 1st Twelve (12) months deffered. These EIDL Funds can be used for your payables, like Dental Supplies, Lab Fees, Office Supplies etc. We are recommending you do NOT use the EIDL funds to pay any Payroll. Please use your PPP Funds for your future as mentioned above.

ADCPA PODCAST – How to use the EIDL & PPP Funds?

Here is a great ADCPA Podcast on “How to use , the EIDL & PPP Loans”? Please listen  to Art of Dental Finance and Management on Apple Podcasts. https://podcasts.apple.com/us/podcast/art-of-dental-finance-and-management/id1440331736 I have attached to this e-mail the David Hochman Checklist – reopening your Dental office as mentioned in the ADCPA Podcast.

 

We are here for you!
My best to all
Allen

Congress Plans Next COVID-19 Relief Legislation

Dear Schiff Dental Clients
Good evening to all!
We are here for you!

Dr. Gehani, President of the American Dental Association sent this Issues Alert to all ADA members in which he asks them to reach out to their members of Congress to advocate for policy priorities that will benefit dentists, their employees and their patients.”

Please note, the ADA’s position on “when should the clock start running for the use of the PPP Loan Proceeds”, and the possibility of using your expenditures for your PPE Costs as part of the PPP Loan Forgiveness and / or a Income Tax Credit. This letter was sent to Congress by the ADA

We at Schiff are urging all of our clients to click on the “hyper link” embedded in the ADA e mail and for you to contact your members of Congress , and share with him / her how you feel about the current PPP Loan Process and the related expenditures for PPE Costs

We are proud to be working with the ADA on these policies. The ADA remains at the forefront to do what is “right” for the Dental Community.

 

Many thanks
My best to all!
Stay well!
Allen


Issues Alert  
Congress Plans Next COVID-19 Relief Legislation
As many states begin the reopening process, Congress will also be returning to Washington, D.C. to deliberate on the next legislative package in response to the COVID-19 pandemic. Our 163,000 members came together to ensure that Congress included our dental concerns in the previous package, the Coronavirus Aid, Relief and Economic Security (CARES) Act, and now we need your help once again!

We expect the next bill to expand on some of the provisions in the CARES Act, as well as address other concerns and issues brought forth by the pandemic. We are asking Congress to include the following provisions in the next phase of economic stimulus and COVID-19 relief legislation:

  • Give small businesses increased flexibility within the Paycheck Protection Program (PPP) for which they seek forgiveness for the PPP loans. This will allow small businesses to make more appropriate decisions about staffing and payroll based on when they plan to fully reopen.
  • Ensure adequate oversight over the distribution and loan forgiveness provisions in the CARES Act for PPP loans. This will guarantee that only those small businesses that were economically distressed as a result of the pandemic receive the funds and forgiveness.
  • Intensify the production of personal protective equipment (PPE) and focus its distribution to dentists and health care providers who are treating emergency cases or near-emergency cases now and in the future without an adequate supply of N95 masks and face shields. This will help the dental team to continue to practice in a safe environment for themselves and their patients.
  • Provide tax credits or allow PPP funds to be used for the purchase of additional PPE and safety improvements to the office. This will assist financially stressed practices in providing an additional layer of safety and protection.
  • Extend the Department of Health and Human Services’ discretionary authority during public health emergencies to provide targeted liability protections for providers who administer FDA-authorized COVID-19 diagnostic tests within their scope of practice until the end of 2020. This will expand the nation’s capacity to screen patients for COVID-19 outside of already burdened hospital emergency departments.
  • Permit nonprofit dental and medical organizations to utilize the PPP or future small business loan programs. This will ensure that non-profit medical and dental associations can continue to serve as a trusted resource for their health care professionals and patients.

Please click here to let your members of Congress know how important these provisions are for your dental practice, patients and our profession as a whole.

Thank you for your continued advocacy. Together, we will make a difference!

Stay well,

Chad P. Gehani, DDS
President

Are Your Losses from COVID-19 Covered Under Your Business Interruption Insurance Policy?

Dear Schiff Dental Clients

Good Morning to all! I hope each of you are well and safe

We are here for you!

Schiff Dental Client Update as of Friday, May 1, 2020  at 7:00 AM

##################

Why You Should Consider Filing a Business Interruption Insurance Claim

What is business interruption coverage?

This type of insurance coverage is known by several different names: business interruption, loss of use, loss of income are the most common descriptions.  Often this coverage is part of a liability or commercial policy.  Business interruption coverage provides loss of income following a disaster. The question becomes, “will your commercial insurance policy cover COVID-related losses”?

When we first reached out to insurance companies along with the ADA in early March, we were told they did not believe any coverage was available due to exclusions.  Some policies have specific virus-related exclusions while others have additional exclusions that seemed to indicate no coverage was available. We have since learned there are Attorney’s that are pursuing these claims on behalf of your Dental Practice.

Why does filing a claim now seem more viable?

Since our initial conversations in March, we have attended several webinars and read numerous articles by attorneys who specialize in insurance claims.  We now believe dentists should consider filing a business interruption claim.  Even though policies have exclusions, since practices were forced to shut down due to government mandates, ADA recommendations along with your State Board of Dentistry, there may be coverage available for loss of income due to the pandemic.

Here is a link to an excellent article written by attorneys Doug Alexander and David Briggs that provides more information about business interruption coverage and potential claims: https://sglaw.com/business-interruption-coverage-in-the-age-of-covid-19/  Please read this article.

In addition, we recommend that you listen to the Art of Dental Finance podcast, produced and hosted by our ADCPA colleagues, Art Wiederman, CPA (Los Angeles, CA).  Art’s most recent podcast covers business interruption insurance and the challenges we are facing with the US Treasury issuing no guidance. We highly recommend that you listen to it: https://www.hmwccpa.com/2020/04/29/are-your-losses-from-covid-19-covered-under-your-business-interruption-insurance-policy-with-attorney-randy-curry-the-art-of-dental-finance-and-management-podcast/

 

What to do next?

The statute of limitations for filing a claim “for the loss of income” could be 60 – 90 days after your Dental Practices was requested to close.  Therefore, we recommend contacting your corporate attorney as soon as possible.  Ask your attorney to review your insurance policies to determine the best course of action to take. Please also request of  your Attorney to contact Randy Curry, Esquire mentioned in Art’s Podcast. Randy can be contacted at 949-258-4381 or rcurry@currylawyers.com . Randy can share with you additional information about filing claims and answer your questions and concerns.

If you want to file a claim, it is very important for the claim to be filed correctly and in a timely manner.  While it is very likely the claim will be initially denied, a correctly filed claim may be eligible for reconsideration as part of a class action lawsuit or other government action.

If you want to be directed to a firm that will consider your case as part of a larger group of contingent fee claimants, then please consider contacting Keller Rohrback (Seattle, Washington)

Keller Rohrback is actively pursuing coverage on behalf of dentists (and other small business owners) across the country for COVID-19 related business interruption.

They are interested in talking to anyone who has been denied, and also anyone who is concerned that they may be denied or is unsure about making a claim for the “loss of income”.

Please contact John Oldach at: joldach@kellerrohrback.com or (805) 364-4590.

#################

We are here for you!

Please stay well…enjoy the weekend!

My best

Allen

 

The Art of Dental Finance and Management

Informative weekly podcast for dental practices.

This week’s topic:

Are Your Losses from COVID-19 Covered Under Your Business Interruption Insurance Policy?

with Randy Curry, Esq.

Attorney Randy Curry and Art discuss issues facing dentists during the COVID-19 pandemic in this episode of The Art of Dental Finance and Management podcast:

  • Whether a dentist’s business interruption policy can cover losses
  • Policy provisions in these types of policies
  • Ongoing litigation
  • Potential state and Federal legislation coming which could require insurance companies to cover situations such as COVID-19
  • What actions dentists should take to potentially receive financial benefit from these policies

Art also provides updates on:

  • Recent SBA Interim Guidance on calculating the PPP loan
  • Insight regarding bringing the dental team back early
  • New grant program from Facebook New CDT code issues to cover PPE costs expected when dentists re-open their offices

This episode is packed with helpful information for dentists to navigate these challenging times.

Schiff Dental Client Update as of Thursday, April 30, 2020 at 4:00 PM

Dear Schiff Dental Clients

Good afternoon to all! I hope each of you are well and safe

We are here for you!

Schiff Dental Client Update as of Thursday, April 30, 2020  at 4:00 PM

##################

PPP Loans – I now have my PPP Loan , what should I be doing?

Many of you have received your PPP Loans. If your practice is located in the Commonwealth of Virginia, you are more than likely going back to work this Monday, May4th. You should be on schedule to satisfy the 75% / 25% , PPP Loan requirements. This is also true for our clients in West Virginia (May 11th) as well. Texas is scheduled for May 11th and District of Columbia is scheduled for May 15th.  So , each of you should be well on your way to satisfy the PPP Loan Forgiveness. However, our clients in Maryland (TBD) and North Carolina (TBD), are to be determined.

We are stressing you (Maryland & North Carolina) wait to spend your PPP Funds until next Tuesday, May 5th. The reason for this is, we are awaiting the US Treasury guidance as well as the impact of the ADA (below) and the AICPA (also below). The guidance we are seeking, will answer many of your questions, such as…….

For example…..

  1. Can we spend our PPP Funds on May 2020 Rent?
  2. Can we spend our PPP Funds on our current utilities?
  3. Can we pay some of our team members, but not all team members?
  4. Can we just pay the Partners and not pay the team?
  5. If I received $100,000 in PPP Funds, and spend $60,000 on payroll Costs and $25,000 on intended costs, what is the ratio of Loan Forgiveness? ($85,000/$100,000 ?) x $15,000 or ($60,000/$75,000) x $15,000 or another method?
  6. If the doctors pay themselves more than $15,385, will they be penalized in regards to forgiveness?
  7. What if the Doctors pay themselves $15,385 only through payroll but take a Sub S distributions too?  Is that a problem?
  8. Can we wait until week #4 and start  the payroll process> or better yet , can we wait until week # 8 and pay 8 weeks worth of payroll then?
  9. Can I pay April, May and June Rent as part of my intended costs?
  10. Can I pay the intended costs now and just wait for payroll costs in the near future?
  11. I have my PPP funds, I intend to pay all of my employees, but some want to stay on unemployment…is this a problem?

The above, is an example of many of the questions we are receiving at this time. We need more guidance from the US Treasury to advise you . We have all seen over the last 6 weeks, how the “rules and regulations” change (almost hourly!), and I suspect we will have another change or two before this is all done. So, please be patient , at least and until next Tuesday, May 6th to allow us to guide you!

If you feel you need to start spending your PPP funds now, please do so. However, we are asking you to please wait a couple of days to allow for the guidance to occur. Why are we asking you to wait? We are working with closely with the ADA on the PPP Loan process and we suspect there will be changes to the PPP Loan forgiveness program as a result of the ADA’s involvement. The ADA is being very supportive very understanding and they are doing a great job in representing you. I am proud to be associated with them! Please understand , there are no guarantees, but we are doing our best , to create practical solutions at this time.

ADA Update

This afternoon, I spoke with the ADA (Government Affairs) on the following subjects

  1. PPP Loan Forgiveness starts when the States Governor’s open their respective States, NOT when the monies were funded! vs. current rules that state you must start spending now, upon receipt of the funds.
  2. PPE Equipment is acquired in 2020, would qualify as an “investment tax credit at 100%
  3. PPE supplies, if acquired in 2020, would qualify as PPP Loan forgiveness as “other intended costs”, in addition to Rent & Utilities.

As I mentioned above, the ADA is well aware of the above issues. I have discussed these at length with them. Please also see the attached letter.  The ADA letter is very much on point!

Also, the ADA Grassroots action will take place next Tuesday (May 5th). The ADA is hoping they will get the attention of Congress to address these issues. Congress resumes in mid May 2020.

AICPA Update

The AICPA (American Institute of Certified Public Accountants) is the world’s largest member association representing the accounting profession, with more than 431,000 members. The AICPA has also weighed in on the PPP Loan Forgiveness Program

Please read the AICPA suggestions on when the “8-week period” should begin

https://www.journalofaccountancy.com/news/2020/apr/ppp-loan-forgiveness-aicpa-recommendations-coronavirus-relief.html

This is exactly of what I have been saying all along>>> …… The eight-week period should commence once stay-at-home restrictions are lifted, not when loan proceeds are received.

I have shared this with the ADA as well. They are fully aware the AICPA is being fully supportive of when “does the 8-week period begin”, along with the ADCPA

US Treasury Guidance

We are still uncertain when the Treasury guidance will be released. As a result, the ADCPA Partner Group will meet on Monday, May 4th at 9 PM EST, in order to arrive at the “ADCPA Strategy”. This meeting will allow us, to consult with our clients on how to maximize PPP Loan Forgiveness as well as answer many of the questions that have been asking over the last few days

PPP Accounting procedures

Special “thanks” to Dr  Clayton McCarl (Greenbelt Maryland) for sharing how he has set up special accounting procedures. The procedures that Clayton has set up , will allow him, to account for the various disbursements out of the PPP Loan Proceeds. For example, all of the future payroll will come out of the newly created PPP checking account. ADP Payroll was very helpful in setting this up. Clayton has also set up reoccurring monthly expenditures out of the newly formed checking account as well. These procedures, if set up properly, will create ease when rendering an accounting to your bank after the 8-week period expires.

PPP Loan “resources” – smaller banks

Yesterday, it came to our attention, you may want to consider using a smaller bank (AMEX  or PayPal, etc ) for your PPP Loan Application process. We are recommending, if you have not heard from your primary bank on the status of your PPP Loan Application, you should consider applying to a smaller bank. Special “thanks” to Dr Jack Kayton (Charlottesville VA) for bringing this resource to my attention. Here is who Jack has worked with and speaks highly of.

Seth G. Bokelman

Market President

1111 Greenville Ave

Staunton, Virginia  24401

Cell: 540-520-4639

Fax: 540-887-6504

seth@myselectbank.com

I have also reached out to Seth, and he said to mention my name when applying for your PPP Loan, so the loan process can be expedited.

#################

We are here for you!

Please stay well

My best

Allen

Schiff Dental Clients Update as of Monday, April 27, 2020 @ 8:45 PM EST

Dear Schiff Dental Clients

Good evening!

I hope each of you are well and safe!

We are here for you!

####################

US Treasury Guidance

We were anticipating guidance from the US Treasury today, but as I am writing this as of 8:45 PM on Monday, April 27, 2020, we have not received any notifications as to when the guidance will be released. So, we are on “stand by”! If you have received your PPP Funds, please hold them and place them into a separate checking account awaiting our guidance.

PPP Funds – what is the Notification process ?

It is our understanding, the SBA will call your Cell Phone to inform you, you were approved for the PPP Forgiveness Loan. At that time, they will text you a “special code” to confirm your identity. Once confirmed, the funds will be placed into your account and you have 24 hours to executed the PPP Loan Documents.

EIDL Grants / EIDL Loans ?

With the new Stimulus funding, it is our understanding there was an additional $60B placed in the SBA EIDL Funds, to help fund those of you that have yet to obtain a EIDL Gant and / or EIDL Loan. Fingers crossed, you will contacted in the near future.

ADA Update

I am currently working with the ADA with the hopes of getting a “Income Tax Credit” for the investment you will have to make in the future for the new PPE Requirements. As you know, a Tax Credit is better than a Tax Deduction!

I am also asking the ADA to include in their letter to Congress, to include the use of the PPP Loan Funds for the cost of equipment and improvements to the facility to qualify for PPP Loan Disbursements.

The above is in process and had not been confirmed as of the date of this writing.

####################

We are here for you!

Please stay well!

My best

Allen

Schiff Dental Clients Update – Friday, April 24, 2020 4:30 PM

Dear Schiff Dental Clients

Good Afternoon to all!

I hope each of you are well and safe along with your families

We are here for you!

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Here is the Schiff Dental Clients Update – Friday, April 24, 2020 4:30 PM

Paycheck Protection Program (PPP) and Health Care Enhancement Act

President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act at 12:30 PM EST today, Friday, April 24, 2020.

PPP Loan Application – update

The Small Business Administration (SBA) has announced today, they will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EST from approved lenders. Please make sure your PPP Loan Applications are set up for “E-Tran” with your respective SBA Lender. The speculation for this delay is , there is hope that larger Corporations that received $10M (+/-), will return those funds to the SBA for redistribution to small business America.

If your Lender is NOT accepting applications, please consider a smaller lender in your market area.

Just a heads up – the speculation out there, is that these PPP funds will run out in 24 hours, not in days like last time (April 3, 2020).  There are that many pent-up PPP applications that are awaiting SBA approval. Time is of the essence! Please prepare your PPP Loan Application this weekend, if you have not done so.

 

Maryland Unemployment – update – Self Employed  

This morning at 7 AM EST, the Maryland Unemployment Division launched their new web site for the Self Employed. The web site went down , due to the fact there were 35,000 folks on the web site at one time. My suggestion is to apply after dinner tonight when the usage is less and hopefully access will be granted to you.

 

Here are the URL’s to consider using when applying for your Unemployment Benefits:

https://www.dllr.state.md.us/uim/employer/

https://secure-2.dllr.state.md.us/NetClaims/Welcome.aspx

https://beacon.labor.maryland.gov/beacon/claimant-page.html

https://beacon.labor.maryland.gov/ReBEACONClaimant/home/wfmRegister#/spa/wfmClaimantRegistrationWizard/0

##############

We are here for you!

Please stay well and enjoy the weekend!

My best

Allen

Schiff Dental Clients Update – Thursday, April 23, 2020 11:00 AM

Dear Schiff Dental Clients

Good Morning to all!

I hope each of you are well and safe along with your families

We are here for you!

###################

Here is the Schiff Dental Clients Update – Thursday, April 23, 2020 11:00 AM

PPP Loan Application Update

Please check in with your Lender to make sure all of your financial documents meet their lending guidelines and are ready for the funding , once this next STIMULUS is passed (hopefully later today). Please ask your Lender, if your documents are set up for “E-Tran”.

PPP Loan Forgiveness

I have built two (2) spreadsheets, that are geared to satisfying the 75% / 25% test within the PPP Loan Proceeds. One shows the payroll paid being paid over 8 weeks , and the other has the 8 weeks being paid all at once. As of today, we do not know what the US Treasury guidance will be on how we can spend these funds and be in accordance with the PPP Program. We will have to wait for further guidance on April 27th.

If I had to “guess”, my guess would be, the US Treasury will want us to take our employees “off of unemployment” and begin to pay them now, as we start the 8-week process. We will not know for sure, until Monday, April 27th. As a result, we are suggesting, you hold onto your PPP Loan Proceeds, place them in a separate checking account, and just wait until we gather for their guidance before we can counsel you.

Maryland Unemployment for the Self Employed

As you are aware, the Maryland “One Stop” web site will go live tomorrow, Friday, April 24, 2020. Today, the Maryland Unemployment Division issued additional guidance which can be found here

https://content.govdelivery.com/accounts/MDDLLR/bulletins/287febb

http://www.labor.maryland.gov/employment/uicovidcertfaqs.pdf

To file a State of Maryland Unemployment (Self Employment) claim, you will need to have the following information available, as applicable:

Social security number;

Date of birth;

Residential and mailing address;

Telephone number and email address;

Name, date of birth, and social security number of all dependents under 16 years of age that you will claim, as well the same information for each dependent’s other parent, such as the social security number and date of birth for any dependents that you claim;

If you worked for the federal government, you will also need a SF-8 or SF-50 form; and

If you are separated from military service, you will also need Form DD-214, member 4 copy.

To file your PUA claim, you will need to provide information and supporting documentation about your work and income history, which may include the following:

Documentation of the income that you earned in 2019 (Schedule K-1, Form 1099, or summary of quarterly payments); (You will need your IRS Form #1040 , Schedule C from 2019) < please contact your Schiff Team Member for these documents

All necessary licenses and permits for your self-employment; (You will need a copy of your Maryland Dental License)

Proof of an offer to begin employment that was postponed or withdrawn due to COVID-19

ADA Offers PPE Guidance to Dentists

As many of you know, our neighbors in Commonwealth of Virginia are about to go back to work. We are still unsure about other States that our clients are located in. The ADA has posted Guidance to Dentists as it relates to the PPE Requirement. It can be found here

https://www.ada.org/en/press-room/news-releases/2020-archives/april/postponement-statement?utm_source=cpsorg&utm_medium=cpsalertbar&utm_content=cv-postponement-statement&utm_campaign=covid-19

ADA – COVID-19 State Mandates and Recommendations

This is really a cool web page built by the ADA. If you type in your State where your practice is located, you will see regulations, recommendations and mandates regarding the safe practice of dentistry during the COVID-19 pandemic for your State

https://success.ada.org/en/practice-management/patients/covid-19-state-mandates-and-recommendations?utm_source=adaorg&utm_medium=covid-statement-200401&utm_content=stateaction&utm_campaign=covid-19&_ga=2.210030997.1038335142.1587600330-1150317135.1575809324

ADA – CDC Recommendations with respect to N95 Masks, KN95 Masks and Surgical Masks

Please visit this web site for CDC recommendations

https://success.ada.org/~/media/CPS/Files/COVID/ADA_Interim_Mask_and_Face_Shield_Guidelines.pdf?_ga=2.210030997.1038335142.1587600330-1150317135.1575809324

ADCPA PODCAST on PPP Loan Update (Sunday, April 19, 2020)

The Art of Dental Finance and Management Podcast

PPP Loan Update with Megan Mortimer, ADA Congressional Lobbyist and Allen M. Schiff, CPA, President of the ADCPA

https://www.hmwccpa.com/2020/04/22/ppp-update-with-megan-mortimer-ada-congressional-lobbyist-and-allen-schiff-cpa-adcpa-president-the-art-of-dental-finance-and-management-podcast/

 

Megan provides an update on how Congress is attempting to add funds to the PPP:

A timeline

What the ADA is doing to advocate for dentists in Washington D.C.

Valuable resources dentists can access through the ADA

 

Art, Megan and Allen also discuss:

Updates to the SBA regulations

Strategies dentists need to consider once they receive the money

How the money should be spent

How to account for the funds

How the government forgiveness works

I hope you enjoy the PODCAST and gain some insight by doing so!

###############

Please stay well and safe!

We are here for you!

My best

Allen

Schiff Dental Clients Update – Wednesday, April 22, 2020 8:15 AM

Dear Schiff Dental Clients

Good Morning to all!

I hope each of you are well and safe along with your families

We are here for you!

 

Here is the Schiff Dental Clients Update – Wednesday, April 22, 2020 8:00 AM

2nd major STIMULUS due this Thursday (tomorrow)

Yesterday, Republicans and Democrats in the US Senate agreed on an emergency program worth $484 billion to help small businesses, hospitals and boost coronavirus testing in the country. We are expecting the HOUSE to approve such STIMULUS tomorrow, Thursday, April 23, 2020.

PPP Loan Application Update

Many of you have already been notified by your SBA Lender, that you have been APPROVED for your PPP Loan. Congratulations!  However, many of you have NOT BEEN APPROVED.  It is our suggestion, that today, you contact your Lender, to make sure your PPP Loan Application along with supporting documentation is all set and ready to go, as soon as tomorrow, just in case your lender receives the funding to fund your PPP Loan. We expect the portion of the Stimulus set aside for the PPP Loans to go quick , like it did last time (April 3, 2020 through April 16, 2020)

PPP Loans – What is your Strategy?

Please hold your PPP Funds in a separate checking account for now. We are awaiting further guidance from the US Treasury on how these funds can be expended,. The guidance is expected to be released on April 27, 2020. Once we receive the guidance, we will be happy to meet with you, with hopes of maximizing your PPP Loan Forgiveness.

Maryland Dental Clients – Self Employed (Maryland Unemployment)

For those of you who are self employed and work in Maryland, you can file for Maryland Unemployment this Friday, April 24, 2020. We are expecting the Department of Labor to Launch its new web site, “One Stop Maryland” tomorrow.

Virginia Dental Clients

On April 15th Governor Northam ordered dental offices to postpone elective procedures until after April 24th. For further information, please click here> https://www.vadental.org/news-details/2020/04/15/covid-19-key-dates

EIDL Grants, EIDL Loans & PPP Loans

We are expecting additional EIDL Grants and EIDL Loans with this next Stimulus Package. It is estimated there is $60B set aside for the EIDL Program. So, we are hoping you will be notified by the SBA for your EIDL Grant and / or EIDL Loan, if you have not received thus far. In addition, please e mail your Schiff Team Member, the amount of your EIDL Grant, EIDL Loan and PPP Loan, the dates you were notified of each. We are tracking this information for all Schiff Clients, By doing so, we will have one master list that we can refer to. This list will help us manage your “8-week period”.

 

Please stay well and safe!

We are here for you!

My best

Allen

PPP Update with Megan Mortimer and Allen Schiff, CPA – The Art of Dental Finance and Management Podcast

21204 dental CPA

Informative weekly podcast for dental practices.

This week’s topic:
PPP Update with Megan Mortimer, ADA Congressional Lobbyist and Allen Schiff, CPA, ADCPA President

 

21204 dental CPA

 

Today, Art visits with two people who have been very instrumental in helping dentists across the country through the COVID-19 Pandemic:

  • Megan Mortimer, Congressional Lobbyist for the American Dental Association
  • Allen Schiff, President of the Academy of Dental CPAs

Megan provides an update on how Congress is attempting to add funds to the PPP:

  • A timeline
  • What the ADA is doing to advocate for dentists in Washington D.C
  • Valuable resources dentists can access through the ADA

Art, Megan and Allen also discuss:

  • Updates to the SBA regulations
  • Strategies dentists need to consider once they receive the money
  • How the money should be spent
  • How to account for the funds
  • How the government forgiveness works

This is a very informative, insightful, and timely episode to help dentists navigate these challenging times.

This podcast sponsored by:

Crosstex International, now a proud member of HuFriedyGroup, and a recognized leader for its portfolio of Personal Protection Equipment (PPE), Dental Unit Waterline Treatments, Chemistries, Sterilization, Preventives, Nitrous-Oxide Equipment, and Single-use Disposables products.

 

Listen Here!


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Schiff Dental Clients Update – Sunday, April 19,2020 , 8:30 AM – Handouts for Clients – Schiff & Associates

Good Morning to all! I hope everyone is safe and well!

Happy Sunday to all!

We are here for you!

We have attached three (3) Handouts for your review

  1. EIDL & PPP Eligibility Guide – what expenses should you be paying with what Loans? Please keep in mind, these may change, once we received additional guidance. Please try to avoid paying Payroll with your EIDL Loan.
  2. PPP Loan Spending Guide – this is a decision tree we have created in conjunction with the ADCPA. This will give you an idea as to what you should be doing over the next 8 weeks, once you receive your PPP Loan Proceeds. Each of you have a different Agenda. Please reach out to your Schiff Team Member if you need help.
  3. PPP Loan Decision Tree- this is a decision tree, based on your PPP Loan, and whether you should use your PPP Loan Proceeds for what they were intended for, or just have a PPP Loan @ 1% (payable over 2 years) or consider the Employee Retention Tax Credit (RTC) in lieu of the PPP Loan. We can help explain the RTC, the Retention Tax Credit if that is of interest to you. It is our opinion, the PPP Loan will be a better deal for you in most cases.

Please keep in mind, this is our current understanding. We are still awaiting the US Treasury guidelines, which should be issued by April 27, 2020

Currents Stats on the PPP Loan Program

Please click on the hyper link below. You will see the amount of PPP Loans granted so far ( $342,277,999,103) an the number of PPP Loans granted (1,661,367) along with a State by State allocation of the PPP Loans. Also , please notice the other industries Dentistry is competing with (Construction, Professional, Manufacturing, Food Services and Retail, etc. etc.)

https://home.treasury.gov/system/files/136/SBA%20PPP%20Loan%20Report%20Deck.pdf

Pelosi: Lawmakers ‘very close’ on bipartisan agreement for additional PPP funding

We are hoping for those of you that did not receive your PPP Loan Proceeds as of this past Friday, this article should create some encouragement for you

https://thehill.com/homenews/house/493515-pelosi-lawmakers-very-close-on-bipartisan-agreement-for-additional-ppp-funding

Sole Proprietors – State of Maryland

This coming Friday, April 24, 2020, the State of Maryland will be launching its New Web Site for those of you that have not been able to file for Unemployment due to the fact you are a Sole Proprietor and the State of Maryland does not have any wages recorded for you. The New Web Site will be called “One Stop”.

 

We are here for you!

Stay well!

My best to all!

Allen


EIDL & PPP Expense Eligibility Guide – from Schiff & Associates
PPP Loan Spending Guide – from Schiff & Associates
PPP Loan Decision Tree – from Schiff & Associates

Towson MD Dental CPA | Smart Money – Filing Taxes with an Accountant

Did you know that more than 65% of failed businesses blame financial mismanagement as their downfall? This is why forming a good relationship with a professional financial advisor is paramount to the longevity of your business.

Towson MD Dental CPA

When is the most important time to have this established relationship in place? That’s right – tax time. If you’re thinking about taking any shortcuts during this time (like using online software), you may want to reconsider. Why risk your entire business by cutting corners on something so crucial? Consider these reasons why you should work with a professional accountant.

 

Accountants understand tax code. Tax code is not only complicated – it changes frequently. It’s literally a full-time job interpreting and staying up to date. A financial professional will be able to guide you through this and take that stress off your plate. You’re already busy enough without having to keep up to date on tax law. Knowing you’re working with a professional can eliminate the stress of tax compliance. It’s hard to put a price on peace of mind.

 

Accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a true professional financial expert can get you everything you deserve.  Don’t leave any money on the table and don’t overpay on your taxes. Working with an accountant throughout the year will ensure you have the documentation you need to get your deductions and not overpay your taxes. This is exceptionally important especially for small businesses, like most dental offices.

 

Accountants minimize your risk. Are taxes the place where you want to cut corners and take a risk with your business and your team’s financial future? One mistake can land you in a heap of trouble. No one wants to deal with any sort of issue with the IRS let alone an audit. If you run into one of these scenarios, you’ll wind up paying far more than you would have if you worked with a professional from the beginning.

 

Everyone is willing to take some risks, especially small business owners and entrepreneurs.  Being brave enough to start your own business or follow your dreams is a risk in itself.  Don’t jeopardize your dream by cutting corners on one of the most important tasks of every year.  Work with a financial professional and allow yourself the peace of mind to protect what you’ve built. Contact Schiff & Associates, CPA today.

 

 

Schiff Dental Clients Update, Thursday, April 16, 2020 at 12:30 PM

Good afternoon Schiff Dental Clients

I hope each of you are well!

We are here for you!

 

PPP Loans are now exhausted

At 12 Noon today, Thursday, April 16, 2020, we were just notified, the PPP Loan Funds have been exhausted, just like we predicted on Tuesday of this week!

Please click on this link, for further details >> https://www.cbsnews.com/news/small-business-relief-paycheck-protection-program-is-out-of-money/

Here is a e-mail we just rec’d from a large local bank>>

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Sent: Thursday, April 16, 2020 11:35 AM

To: All Employees

Subject: PPP Funding is Depleted – Updated Communications Coming Shortly

The Bank has been notified that the SBA is unable to accept any more applications for the PPP program based on available appropriations funding at this time – the money is depleted.   We will be sending updated communications shortly.  Until then, please do not draft your own responses to customers without prior review and approval from compliance and marketing.   Thank you for your patience as we work as quickly as possible to provide additional information and updates.

##########

 

Received this morning from >> Wall Street Journal Bloomberg Forbes

Paycheck Protection Program set to run out of cash

The Paycheck Protection Program has exhausted most of its initial allocation of $350bn, with the Small Business Administration reporting that as of late Wednesday, it had approved more than 1.5m loans valued at more than $324bn. “The fund being exhausted clearly puts pressure on Congress to act and come to a reasonable conclusion,” said Rep. Patrick McHenry of North Carolina, the top Republican on the House Financial Services Committee. “Every day that passes that we don’t fund this program, more pain is felt by small-business folks and their employees.” Both Democrats and Republicans want to add $250 billion to the small-business aid program, but have been sparring for days over whether to add restrictions to the funds. Democrats want to expand access to the loans as well as include more money for hospitals, food assistance and state and local governments. Republicans, meanwhile, said they want to keep the bill focused on increasing small-business aid and defer other funding debates until the next, broader legislation is crafted. A resolution could be reached this week, with both chambers of Congress set to hold brief sessions.

PPP Loan Update

As you are well aware, we are suggesting you hold onto your PPP Funds for now, and not disburse them , until we have further guidance from the US Treasury and the SBA. We are also waiting on NEWS from the ADA, with hopes that Congress will change their stance on , “when does the 8-week period begin?”. As soon as we hear anything of substance to report, we will get that info out to you!

Here are the highlights of the ADA Letter, dated April 15, 2020, sent to The Honorable Nancy Pelosi, The Honorable Kevin McCarthy, The Honorable Mitch McConnell and The Honorable Chuck Schumer

………………………. We strongly support the Congressional efforts underway to increase funding for the PPP loans, EIDL loans, and EIDL grants to the greatest extent possible. Additional funding for these loans will help ease the burdens many dental practices and other small businesses are facing as the pandemic continues without an end in sight. Crucial business decisions will need to be made in the coming weeks and without additional funding we fear a return to normalcy will not be possible for many.

We further urge Congress to help streamline the SBA loan application process as many dentists report having great difficulty in accessing available loans and grants. We also request that the decision to limit the EIDL grants to $1,000 per employee be rescinded, as this does not take into account differences in compensation and small businesses were not aware of this limit when applying.

We would also like you to consider allowing small business dental practices to choose the 8-week period for which they seek forgiveness for the loans and rehire back staff before December 31, 2020, instead of requiring them to rehire staff by June 30, 2020. This would allow these practices to make decisions about staffing and payroll based on when they plan to fully reopen. The Occupational Safety and Health Administration classifies dental health care personnel in the very high exposure risk category[1] and the ability to fully reopen dental practices is contingent on the ability to completely control the coronavirus pandemic in a relatively short period of time.

We would welcome the opportunity to speak with you in more detail and answer any questions you have regarding these comments. ………………..

We need to cross our fingers and toes, and hope that Congress hears the ADA and the 160,000+ Dentists across America!

Montgomery Maryland  “Grants” – Schiff Clients, please read below:

If your practice is located in Montgomery County, MD, this maybe of interest to you! Please click on the hyper link below:

https://www.montgomerycountymd.gov/Biz-Resources/pheg/

We are here for you!

 

My best to all

Stay well!

Allen

Schiff Dental Clients Update, Wednesday, April 15, 2020 12 Noon

Good Morning Schiff Dental Clients!

Happy Wednesday! I hope each of you are safe and well!

We are here for you!

Here is an update, as of Wednesday, April 15, 2020 12 Noon

 

EIDL Grants

Many of you, since Monday of this week, have started to receive your EIDL Grants. We will need to know if you received your EIDL Grant, what day you received it and to what amount. The reason for this is, the EIDL grant will impact the overall loan forgiveness of your PPP Loan. Please e-mail your Schiff Team Member, so we can track such information.

 

EIDL Grants – if you are a 1040 Schedule C Taxpayer with employees and / or a Partner in a Partnership IRS form #1065 Schedule K-1 with employees

If you meet one of these criteria, please be certain you are maximizing your EIDL Grant to the max of $10,000 per practice. If you have more than 10 employees, your maximum EIDL Grant will be limited to $10,000. However, if you have 6 employees PLUS yourself as a self employed individual, you should receive $7,000 and not $6,000. If this is the case, I am suggesting you call the SBA at 800-659-2955, and explain to them , you are also employed at the practice and as a self employed individual. Please be sure to have your Federal ID# available at the time of your call to the SBA.

 

EIDL Loans

Many of you are receiving your EIDL Loans from the SBA. What we would like you to do, is to set up a separate Checking Account with your Bank as well as set up a separate General Ledger Account within your QuickBooks / Peachtree file as well. The reason for this is, we will need to render an accounting to the SBA, to confirm you are spending of your EIDL Loan funds are in accordance with your Loan Agreement with the SBA. These funds are open to audit over the next three (3) years. Please do NOT use the EIDL Loan for Payroll. You can use the EIDL Loan for current accounts payable, current vendor bills like Dental Supplies, Lab Fees and other related overhead, etc.

 

PPP Loan Funds

Many of you are receiving your PPP Loans from your respective Bank. What we would like you to do, is to set up a separate Checking Account with your Bank as well as set up a separate General Ledger Account within your QuickBooks / Peachtree file as well. The reason for this is, we will need to render an accounting to the SBA and your Bank , to confirm you are spending of your PPP funds are in accordance with your Loan Agreement with your Bank. These funds are open to audit over the next three (3) years.

The current US Treasury regulation state, once the SBA approves your PPP Loan, the Bank must disburse the funds to you within 10 days. Once you receive the PPP Funds, you have “8-weeks” to spend them in accordance with the CARES ACT. We would like you to inform your Schiff Team Member when you receive your PPP Funds, so we can track them and also create a “Game Plan” for you in terms of spending in order to afford you , the maximum loan forgiveness. We will also need to know if you received your EIDL Grant (see above), what day you received it and to what amount. The reason for this is, the EIDL grant will impact the overall loan forgiveness of the PPP Loan.

*** PLEASE HOLD YOUR PPP LOAN PROCEEDS as of now, until we gain further guidance from the SBA, the US Treasury and the ADA. We are hoping the ADA will be successful with their lobbying, thereby creating a delay as to when we have to spend the PPP Loans. My fingers are crossed, hoping we can spend them when we all go back to work! I will confirm with you as soon as I hear. But for now, please HOLD YOUR PPP FUNDS and do not spend them.

 

Availability of PPP Loan Funds

Yesterday, we were informed from our sources within the ADA and the SBA, the PPP Loans will be fully funded by this Thursday, April 16, 2020. So, if you have already filed for your PPP Loan with your Bank, you should be in line to receive your allotted 2020 PPP funds!

 

Baltimore City ? – if your Practice is located in Baltimore City …please read on!

Today, the City of Baltimore announced a partnership with Goldman Sachs and Lendistry to provide $10 million in potentially forgivable SBA Paycheck Protection Program loans to help vulnerable Baltimore City small businesses, including non-profit organizations, weather the economic impact of COVID-19. This program is made possible through the federal government’s C.A.R.E.S. Act and Goldman Sachs’ Small Business Stimulus Package. This fund targets underserved businesses, including those which do not currently have a relationship with a traditional bank.

In partnership with Goldman Sachs, Lendistry, a Community Development Financial Institution (CDFI) and an SBA authorized PPP lender, will begin accepting applications immediately. To apply, click HERE.

http://www.mylendistry.com/login.html?utm_source=Survey&utm_campaign=0e2dad603a-EMAIL_CAMPAIGN_2020_04_14_05_47&utm_medium=email&utm_term=0_ebb6f80bcc-0e2dad603a-364451865

Lendistry also offers online technical assistance to applicants, including their PPP Resource Guide and Payroll Resource Guide, which can be easily found on their homepage.

https://lendistry.com/?utm_source=Survey&utm_campaign=0e2dad603a-EMAIL_CAMPAIGN_2020_04_14_05_47&utm_medium=email&utm_term=0_ebb6f80bcc-0e2dad603a-364451865

Applicants should have the following documents on hand before applying:

  • 12 months of payroll documentation, including wages, health and retirement benefits and state taxes paid
  • Primary owner’s photo ID
  • 2019 Tax Return, or 2018 Tax Return & 2019 Year-End Financial Statement, or 2019 1099
  • Corporate Documents (varies by entity type: Articles of Inc., By Laws, Operating Agreement, Fictitious Business Name, Partnership Agreement)

Applicants can also contact Lendistry directly at 1.844.662.7297 or info@lendistry.com.

Baltimore Development Corporation

I hope you found the above informative. If you have any questions, please e -mail your team member at Schiff!

Please stay well!

We are here for you!

My best to all

Allen

Schiff Clients Update as of Tuesday , April 14, 2020 at 6:00 PM EST

Good afternoon Schiff Dental Clients
I hope each of you are doing well and are safe!
We are here for you!

Today, we were informed from our sources within the ADA and the SBA, the PPP Loans will be fully funded by this Thursday, April 16, 2020. So, if you have already filed for your PPP Loan with your Bank, you should be in line to receive your allotted 2020 PPP funds!

However, IF YOU HAVE NOT YET applied for your PPP Loan, I would suggest you start to gather the various documents ( see list below) tonight and submit them within your Banks Portal immediately. Many national consultants are suggesting you wait to apply for your PPP Loans. If I were you , I would not pay attention to this information and file for your PPP Loan BEFORE the designated funds run out .

Many Banks are requiring the following financial documents:

  1. Drivers License – front and back
  2. 2019 Employee W-2’s
  3. 2019 Health Insurance paid
  4. 2019 401k  / SIMPLE Match
  5. 2019 State Unemployment Taxes Paid
  6. Signed and Dated PPP Loan Application

Good luck! Please start the process ASAP…….We are here for you!
Stay well!
My best
Allen

Schiff Dental Clients update as of Monday, April 13, 2020 8:35 PM EST

Dear Schiff Clients

We are here for you!

Good evening!

 

PPP Loan Applications

I want to first clarify the 7 PM e-mail update from this evening’s e-mail. Since the introduction of the PPP Loan, I am suggesting to all clients, that you apply for your PPP Loan. If you chose to accept it, we will need to determine your strategy. If you chose not to accept it, that’s your choice!

EIDL / SBA e-mail

At 8:35 PM , this evening, I was notified about the SBA EIDL / PPP Program. (see below) . With respect to the EIDL Grant >> please note this >> To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

Now we have a clear understanding on how your EIDL Grant will be determine. Please check your e-mail (and / or JUNK or SPAM mail) for the same notification. You should have a notification as well!

Have a nice evening!

We are here for you!

My best

Allen


Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

                                 Paycheck Protection Program                  Full EIDL Loan

PURPOSE Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable) To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
TERMS Up to $10 million

1% interest rate

Up to $2 million

3.75% for businesses

2.75% for non-profits

FORGIVABLE YES NO – EIDL Loan

YES – EIDL Advance

MATURITY 2 years 30 years
FIRST PAYMENT DUE Deferred 6 months Deferred 1 year

 

To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection.

Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA’s resource partners.

Schiff Dental Clients update as of Monday, April 13, 2020 7:00 PM EST

Good Monday Evening to all Schiff Clients!

Happy Easter to all! I hope you and the family are doing well!

We are here for you!

 

ADA Lobbying update

Here is an update for you!

The ADA has written a letter to Congress (please see the attached) asking Congress for help………to delay the 8-week period, and using the PPP Funds for what they are intended for. I am hoping that Congress will react to the ADA letter in a positive way.

“We would also like you to consider allowing small business dental practices to choose the 8 week period for which they seek forgiveness for the loans and rehire back staff before December 31, 2020, instead of requiring them to rehire staff by June 30, 2020. This would allow these practices to make decisions about staffing and payroll based on when they plan to fully reopen”

I also hope all of the other industries (Restaurants, Hospitality, Travel, Sports, Theater , Retail , Airlines , Cruise Ships, etc etc) write a similar letter to Congress. If we can flood Congress with these types of letters, we will have hope they will listen to Small Business.

 

PPP Strategy as well as the computation of the PPP Loan Forgiveness

I think we should wait on the PPP Strategy as well as the computation of the PPP Loan Forgiveness because of this ADA letter and its chances of having the rules changed again AND because the US Treasury will be issuing regulations of the PPP Loan Program on April 27th. At that time, we will have a clearer picture as to what expenses would be allowed to arrive at the PPP Loan Forgiveness

My guess, this will all change again…..we will also gain clarity about the retirement plan accrual from 2019, as well. The rule to spend the funds by June 30th has changed too, and I suspect it will change again! Stay tuned!

 

Find your state’s disaster relief loans, financial support options, and other Coronavirus (COVID-19) resources for dentists and teams      

https://dentalbilling.com/dental-financial-coronavirus-relief-map/

 

There’s also a new loan tracker that has some interesting stats and is growing:

https://www.covidloantracker.com/

Video ? ….Cute short Video is also attached………….. thank you Dr Mel Weissburg my fellow Board Member of the MSDAF!

 

We are here for you!

Please Stay well & Safe!

My best

Allen

ADA PPP EIDL Funding Increase and Flexibility Letter to Congress

Schiff Update, Friday, April 10, 2020

Good Morning Schiff Clients!

Happy Good Friday to all!

I hope each of you are well and safe!

We are here for you!

IRS Update

Overnight, the Internal Revenue Service created some clarity for when your 2020 Quarterly Tax Payments would be due. So instead of having Payments due June 15, 2020 (2nd Quarter) and July 15, 2020 ( 1st Quarter), the Regulations point to BOTH the 1st Quarter and the 2nd Quarter are now BOTH due July 15, 2020 as one combined payment.  To me , that makes sense!

Independent Contractors

Today, April 10th is your day to file for your Paycheck Protection Program (PPP) Loan. We currently, do not have clarification from the SBA nor the US Treasury on how you as an IC , will submit your financial documents. My best advice at this time is , to please contact your SBA Preferred Lender Bank and inquire with them.

MSDA Webinar from TODAY  

Will be posted on www.MSDA.com

EIDL GRANTS / LOANS (update)

Yesterday (April 9, 2020) a number of 9,000+ ADCPA Dental Clients, received notification from the SBA, saying they were approved for $25,000. The $25,000 includes the $10,000 EIDL GRANT (which does not have to be paid back) and a preliminary EIDL Loan of $15,000 (30 years Loan at 3.75% Fixed) for their immediate working capital needs. The SBA message went onto say, do you want to accept the $15,000 EIDL Loan or would you like to apply for a greater EIDL Loan? Each of you will have a financial decision, when you receive your SBA notification.

I will continue to update you as the day progresses, if updates are warranted

Please enjoy the weekend!

We are here for you

My best to all

Allen

Schiff, Update Thursday, April 9, 2020

We are here for you!

Yesterday afternoon an updated FAQ’s was released on the Treasury’s website as to when the funds must be disbursed and when the 8 week period for forgiveness begins. Previously, some banks have mentioned an applicant could apply and not accept the loan until a later date. The FAQ’s posted on the Treasury website clarify that some funds must be distributed within 10 days of applying and that initial disbursement will start the 8 week period. Please take this into consideration when speaking with your lender when determining when to submit your application. We will be discussing this at length, on TODAY’s Schiff Client (ONLY) webinar.

Paycheck Protection Program (PPP) Loans

The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?

Answer: The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten (10) calendar days from the date of loan approval.

Example:

Practice applies for a loan today 04/08/20

Practice is approved by 4/10/20.

Practice must take an initial disbursement by 4/20/20 (assuming max deferment)

If the disbursement is taken by 4/20/20, only costs spent before 6/14/20 are eligible for the forgiveness (“the 8-week period”)

The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value?

Answer: No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including employer contributions to defined-benefit (Cash Balance) or defined-contribution retirement plans; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; and payment of state and local taxes assessed on compensation of employees.

What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts?

Answer: In general, borrowers can calculate their aggregate payroll costs using calendar year 2019. Applicants may use their average employment over the same time periods to determine the numbers of employees. An applicant not in business for the period between 2/15/19 and 6/30/19 may use the average payroll for the period 1/1/20 through 2/29/20.

Should payments that an eligible borrower made to an independent contractor be included in calculations of the borrower’s payroll costs?

Answer: No. We understand some major banks are still requesting this information but it is incorrect.

How should a borrower account for federal payroll taxes and withholding when determining its payroll costs for the purposes of the maximum loan amount?

Answer: Under the Act, payroll costs are calculated on a gross basis without making an adjustment for employee withholdings. The employer’s portion of the FICA tax (Social Security and Medicare) is not added to payroll costs. We understand it is a cost, but it is not an eligible cost for the purposes of this program. Some major payroll companies have been including these totals in there reports which is incorrect. You can input some of the data from your payroll company’s report onto our Schiff excel template to help you determine your approximate PPP Loan.

Do lenders need to independently verify information about affiliates?

Answer: No, it is the responsibility of the applicant to determine which entities are affiliates and determine the number of employees of the applicant and affiliates. Lenders are permitted to rely on the borrower’s certifications. Please remember, the purpose of the affiliation schedule is to make sure that businesses under common management have less than 500 employees. If you have multiple offices or have a PC owning a partnership interest we are recommending disclosing the related entities, the number of employees, and that there is common management. As long as the aggregate number of employees is under 500, this information won’t impact your loan application, it is just disclosure.

ADCPA PODCAST on the EIDL and the PPP Loan (April 5, 2020)

https://hwcdn.libsyn.com/p/b/b/6/bb6fcf5b10851d71/ADF069.mp3?c_id=69335237&cs_id=69335237&destination_id=844283&expiration=1586403221&hwt=3cfcdd3efd341e264e85f9d64b85752a

We are here for you!

Stay safe and healthy!

My best to all

Allen

Schiff Update, Tuesday, April 7, 2020, 4:15 PM

Good afternoon Schiff Clients!

I hope each of you and your families and employees are safe!

We are here for you!

We are receiving a lot of questions from clients about how to apply and when to apply for a Paycheck Protection Program Loan (PPP Loan Application Process). Each Financial Institution is different. Each Bank is requesting different financial documentation. There is no coordination from the SBA nor the US Treasury. So, we are all dependent on your Bank.

We understand this is the most critical question every dental practice has. If you receive the PPP Loan before it is needed, what can you do , what should you do?

I wanted to share my firm’s thought process with you , so we can help you make the best decision for your practice. You have to make this business decision as soon as possible, which is why we are suggesting you read through the options and worst-case scenarios we have listed below. There is no correct / wrong answer to this decision. What matters is, what is best for you and your practice.  Unfortunately , the outcome is based on factors outside your control. For example,  when the ADA and the various State Boards inform us we you can reopen. Since we cannot control any of these factors, each of you will need to make a decision that you feel is best for you and your practice.

As I see it, here are your Options:

  1. Apply today for a PPP loan, possibly get the funds as soon as possible, and spend the PPP during the next 8 weeks of receiving the funds. That’s great, but if the PPP Loan Origination date is let’s say is 4/13/20,  you will need to spend the PPP Loan by 6/08/20, or the 8 weeks window will have expired. I need to check with the ADA and the SBA, to see if the SBA and the U S Treasury , will allow us to pull the PPP Funds down now, and hold them until we all go back to work. I am not putting a lot of confidence in this happening. I hav ebeen in touch with the ADA through this process….Geeze!
  2. Apply now for a PPP loan, have the origination date delayed, if you can. Some banks say they can allow this; however, many banks are saying they cannot delay funding. Unfortunately, this is simply another factor that is outside your control as there is no consistency. Banks are learning as they go as to what options they can offer. I would certainly get a definitive answer from your bank on this point. One of our clients received an e-mail from PNC today, and they are saying “No, you can’t delay.  Once the application is approved the funding is done right after that”…..another Geeze!
  3. Wait to apply for a PPP loan, apply when you are about to reopen. This is the ideal situation, but the risk is the funds could run out. Yesterday, Wells Fargo annouced their funds ran out. There is  $349 billion in funds available for this program, but they could run out. No one knows if the funds will last or if they will be replenished. If you wait and don’t get a PPP loan, the consolation prize is you might be eligible for a credit 50% of wages paid in Q2, up to $5,000 per employee. The details of that are complicated though.You cannot obtain a PPP Loan and receive the Payroll Tax Credit, it is an either or.
  4. Other Financial issues surrounding the PPP Loan process and its timing
    1. You will be paying employees not to work at some point during that 8 week
    2. It may be possible that with the state and federal unemployment (additional $600 per week on top of state unemployment), your team could be earning more money on unemployment. So, by you deciding to pay them now, in effect reemploying them, they could start making less money than if they stay on unemployment….another Geeze!

Additional Information

We were just informed from the ADA, “Mnuchin just said at the White House small business briefing that he looks forward to the House passing the $250 billion pension package on Friday (Aprl10th) after the Senate passes it on Thursday (April 9th).  We’re still waiting to hear whether Schumer will object in the Senate on Thursday”.

Worst-case scenarios:

  1. You get the funds in a week or so, you spend the funds on eligible costs during the 8-week forgiveness period that ends in June, and you need to pay employees at the end of June even if you are not open. Your cost is the expense in those weeks after the loan runs out but at least you built some goodwill with your employees, unless they are getting unemployment and it is higher than what you pay them.
  2. You get funds, keep employees on unemployment, and don’t use the majority of the funds until after the 8 weeks. You end up with a loan that has 1% interest for 2 years to pay wages when you reopen. Not free money, but cheap working capital and, if you can’t reopen for some time, this working capital is probably necessary.
  3. You wait for the loan and it isn’t available when you need it. You may have to look for alternative financing

None of those scenarios are terrible – they just aren’t as ideal as having 8 weeks of payroll covered. Again, the factors are out of our control, so we don’t have an answer. I know some consultants say wait as the money will be replenished if it runs out. This is fair, but we don’t really know if that will happen. Others say apply now and don’t wait. Also, fair, but you might be paying employees to sit at home. The point is no one knows the best answer, but all the options are reasonable as long as you know the risk and rewards of each.

And finally,  if and when you do apply and receive the proceeds from the PPP Loan, we are currently recommending that you open up a separate checking account to track the use of these funds; this will be important from a loan forgiveness basis. The same is true for the EIDL Loans. If you receive the proceeds from an EIDL Loan, please consider opening a spearate checking accout to track such funds.

Allen’s Webinars this week
1) ADA tomorrow at 3 PM
2) Schiff Client Webinar 10 AM on Thursday

3) Madow Brothers, 1 PM Thursday
4) MSDA Webinar, Friday at 10 AM
5) Robert T Freeman Dental Society, Friday at 2 PM

 

Please stay safe and healthy!

We are here for you!

My best to all

Allen

Schiff Update 12 Noon , Monday , April 6, 2020

Good afternoon to Schiff Dental Clients

I hope everyone is safe & well.

At 12 NOON , on Monday , April 6, 2020, here is a ADA Update, M & T Bank , TD Bank, BOA and other Banks and their PPP availability

########################

ADA– I just heard from the ADA, and the ADA shared with me they won the issue as to whether or not you can file for an EIDL Loan and a PPP Loan and get both. The ADA won! ….…The SBA will be issuing a statement that you can get both loans.

M& T Bank Update

From my contact at M & T Bank >>>>its best for customers to visit the following landing page which provides information they should have ready to streamline the process (including documents needed).

https://www.mtb.com/help-center/be-informed-business/coronavirus

TD Bank Update

TD Bank is accepting applications for SBA Paycheck Protection Program (PPP) loans electronically through our website.

Here’s what you need to know:

  • You can apply directly at www.td.com/paycheckprotection
  • Please visit our site as soon as possible to view the eligibility guidelines and documents required when submitting your application.
  • Here is additional information you may find helpful:
  • PPP does not require collateral or a personal guarantee but does require supporting payroll documentation.
  • If approved, loan proceeds with be deposited into a TD Business deposit account.
  • This is a limited time program that is only available until June 30, 2020.
  • For more information, please visit the SBA website at this link.

BOA Update

This list is from one of our Schiff Clients >>

We completed the application which asked for some information, such as:

  1. Average Monthly Payroll (per our calc) ……    BOA is asking for reports for all of 2019 through Feb 15 2020
  2. The amount we were requesting for the loan
  3. Name (including DBA), address, phone, fax of the practice
  4. Business organization (LLC, C Corp, S Corp, etc.)
  5. Ownership name, address, phone
  6. Contact name, address, phone, role/title with the business
  7. Check box questions re: good legal standing – no felonies, disbarred, discredited, etc.
  8. Check box statements re: all info provided is true and correct to the best of my knowledge.

It seems BOA will let you apply to “get in line” and then will ask for documentation at a later time.  It took me about 15 min to get through the application.  As of now it seems that they are only concerned with payroll documentation.

PNC Update

Please refer to my e mail of yesterday , on PNC financial document(s) requirements

####################

Finally, if you need help in compiling your financial information from SCHIFF, please reach out to your Schiff Team Member. They will be happy to help you

Please stay well!

My best

Allen

Towson MD Dental CPA | Strategies to Boost Profitability

According to Dr. Charles Blair, DDS, most dental practices are losing between $30,000 and $50,000 in potential profits. How can dental practices maximize return on their services and start to recoup capital? Here are three strategies to boost profits in your practice:

Towson MD Dental CPA

Optimize your Practice

Taking a look at production reports to make sure procedures were coded correctly. This may seem fundamental, but it can save a lot of time and money in the long run. One incorrectly charged procedure can increase costs over the course of a year.

In addition, adding high-dollar procedures to your practice such as endodontics, bleaching, and other cosmetic services can greatly boost your profit. Training dental hygienists in more complex procedures, such as soft-tissue management and bleaching, will also maximize a dental practices’ profitability.

Staff your Practice Well

In order to recruit and hire the best possible candidates, it is worth paying above average wages to experienced people in the field. This avoids employee turnover, which can become costly. A friendly and knowledgeable team will also help with patient retention rates.

Facilities and Equipment

If possible, purchase all your dental and office equipment, rather than leasing it. This avoids a number of issues, including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.

Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Also, merging your office with another dentist can help you in fully utilizing your space and also reduces overhead costs.

There are a variety of ways to boost profits and cut costs while owning a practice. To start, think about your services, staff, and office space. Opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact Schiff & Associates, CPA today for help on managing your budget and ways to maximize your return on investment.

PNC PPP Loan Application Process

Good Morning Schiff Clients!

Happy Sunday! I hope everyone is well and safe!

For the PNC PPP Loan Application, you will need the following information completed prior to beginning the PPP Loan Application process for the System will “time out” and you will have to start over, for your information is NOT SAVED.

You need to create scans (PDF) of the following documents prior to starting the PNC PPP Loan Application process

  1. Copies of your Practices Monthly Gross Payroll (from your monthly payroll service) for the period of April 2019 through March 2020, you will need individual scans of each month. Please adjust the monthly gross payroll, for the excess compensation over $100,000 annually , back to the allowable amount of $8,333.33 per month ($100,0000 /12 months). You will need twelve (12) scans here, and each has to be uploaded separately within the respective month
  2. Copies of your IRS Forms #941 for 2019 Q2, Q3 and Q4 and 2020 Q1 AND Copy of your IRS Form 940 for 2019, all as one scan
  3. Copy of your Driver’s License – front & back
  4. Copy of Health Insurance Paid between April 2019 and March 2020, for both you and your team
  5. Copy of your 401k / Simple Match for the period of April 1, 2019 through March 31, 2020, to include Retirement Plan Accruals paid during this period for your Profit Sharing and Cash Balance Plans
  6. You will need to Print the PNC PPP Loan Application , sign and date, initial various questions, scan and include before the system times out. Keep clicking your mouse, so the system does not time out

My suggestion and to avoid the frustration with compiling so many financial documents, all at one time, is to compile of your documents before you start the PNC PPP Loan Application process. If you do, you can complete the PNC PPP Loan application within 30 minutes! The PNC PPP Loan Application is very user friendly, as long as you are thoroughly prepared

If you need specific help from PNC, please e mail Irina Falletta irina.falletta@pnc.com. You can access the PNC PPP Loan Application through your on line banking.

Good Luck!

We are here for you

Many thanks

My best

Allen

Banking Update 04/03/20

Dear Schiff Dental Clients

Good Afternoon!

Here is a banking update as of April 3, 2020 5:30 PM

BOA – accepting Loan Applications – ONLY if you are a commercial loan client with them or a BOA Credit Card Holder
(i.e) 1) Bank of America small business loan 2. Bank of America checking account for the business 3. Bank of America business credit card If the client has two of three items above they can apply for the PPP.
Chase Bank – accepting Loan Applications
Citicorp – next week – they will be accepting Loan Applications
First Citizens Bank – over the weekend they will be ready
Fulton Bank (formerly Columba Bank) – accepting Loan Applications now
Huntington Bank – accepting Loan Applications now
M & T Bank – they will be ready Monday , April 6, 2020
PNC Bank – should be later this afternoon / early evening
Sandy Spring Bank – accepting Loan Applications now
Souhern Bank – accepting Loan Applications next week
TowneBank – accepting Loan Applications next week
Wes Banco – accepting loan Applications now
Wells Fargo – Next Week
Zio Bank – Allen is waiting to hear from

As of 11 a.m., 1,926 loans were originated, totaling nearly $757 million from 245 lenders, according to a person familiar with the matter. (Bloomberg)

Please know, we are here for you . Please text me any questions you may have / or any stress you are feeling . My cell is 443-928-1696

Please enjoy the weekend and stay safe!

My best to all

Allen

PPP Loans? Need answers to questions? Please read here:

Dear Schiff Clients

Good Morning to all!  I hope each of you are well.

Good News! It appears the Treasury Department has reversed its original decision of the subtraction of Federal Payroll Taxes, because they didn’t want to lend our businesses the “Federal Taxes”, so we are now back to “Gross Payroll”  with NO adjustments for taxes. There is a minor exception to this, please read below, but I would not hold you up using the Schiff PPP Loan calculator. 

Here is an UPDATE:  7 PM on Thursday night the Treasury Department issued additional guidance on the Paychecks Protection Program (PPP) loans. 

The number one question everyone is asking – when do I apply?  

There are two factors to consider:

1)      When do you need the money?

2)      When will the funds run out?

Ideally, you want to get the PPP loan when you reopen your practice, but no later than 6/30/20.  This would allow for you to fund the first 8 weeks of payroll costs (defined below), rent, and utility costs while revenue is less than 100%.  This would allow you to be fully staffed and operational once it is recommended for you to reopen.  Unfortunately, we don’t know right now if the funds will be available at that time or how long the loan process will take.  The Treasury Secretary said he will work to replenish the funds if they run out, subject to Congress approval. Fingers crossed!

We don’t believe the funds will run out immediately, but we also don’t believe a business should wait until May 2020 to get a loan. Remember, based on my conversation with the larger Dental Lenders’, they are predicting the money may run out, so, lets apply as soon as possible, but please do not panic.  The Schiff & Associates Team met for over 3 hours today (Thursday), so we are well trained to help each of you! 

Don’t panic – even though we gave you a large list of items yesterday, the list might be significantly shorter than today’s list I gave you.  Contact your lender, gather your information, and work with your bank to figure out when financing will be available. Nothing official, but we have heard from some banks said, that they will be able to allow for the loan to be processed, funds reserved, and become available upon request (prior to 6/30). 

The PPP loan calculation has been simplified. Based on this update, do not include the #1099 “Associate” on line #7. We are being told as of now; the Independent Associate will file their own PPP Loan Application. 

Once approved, please speak with your Schiff Team Leader before you sign and take the proceeds so we can strategize on timing. Make sure your bank will allow you some breathing room, from application approval date to closing date of loan/proceeds given. 

Below is a summary of the Interim Final Rules (SBA 020-0015 – 13 CFR Part 120) issued Thursday evening.  Please note the application process appears to have been simplified compared to previous guidance you may have received.  Contact your lender and please read below to understand some additional details.

Q:           Am I eligible?

A:            Most dental practices are eligible for a PPP loan if you have 500 or fewer employees in the US and were in operation on 2/15/20.  Affiliation rules apply.

 

Q:           I’m an independent contractor – am I eligible?

A:            Yes and you must be able to submit documentation such as IRS Form #1099-MISC received, in the submission of your own PPP Loan Application.

 

Q:           How much can I borrower?

A:            Step 1:                  Aggregate payroll = Gross Wages Paid

                Step 2:                  Subtract any compensation paid to an employee in excess of annual salary of $100,000

                Step 3:                  Divide by 12

                Step 4:                  Multiply by 2.5

                Step 5:                  Add the outstanding amount of an EIDL made between 1/31/20 and 4/3/30, less the advance if received.  (unlikely)

Q:           What are my payroll costs?

A:            

Compensation to employees, employer portion of payments for group health insurance, retirement, state taxes on compensation (State unemployment (very small amount of money here)), and your net income from being self-employed (Limited to $100,000) (does not include 1120S K-1 income)

 

Q:           What is excluded from payroll costs?

A:            i) Compensation in excess of annual salary of $100,000 

 

Q:           Can I include payments to independent contractors as compensation?

A:           No, independent contractors have the ability to apply for a PPP loan on their own.

 

Q:           What is the interest rate on a PPP loan?

A:            1% Fixed Rate (previously reported as 0.5%, this has changed)

 

Q:           What is the maturity date?

A:            Two years (previously reported as 10 years, this has changed)

 

Q:           Can I apply for more than one PPP loan?

A:            A business (EIN) can only apply for one PPP loan. If you own multiple businesses, they may be eligible to apply individually but must be disclosed in the affiliation section of the Loan Application (Question)

 

Q:           Can I use e-signatures?

A:            Yes

 

Q:           Is the PPP loan first come, first served?

A:            Yes

 

Q:           When do I start making payments on a PPP loan?

A:            Interest accrued when funds are disbursed, but payment is not due for 6 months.

 

Q:           Can my PPP be forgiven?

A:            Yes, if the loan is used on eligible costs and employee and compensation levels are maintained.  At least 75% of the PPP Loan must be for payroll costs to obtain forgiveness.  The SBA will issue additional guidance on forgiveness.  Although not stated in the final rule, the Act states the funds must be used within 8 weeks of receiving the loan to be forgiven.

 

Q:           What are eligible costs?

A:            

  1. i) Payroll costs (defined above)
  2. ii) Group health care benefits

iii) mortgage interest payments (not prepayments or principal)

  1. iv) rent, on a lease dated before 2/15/20
  2. v) Utility (G & E, Telephone & Water) payments, under service agreements dated before 2/15/20
  3. vi) Interest payments on debt obligations incurred before 2/15/20

 

Q:           I incurred eligible costs before receiving the loan, can I reimburse myself?

A:            The SBA will issue additional guidance but under the Act the funds must be used within the 8 weeks following receiving the loan and prior expenses would not be eligible.

 

Q:           What forms do I need and how do I submit an application?

A:            i) SBA Form 2483- Paycheck Protection Program application form

  1. ii) Payroll documentation

 

Q:           What if the PPP funds are misused?

A:            If misused, you will be subject to additional liability such as charges for fraud

 

Q:           What certifications must be made? (summary below)

A:            i) The applicate was in operation on 2/15/20 and had employees

  1. ii) Current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant (Due to COVID-19 this is a near certainty for any practice)

                iii) the funds will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments.  Failure to do so could result in fraud charges.

  1. iv) Documentation verify the number of employees as well as the eligible costs incurred for the eight-week period following the loan will be provided to the lender.
  2. v) Loan forgiveness will be provided for the sum of documented costs.  Not more than 25% of the forgiven amount may be for non-payroll costs.
  3. vi) The applicant has not and will not receive another loan under this program.

                vii) The information is true and accurate.

                viii) The tax documents provided are identical to ones filed with the IRS.

 

Q:           What payroll costs do I use?

A:            The lenders are required to confirm the average monthly payroll costs for the preceding calendar year (2019)

 

Q:           What other information do I need to provide?

A:            Lenders may need to include a customer identification program 

 

Items not in the guidance:

My business opened during 2019, what numbers do I use?

For new businesses (that were not in business from 2/15/19 – 6/30/19), average monthly payroll may be calculated using the time period from 1/1/20 to 2/29/20. You should use this period it, annualize it for the calculation and then reduce for the annualized $100,000 per employee limitation. 

What bank should I use?

Start with a bank you already conduct business with. This program isn’t highly profitable for banks but they are providing this service to help their customers stay in business. They are more likely to assist existing customers first.

Should I apply through multiple banks?

No, as part of the application you must certify that you do not have any other pending applications for this program.

What is my business type?

Please look at your tax return:

  • Schedule C (form 1040) – Sole proprietor or LLC if you have organized an LLC under state law. 
  • 1065 – Partnership
  • 1120S – S corporation
  • 1120 – C corporation

What do I list for the number of employees?

We don’t know. We think it should be FTE’s however we think banks will just be counting W-2s. Because the 2019 number shouldn’t directly impact the forgiveness calculation, we expect you will use the 2019 number of W-2’s just so that it makes the loan application process go smoothly. This would include spouse and other related party W-2s. We think this is just to verify that the number is 500 or less. Please ask your lender what number they expect should be used.   

What are the state taxes do I include?

Total payroll in line one already includes state income tax withheld. This is not a tax of an employer; this is just part of the employee’s payroll so you do nothing special with this. The state taxes you add to your payroll cost are the state tax you pay as an employer which means for most businesses, State Unemployment taxes (SUTA). Some businesses are required to pay additional taxes, such as an employer portion (not the employee portion) of Paid Family Medical Leave taxes. Again, this is the employer portion only, not the employee’s withholding. Your payroll company should be able to provide these figures.

Where do I include rent, utilities, and mortgage interest in the loan request?

These are not part of the loan application. The loan is based on 2.5 months (about 11 weeks) of payroll costs. You may then use it for 8 weeks of payroll, rent, utilities, and mortgage interest. The additional weeks in the calculation are meant to cover these overhead expenses. 

Q:           How do I track my costs?

A:            We recommend you create a new bank account to track the deposit and use of the funds.  Documentation is required.

 

Q:           How does this impact my pending EIDL grant?

A:            We don’t know – the EIDL grant was supposed to come out as emergency funds and then the PPP provide later working capital to cover payroll and overhead for two months.  However, the administration rushed the PPP loan and is making the application available before anyone has received the EIDL grant.  We believe this means the EIDL loan may not be able to refinanced into the PPP loan. Information will be forthcoming. If you would like an EIDL Loan, you must apply for an EIDL Loan before you apply for an PPP Loan

 

Q:           My partnership is owned by two S corps, do the S corps need to apply for their own loan?              

A:           The S corporation owners receive a W-2 through their own PC and those wages can’t be included in the partnership application.  The S corp owner can file its own PPP application or an EIDL application with similar results.  

 

Q:           My partnership is owned by two individuals; do I include their K-1 income in payroll costs?

A:            We don’t know. However it is reasonable to assume that since a business includes the income of the sole proprietor, that the partnership should also include the K-1 income (limited to $100k per partner). This is a good faith answer to a question not answered (yet) in the instructions. We recommend pointing this out to your lender and asking what they will treat as acceptable under their procedures as they will need to review and approve the application with the payroll documentation provided.

 

Q:           When can I apply?

A:           

Starting April 3, 2020, small businesses (C-Corp, S-Corp, Partnership, LLC)  and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Starting April 10, 2020, independent contractors and eligible self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

 Why is my bank requesting additional information?

This is new and banks are doing their best to answer questions even if they don’t know answers. According to the final rules an applicant needs to complete the application, provide payroll records, and may need to verify their identity/business.

What do I do with the funds if I receive them and the Practice is not open yet?

You will have 8 weeks from the loan origination date to spend the funds and qualify for loan forgiveness (subject to additional rules to be issued by the SBA). If not used during the 8 weeks, they can be used in future periods, just not forgiven. You may rehire employees even if the practice isn’t open so that they are ready and available when needed or you may have working capital for later in the year to cover eligible costs.

My employees will be receiving more from unemployment than they will be receiving pay, why will they come back?

As the Treasury Secretary mentioned yesterday, if someone refuses work (pay), they are no longer eligible for unemployment. Further, employees who have been recently let go will be excited to have a paycheck again. There is so much uncertainty now that anyone that you want to be part of your team will gladly accept a paycheck over unemployment. 

As the owner, I was advised to stop taking a paycheck. How does this impact this decision?

As of the loan origination date, the owner (and employees) should go back onto payroll for the 8 week period if you want to maximize loan forgiveness (subject to additional rules to be issued by the SBA)

My employees have been collecting unemployment for the last few weeks, will my unemployment insurance tax rate go up?

We do not know at this time, but it is possible.

Q:           What information do I need?

A:            According to the final rules:

  1. The PPP application https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
  2. Please be sure to check with your Bank, for their application process

Q:           Where can I learn more?

A:            https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

Please be sure to e-mail your Schiff Team Member if you need help today. During the interim, please compile your Quarterly 941’s, confirmation of your Health Insurance Premiums Paid and the Retirement Plan Match and Accrual from 2018 paid in 2019. 

Stay well!

My best to all
Allen

Updated EIDL Grant/Loan Application from the SBA

If you filed your EIDL Grant/Loan Application before Sunday, March 29 at 9:30 PM EST, the MSDA, in conjunction with Schiff & Associates, is recommending you reapply using the new website from the Small Business Administration (SBA).

Apply Here


On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

Although many of you spent 3 or 4 hours completing the original EIDL application, it is important to fill out a new application using the streamlined process. This new application will take 30 minutes or less to complete. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Since only $10 billion was allocated to the EIDL Grants, it is imperative that you fill out the streamlined application as soon as possible to give you the best chance of receiving the $10,000 advance.

Sincerely,
Marlene Shevenell, DDS
President, MSDA

Greg Buckler, IOM, MBA, MSM
Executive Director, MSDA


The MSDA recommends the following resources for the most current information about the coronavirus.

MSDA Website
Maryland Department of Health – Coronavirus
Office of Governor Larry Hogan
American Dental Association – Virus
Center for Disease Control – COVID-19
World Health Organization – Coronavirus Outbreak
US Chamber of Commerce – Combating the Coronavirus
Maryland State Medical Society

Notice from the U.S. Small Business Administration

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic.

On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Also, we encourage you to subscribe to our email updates via www.SBA.gov/Updates and follow us on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.

Our Joint Correspondence with the ADA

Dear Schiff Clients,

Happy Monday to all!

I hope each of you are well, and your family is well and your employees are well too!

As all of you know, I have been working with the ADA along with my Academy, the ADCPA, in getting a message out to the 200,000 Dentists in the US. There was a FORBES Magazine Article published this week that contradicted my comments on the ADA webinar this past Friday. That created a lot of confusion for the 10,000 Dentist that were on the podcast. As it turns out, we needed to put together a joint correspondence with the ADA, which is attached, which supports my comments on the ADA Friday webinar. TG!

Click Here to Read Our Joint Correspondence with the ADA

We are here for you! 03.26.20

Good Morning to all Schiff Clients,

I hope each of you are well and safe and healthy!

Today at 12 Noon, I will be sharing my understanding of the CARES ACT along with the Applications for Funds within the State of MARYLAND (Instructions for Maryland are below). For the Maryland Application, you will need the following:

  1. Federal ID#
  2. Maryland Unemployment #
  3. SIAC # (621210)
  4. Attach a IRS Form W-9
  5. Attached 2 Years of Profit & Loss Statements
  6. Attach the MSDA e mail from 03.17.20, recommending you close your Dental Practice

To sign up for the 12 Noon webinar, please register here  >>  https://www.msdaf.org/assetprotectioncourse?utm_source=MSDA+Webinars+-+COVID-19+Update&utm_campaign=MSDA+Webinars+-+COVID-19+Update&utm_medium=email

 

Here are the details as well as the hyper links for the MARYLAND Application

For Your Business

Maryland Small Business COVID-19 Emergency Relief Loan Fund

The COVID-19 Emergency Relief Loan Fund is being administered by the Maryland Department of Commerce. It offers $75 Million of working capital to assist for-profit small businesses with less than 50 full- and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:

  • Loans up to $50,000 (not to exceed three months of cash operating expenses).
  • 0% for the first 12 months; 2% for the remaining 36 months.
  • Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.
  • Business must be established prior to March 9, 2020 and in good standing.
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
  • Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).
  • Six month pro forma of estimated lost revenue or other documented loss evidence.
  • Minimum personal credit score of 575.
  • No collateral requirements.

These funds are intended to provide interim relief, complementing actions with your bank, business interruption insurance provider, and other financial partners. Use the links below to view more information and to access the online application.

COVID-19 Emergence Relief Loan Fund Webpage

COVID-19 Emergency Relief Loan Fund Application (UPDATED LINK)

Maryland Small Business COVID-19 Emergency Relief Grant Fund

The COVID-19 Emergency Relief Grant Fund is being administered by the Maryland Department of Commerce. It offers $50 Million of working capital to assist small businesses and nonprofit organizations with less than 50 full- and part-time employees that are experiencing disrupted operations due to COVID-19. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses related to the ordinary course of business operations. General terms and conditions include the following:

  • Grants up to $10,000 not to exceed three months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees.
  • Must be established prior to March 9, 2020.
  • Business must be in good standing.
  • Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e. W-2 employees).
  • Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation.

These funds are intended to provide interim relief, complementing actions with your bank, business interruption insurance provider, and other financial partners and the participant is expected to seek longer term funding through another source. Applications are being accepted online. Use the link below to apply.

COVID-19 Emergency Relief Grant Fund Webpage

COVID-19 Emergency Relief Grant Fund Application (UPDATED LINK)

 

If you are in need of your two (2) years Profit & Loss Statement, please email your Schiff Team Member directly and they will be happy to help you!

 

Please stay safe and healthy
My best to all
Allen

Financial Checklist Recommendations

Good morning to all! As you know, things are evolving quickly…this is a very “fluid” issue…suggestions are welcomed!

Here is a checklist of items that you should consider putting in place this week (beginning Monday, March 23, 2020):

Banking & Finance – “Payment Relief”

Please be sure to email your commercial banks (please cc me on the e-mail) and request for “payment relief” from your bank. Most banks are offering between 60 to 90 days deferment. Please visit www.schiffcpa.com for daily updates as to what your bank may be offering.

Here is a “suggested e-mail” that you are welcome to use:

Good Morning,

I am writing to you requesting help with a “90-day payment relief” for my current commercial loan with your bank. This is as a result of the state and national dental association’s recommendations to limit our practice to emergency treatment due to the COVID-19 outbreak. In addition, I would like to extend my current line of credit from $50,000 to $100,000. Any help that you can offer me would be greatly appreciated. Please let me know what information you may need from Schiff & Associates (my CPA) in evaluating these credit facility requests.

Most Sincerely,

Dr. _____________

Other Banking Opportunities – SBA Financing

Consider applying for the SBA Disaster Relief Loan. Please consider the SBA if you have already exhausted your other financing options, such as your current lender or line of credit increases.
Here is the link:  https://disasterloan.sba.gov/ela/

Credit Card Financing

Please contact your credit card company. Some credit card companies are offering $0 minimum payment and 0% interest for 60 to 90 days. Some have already removed March 2020 finance charges!

Contact Your Landlord

Please reach out to your landlord. Some landlords have already written our clients, offering no rent for April 2020 and repaying the rent (spreading it out) once we get back to business. Here is a suggested e-mail to your landlord:

Dear _______,

I hope this email finds you and your family well & safe.  I am writing this email to request “deferment of my lease payment” for at least the next 60 to 90 days, considering the current COVID-19 situation.  I have been requested to close the office for now from both the American Dental Association (ADA) and the Maryland (your State name here) State Dental Association (MSDA) until this situation has been resolved. As a result of closing, I am unable to see patients in a regular capacity, so I am requesting this lease deferment.

I look forward to hearing from you soon. I have also copied my CPA in case there is financial information you may need in evaluating this request.

Thank you,

_________ DDS / DMD

Other Practice Expenditures

Dental supplies and lab fees represent your largest expenditures outside of payroll. Please ask these vendors for payment options during the time the practice has limited operations. Payroll, the largest practice expenditure, hopefully, will be covered by the Federal Stimulus Package we are waiting for at the time of this writing. Please also consider stopping AUTOMATIC WITHDRAWALS from your practice and your personal checking accounts.

Contact Service Companies

Examples: Demandforce, Lighthouse, Patient Activator, BirdEye, etc, social media, Yelp (look through credit card & bank transactions for any other vendors).

Scale down some of these services if you feel it would be appropriate. Please keep in mind, you may need them, for example, if you need to send a “mass email” to your patients, so please be careful with your decision here.

Health Insurance

I am recommending that you continue to pay for health insurance unless your broker advises otherwise. While this may not be required, it can go a long way to helping your employees.

Your Payroll If You Are Incorporated

At this time, please do not run your own pay through your payroll service in order to save both the payroll fees, retirement contributions, and payroll taxes at this time.  If you need money from your practice, please withdraw funds as an “officer loan”, “distribution” or “draw”. This is true for the self-employed as well.

April 15th Tax Deadline  

This has now changed to July 15th Federal tax deadline. Even though the Federal tax filing deadline and payments have been extended to July 15th, I would like to file your individual tax returns as soon as possible. If you have a refund coming to you, we want to get you that money as soon as possible. If you owe, you now have until July 15th to pay. This will help you budget and allow you to know what your liability is. If you have a tax refund, you may apply it to cover future estimated tax payments. Or you can request a tax refund to be sent to you now. Please us know!

Please feel free to forward this email to any of your colleagues and peers. All of our previous newsletters are posted on my website https://www.schiffcpa.com/updates-on-covid-19/.

Stay safe, stay healthy and remain POSITIVE! We will get through this…together!

Wishing you the very best,

Allen Schiff, CPA, CFE
Schiff & Associates, LLC

A Checklist You Should Consider This Week

Good morning to all! As you know, things are evolving quickly…this is a very “fluid” issue…suggestions are welcomed!

Here is a checklist of items that you should consider putting in place this week (beginning Monday, March 23, 2020):

Banking & Finance – “Payment Relief”

Please be sure to email your commercial banks (please cc me on the e-mail) and request for “payment relief” from your bank. Most banks are offering between 60 to 90 days deferment. Please visit www.schiffcpa.com for daily updates as to what your bank maybe offering.

Here is a “suggested e-mail” that you are welcome to use:

Good Morning,

I am writing to you requesting help with a “90 day payment relief” for my current commercial loan with your bank. . This is as a result of the state and national dental association’s recommendations to limit our practice to emergency treatment due to the COVID-19 outbreak. In addition, I would like to extend my current line of credit from $50,000 to $100,000. Any help that you can offer me would be greatly appreciated. Please let me know what information you may need from Schiff & Associates (my CPA) in evaluating these credit facility requests.

Most Sincerely,

Dr. _____________

Other Banking Opportunities – SBA Financing

Consider applying for the SBA Disaster Relief Loan. Please consider the SBA if you have already exhausted your other financing options, such as your current lender or line of credit increases.
Here is the link: https://disasterloan.sba.gov/ela/

Credit Card Financing

Please contact your credit card company. Some credit card companies are offering $0 minimum payment and 0% interest for 60 to 90 days. Some have already removed March 2020 finance charges!

Contact Your Landlord

Please reach out to your landlord. Some landlords have already written our clients, offering no rent for April 2020 and repaying the rent (spreading it out) once we get back to business. Here is a suggested e-mail to your landlord:

Dear _______,

I hope this email finds you and your family well & safe. I am writing this email to request “deferment of my lease payment” for at least the next 60 to 90 days, considering the current COVID-19 situation. I have been requested to close the office for now from both the American Dental Association (ADA) and the Maryland (your State name here) State Dental Association (MSDA) until this situation has been resolved. As a result of closing, I am unable to see patients in a regular capacity, so I am requesting this lease deferment.

I look forward to hearing from you soon. I have also copied my CPA in case there is financial information you may need in evaluating this request.

Thank you,

_________ DDS / DMD

Other Practice Expenditures

Dental supplies and lab fees represent your largest expenditures outside of payroll. Please ask these vendors for payment options during the time the practice has limited operations. Payroll, the largest practice expenditure, hopefully will be covered by the Federal Stimulus Package we are waiting for at the time of this writing. Please also consider stopping AUTOMATIC WITHDRAWALS from your practice and your personal checking accounts.

Contact Service Companies

Examples: Demandforce, Lighthouse, Patient Activator, Bird Eye, etc, social media, Yelp (look through credit card & bank transactions for any other vendors).

Scale down some of these services if you feel it would be appropriate. Please keep in mind, you may need them, for example if you need to send a “mass email” to your patients, so please be careful with your decision here.

Health Insurance

I am recommending that you continue to pay for health insurance unless your broker advises otherwise. While this may not be required, it can go a long way to helping your employees.

Your Payroll If You Are Incorporated

At this time, please do not run your own pay through your payroll service in order to save both the payroll fees, retirement contributions and payroll taxes at this time. If you need money from your practice, please withdraw funds as an “officer loan”, “distribution” or “draw”. This is true for the self-employed as well.

April 15th Tax Deadline

This has now changed to July 15th Federal tax deadline. Even though the Federal tax filing deadline and payments have been extended to July 15th, I would like to file your individual tax returns as soon as possible. If you have a refund coming to you, we want to get you that money as soon as possible. If you owe, you now have until July 15th to pay. This will help you budget and allow you to know what your liability is. If you have a tax refund, you may apply it to cover future estimated tax payments. Or you can request a tax refund to be sent to you now. Please us know!

Please feel free to forward this email to any of your colleagues and peers. All of our previous newsletters are posted on my website https://www.schiffcpa.com/updates-on-covid-19/.

Stay safe, stay healthy and remain POSITIVE! We will get through this…together!

Wishing you the very best,

Allen Schiff, CPA, CFE
Schiff & Associates, LLC

A COVID-19 Business Response Update as of March 23, 2020

We are here for you!

Needless to say, last week was a very trying week, but also a rewarding week as well! I am here for you!

Many of you are asking so many excellent questions. The most popular question is, “I have paid my last payroll for March 2020, what should I do”?

As you know, each situation is different. Some of you are continuing to pay your teams. Some have decided to pay their teams their paid-time off hours (PTO). Some of you have stopped paying your teams. That is all fine. Please keep in mind, if you eventually suggest to your teams to file for unemployment, your message should be consistent with all of your employees. You should put the message in writing , either via group e-mail or group text e-mail. Below is a suggested letter that you may send. Please keep in mind, I am not a labor attorney; you should run this by your HR attorney before releasing it. The letter is merely an accommodation and a suggestion.

######################

Dear Employee,

Because of the current crisis, we have decided to close the dental office at this time. As a result and as your employer, I (we) have decided to lay you off from your current employment with_____________________ DDS, DMD, EIN#______________, effective Monday, March 23, 2020.

We are encouraging you to file for (Maryland, District of Columbia, Virginia, West Virginia, North Carolina, Texas, Missouri ) unemployment at this time. Here is the website that you should use to file your unemployment claim. Please note, our last payroll date is _______________.

Maryland

https://secure-2.dllr.state.md.us/NetClaims/Welcome.aspx

District of Columbia

https://does.dcnetworks.org/claimantservices/Logon.aspx

Virginia

https://www.vawc.virginia.gov/vosnet/registration/ind/uiclaim.aspx

West Virginia

https://uc.workforcewv.org/consumer/

North Carolina

https://des.nc.gov/apply-unemployment/filing-your-unemployment-application

Texas

https://twc.texas.gov/jobseekers/unemployment-benefits-services#applyBenefits

Missouri

https://www.mo.gov/work/unemployment/

Please acknowledge receipt of this letter by indicating your signature and date below and return a copy to us for your personnel file. 

Very truly yours, 

________________________________, DDS, DMD

#####################

Once again, I am not a HR attorney, so please be sure to have your HR attorney approve the above.

Stimulus Package

We are still waiting to hear about the Federal “$1 Trillion Dollar Stimulus Package”. As I mentioned on the MSDA webinar on Friday, March 20, 2020, it is my understanding the Stimulus Package could include up to 4 months of your payroll. THIS IS UNCONFIRMED at this time, for there is currently a major debate going on within Congress. The $1 trillion could in fact be $2 trillion…we simply do not know…we have to wait and be patient!

My point of bringing up the Stimulus Package is this: the whole unemployment issue could be a “non-issue” because the Stimulus Package may include a “government loan” whereby the Federal Government will reimburse our payrolls. Please remember, Schiff & Associates is in this with you because 99% of our client base are all dentists…like you!

Finally, I want to emphasize to each of you that you must remain calm, remain confident, and have positive “themes” within all of your correspondence with your teams. Together we shall overcome this crisis!

If you have specific questions, please email me (aschiff@schiffcpa.com). I will respond as quickly as possible.

Wishing you the very best,
Allen Schiff, CPA, CFE
Schiff & Associates, LLC

Important COVID-19 Banking Information

Due to the recent development of COVID-19, your banking information may have changed:


Bank Terms
Affinity Bank 1 day turn around on Lines of Credit (if existing customer) and 3 months deferred payments.
Bank of America Interest only 90 days, must request
Bank of America 60 day deferral of payments + line of credit
BBVA Compass 60 day deferral of payments + line of credit
Chase 60 day deferral of payments or interest only for 60 days + line of credit
Citicorp Currently working on a deferral program on a case by case basis
First Citizens No payments for 60 days (must request), business unsecured loans for up to 24 months with a low fixed interest rate
Lendeavor 60 days deferred payments
M&T 90 day payment deferral,interest accrues during the 3 months
PNC Interest only 90 days & possible 90 day total deferment
PNC 60 day deferment
Prosperity Bank 60 day deferral of payments + line of credit
South State Interest only 120 days
Wells Fargo 3 month deferment
Zion Bank Review each request, It could be a line of credit, interest only period, or a deferment of P&I for a period of time
SBA Express Loan Payment , limited to 10% of Fee Income , priced at prime 3.25% plus 1% to 3%
Student Loans Will be mandated to come up with a payment deferral program;   https://www.sba.gov/funding-programs/disaster-assistance

 


Please contact us for more information.

Important Message from the ADA and AGD

Ask your members of Congress to include dentistry in COVID-19 relief packages
As you know, the novel Coronavirus, COVID-19, has resulted in dentistry taking action to stop its spread. The ADA has called for dentists to stop performing elective procedures until further notice to curtail the virus. This has resulted in significant negative repercussions to the cash flows of many dentists around the country.

To address the issues stemming from actions taken by dentistry to halt the spread of COVID-19, we are asking that Congress include dentistry in any COVID-19 relief packages. We are seeking for Congress to include these measures to help the profession:

  • Easing and expediting the process for businesses to apply for Economic Injury Disaster Loans through the Small Business Administration.
  • Deferring all monthly payments on federal student loans for all health care professionals, including dentists, without penalty.
  • Deferring or eliminating payroll tax matching and payments, as well as deferring quarterly income tax payments for small business owners.
  • Providing additional tax cuts for small businesses, which could include expanding Section 199A to include all small businesses regardless of income.
  • Applying all telehealth de-regulation to virtual check-ins for dental evaluations (teledentistry) and support payment for these services within both Medicaid as well as commercial plans.
  • Waiving an Employer’s Annual Federal Unemployment Tax for 2020 for small business employers with under 50 employees or freeze the current rate.
  • Requiring all business Interruption Insurance policies to cover national emergencies, including those related to diseases such as COVID-19.
  • Allowing for a onetime withdrawal without penalty from an individual’s 401k.

We believe that including these policies in any COVID-19 stimulus package will help the dentists, like yourself, that are taking voluntary action to prevent any further spread of the virus.

 

Take action today by asking your Senators and Representative to include programs aimed at helping dentistry in any COVID-19 relief packages.

 

Thank you,

 

Mike Graham

Senior Vice President

Government and Public Affairs

 

Click here to take action now!

Towson MD Dental CPA

Tell Congress to consider dentistry in COVID-19 response

AGD is contacting you to ask for your help in generating support for targeted relief funding for dental practices amid the COVID-19 outbreak. Many dentists are voluntarily postponing elective procedures to help combat the spread of COVID-19, leaving them on the hook for fixed practice expenses while facing a significant dip in revenues.

As Congress and the Administration move forward with developing an economic stimulus package that will support health care providers and their patients during this crisis, AGD is working to ensure that general dentists and their patients are included in those proposals.

AGD has requested that direct financial support be allocated to ensuring the availability of personal protective equipment (PPE) and supporting the many dental practices that are facing financial hardship due to voluntarily postponement of elective procedures in response to the spread of COVID-19.

Three weeks of lost billings for a general dentist that owns their practice could, on average, amount to a loss of over $41,000, while potentially incurring over $23,000 in practice expenses, excluding owner dentist salaries. The nationwide impact on general dentists of lost billings from elective procedures coupled with fixed practice expenses during a 3-week period will amount to financial losses in the billions of dollars, even by low-end impact estimates. These losses will undoubtedly harm the nation’s economy and the ability of dentists to maintain their practices and deliver care to patients.

We need your help to elevate this message in Congress by voicing your concerns to the legislators who represent you in Washington, D.C.

Please Take Action and Urge Your Members of Congress to Support COVID-19-Related Relief for Dentistry Today!

Click here to tell Congress to consider dentistry in COVID-19 response!

My best to all…please stay healthy!

 

 

HR6201 – Families First Coronavirus Response Act

HR6201 – FAMILIES FIRST CORONAVIRUS RESPONSE ACT

 

The bill still needs to be passed by the Senate and then signed by the President before it becomes law. This is a very “fluid” situation. It is changing by the minute.

So many of you have called, e-mailed and texted me your questions. All the questions revolve around the payment of compensation to your teams, now and in the future.

Below are my notes as they relate to your questions:

 

Unemployment issues

 

Employees can collect 24 weeks of unemployment.

 

It is mandatory to pay employees if they are being asked to work remotely.

 

Unemployment law is unique to each State. If the Dental Practice is closed and it is out of the employee’s control, the employee can apply for unemployment.

 

Schiff Dental CPA Clients – Please go to your individual State unemployment website to review the frequently asked questions. Please see the direct links below:

 

Maryland – https://www.dllr.state.md.us/employment/unemployment.shtml

Virginia – https://www.governor.virginia.gov/media/governorvirginiagov/governor-of-virginia/pdf/Frequently-Asked-Questions-from-Workers-Regarding-COVID-19.pdf

 

DC – https://dccouncil.us/council-unanimously-passes-emergency-covid-19-response-bill/

 

Pennsylvania – https://www.uc.pa.gov/Pages/covid19.aspx

 

Texas – https://www.khou.com/article/news/health/coronavirus/how-do-i-file-for-unemployment-in-texas-due-to-covid-19/285-a7ee5287-dc88-4ccc-bcb5-5d1eea831695

 

North Carolina – https://des.nc.gov/need-help/covid-19-information

 

West Virginia – Nothing posted yet.

 

No penalty now if the employee files for unemployment-this was confirmed with the ADA today (we needed to hear this today, before we could release this update).

 

Associates treated as independent contractors are not employees and cannot claim unemployment.

 

I am waiting for clarity from the stimulus package with respect to the following questions:

Does an employee have to use their PTO before they can file for unemployment?

How much of the current and future payrolls will be subsidized by the Federal Government? How will they be subsidized?

Will there be payroll tax refunds from the payroll taxes paid thus far in 2020?

Will there be “tax credits” issued in lieu of tax refunds?

 

There are still many unanswered questions. We need to be patient and allow the Stimulus Package to be passed…it is forthcoming.

 

Legal & Financial Topics

 

The ADA is trying to get dentists exempt from the HR 6201 Stimulus Bill. https://www.ada.org/en/publications/ada-news/2020-archive/march/ada-lobbies-coronavirus-legislative-package

The ADA may lobby the insurance commissioners to gain help with office overhead insurance policies (business interruption policies). Many policies exclude pandemics.

I have just become aware of some large group dental practices not abiding by the ADA recommendations and “scaring” young associates into working. This is very sad!

We are encouraging all clients to secure a line of credit (LOC) with their bank.

 

Clinical Topics

What is a “dental emergency”? Examples include life-threatening, soft tissue bleeding, postoperative, for medical clearance, denture adjustment…please see the ADA website for further definitions.

“Routine dental treatment” examples include ortho extractions, cosmetic, aesthetic, prophy.

M95 masks – You cannot practice dentistry without these masks, but these masks are almost impossible to get because they are now being directed to hospitals.

 

Covid -19 – If an employee meets the following criteria:

  • The employee has a current diagnosis of COVID-19.
  • The employee is quarantined (including self-imposed quarantine), at the instruction of a health care provider, employer, or government official, to prevent the spread of COVID-19.
  • The employee is caring for another person who has COVID-19 or who is under a quarantine related to COVID-19.
  • The employee is caring for a child or other individual who is unable to care for themselves due to the COVID-19 related closing of their school, childcare facility, or other care program.

If an Employee falls within these four (4) categories, they will qualify for the “Emergency Paid Leave Benefits”

This section creates a new federal emergency paid leave benefit program. Eligible workers will receive a benefit for a month (up to three months) in which they must take 14 or more days of leave from their work due to the qualifying COVID-19-related reasons. Days when an individual receives pay from their employer (regular wages, sick pay, or other paid time off) or unemployment compensation do not count as leave days for purposes of this benefit.

The program will be administered by the Social Security Administration (SSA).

I will be in touch as the situation progresses…please email me any specific questions you may have after you have had a chance to read this information.

 

My best to all…please stay healthy!

A friendly update from Schiff & Associates, LLC!

What a difference a weekend makes! A lot has changed since last Friday. The purpose of this email is to bring you and your team up to date on the latest C-19 financial issues. I have also included many websites for your review as well as upcoming webinars that may be of help to you and your team.

 

States Update – From my understanding, the following states have recommended that dentists only see “emergency patients” and to consider closing over the next two (2) weeks: VA, DC, MA, and CA. I have not heard recommendations for MD, PA, NC, TX, MO, and WV at the time of this writing. If you are practicing in one of these states, you now have questions regarding compensation to you and your teams.

 

From Bent Eriksen’s website:

If the employer believes it is in their best interest to close the business, for any reason, but particularly for something like a Coronavirus/influenza outbreak, then they have the right to take that action. Whether or not the employees are paid while off work will depend on their exempt/non-exempt status.

 

Exempt employees (Salary employees):

If the absence is initiated by the employee (including for his or her own illness or that of someone for whom he or she is caring), the employer may dock the exempt employee for full-day absences only, provided no work of any kind is done during the course of the day, even from home, like checking and answering emails.

If the absence is initiated by the employer (e.g., the employee must stay home for a mandatory quarantine period, even though he or she is asymptomatic and willing to come to work, business closure), the employer may dock the exempt employee only for full seven-day absences that coincide with the employer’s pay week so long as no work is performed during that entire absence.

 

Non-exempt employees (Hourly Employees):

Pay may be docked for any and all non-work time.

Tim Twigg, President and Owner of Bent Ericksen & Assoc. Below is a hyperlink to Tim’s website, that will answer all of your questions regarding your employees.

 

https://bentericksen.com/coronavirus-faqs/

If by chance you do not get your question answered, please call or email Tim at 541-685-9003  timtwigg@msn.com. Please also keep in mind, State Labor Laws will supersede Federal Laws. So, please check with the State Labor Board in the state you are practicing in.

 

Patient Office Protocol – If you do remain open, you may want to consider removing every other chair in your reception area, so you can create “social distancing”.

 

Banking – Each of you should have a line of credit. A line of credit (LOC) is designated by your banker to be used in difficult financial times. Now is the time to make sure your LOC is in place. I have spoken with all of the major banks that lend to dentists. If you are currently banking with BOA, Wells Fargo, PNC, M & T, etc, please continue to bank there and meet with your Loan Officer while discussing your line of credit with that financial institution. If on the other hand, you do not have any banking relationships, email me and I will put you in touch with a bank that may help you. Here is a “short list” of items that will be needed in order for the bank to determine your credit worthiness:

1)     Bank Application

2)     Personal Financial Statement

3)     2019 FYE P&L and Balance Sheet for all entities

4)     2019 W-2

 

Websites and other Resources

MSDA webinar

Coronavirus Disease 2019

https://mailchi.mp/37e98d3f04a1/new-coronavirus-disease-2019-covid-19-virtual-course?e=a63213230b

Tuesday, March 17, 2020
6:30 PM – 8:30 PM

COVID-19 and other Respiratory Viruses: What Every Dental Practice Needs to Know

http://vivalearning.com/

March 17, 2020 7 PM EST

Alex Nottingham JD MBA, Founder, and CEO of All-Star Dental Academy, talks about how to best approach a crisis.

https://www.youtube.com/watch?v=UMYnVxjKXXo

Commonwealth of Virginia

What Employers Need to Know About H.R. 6201

https://www.vadental.org/news-details/2020/03/16/what-employers-need-to-know-about-h.r.-6201

 

Your Website – You may want to inform your patients what your office policy is during this crisis.

Business Interruption Insurance

https://www.natlawreview.com/article/coronavirus-factors-insurance-industry-to-consider-part-1-business-interruption

ADA

https://www.ada.org/en/publications/ada-news/2020-archive/march/ada-adds-frequently-asked-questions-from-dentists-to-coronavirus-resources

Journal of Dental Research

https://journals.sagepub.com/doi/10.1177/0022034520914246?fbclid=IwAR3UUNZBfMOgiyKP6byyzEC_mCYSpyHM3JKbf8kUevIQjn2SIDb6hx-B8jw

CDC

https://www.cdc.gov/coronavirus/2019-ncov/infection-control/control-recommendations.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fhcp%2Finfection-control.html

 

Let’s all pray this situation comes to an end real soon and we can return to normalcy!

Stay safe & healthy.

A Friendly Notice from Schiff & Associates, LLC!

No doubt, Covid-19 has taken all of us by surprise. It is amazing how this health issue that was first detected in China in December 2019 has taken the world under its ugly arms and created havoc on our everyday life, disrupting our normal routines, our family lives and of course our business lives.

Late in this week, I have received a number of calls/e-mails about how I can prepare my business to sustain this outbreak, and what precautions I should be implementing now in order to “weather the storm”. Part of the challenge is we simply do not know how long this may last. We need to start preparing now for how this Covid-19 is impacting our patients, clients, customers, and of course our employees. Here are some tips for you to consider:

Patient Office Protocol – It may make sense when confirming future patient appointments for you to have a team member designated to call the patient and ask the very pertinent questions. Have you been out of the United States recently? If so, when? If so, where? Have you been experiencing a fever recently? What other health issues you have been experiencing recently that we should have knowledge of?

Banking – Each of you should have a line of credit. A line of credit (LOC) is designated by your banker to be used in difficult financial times. Now is the time to make sure your LOC is in place. If you don’t have a LOC, please call or email me, and I will help you secure a LOC.

Investments – Please be certain to meet with your Investment Adviser. Before the Covid-19 pandemic became an issue, the capital markets were performing amazingly well. I am hoping we can return to this normalcy soon!

Employees – Here are some of the questions and comments we are receiving from clients:

“Any idea what the Maryland law is regarding if we have to pay our employees if we have to close the office. We are not nearly as busy as normal! New patient numbers so far down and patients saying they are sick and canceling. Can our employees collect unemployment if needed?  Can I cut hours if I need to? We still have a decent week, just worried for the next month.” “I was wondering if you might have, or could get, a consensus on how other dentists are handling this virus crisis?  Closing, reduced hours, screening patients, paying staff, sick leave, lay-offs, temporary furloughs, etc, etc? Anything you know would be helpful.”

These are certainly excellent questions on everyone’s mind. As many of you know, I am the President of the Academy of Dental CPAs. At the ADCPA, we have established amazing professional relationships with the Thought Leaders in Dentistry. One of those Thought Leaders is Tim Twigg, President, and Owner of Bent Ericksen & Assoc. Below is a hyperlink to Tim’s website, that will answer all of your questions regarding your employees.

https://bentericksen.com/coronavirus-faqs/

If by chance you do not get your question answered, please call or email Tim at 541-685-9003  timtwigg@msn.com

Let’s all pray this situation comes to an end real soon and we can return to normalcy!

Towson MD Dental CPA | The Bright Side of Patient Complaints

No matter how fantastic you and your team are, you will occasionally have a patient complain about something. When this happens, you and your team may feel discouraged, frustrated, or even annoyed, depending on the specific complaint and how it was shared. It can be easy to brush the complaint aside and tell yourself that the patient was just having a bad day. However, changing the way you think about patient complaints can be highly beneficial to your business.

Towson MD Dental CPA

Patient complaints may involve anything from office décor or other patients to the time, cost, or outcome of a treatment. Even concerns that feel trivial or unfair to you should be handled with respect and appreciation. Like any consumer, your patient wants to feel like you care about their experience and their feelings. A complaint is an opportunity for you to win back a patient’s trust.

 

If you thank your patient for bringing their concerns to you, commit to taking action to correct the situation, and follow through on your commitment, you will earn loyalty from that patient. This loyalty can translate into fewer rescheduled or cancelled appointments, increased case acceptance, and even referrals to friends, family, and social media connections. Over time, handing one complaint as an opportunity to improve can lead to hundreds or even thousands of dollars in revenue.

 

However, if patients leave your office feeling that their concerns are unimportant to you, they will likely look elsewhere for dental care in the future. Unhappy patients do not stay with your practice. They do not refer others to you. They may even tell others about their unpleasant experience with your office, which can cost you potential patients and revenue.

 

Every patient complaint you receive is a gift. Your team or practice may have a weakness that you were unaware was an issue. If one patient voices a complaint, it is likely that others have noticed the problem as well. Consider asking patients for feedback after a visit. Let them know proactively that you appreciate their input and are ready and willing to provide the best experience possible. When your patients feel valued, they will be more loyal to you, your team, and your practice.

 

For more tips on providing a better patient experience, contact our office.

Dental CPA Towson MD | The Costs of a Toxic Employee

Hiring is time-consuming, stressful, and sometimes costly. In some cases, this causes business owners to avoid firing an employee long after it has become clear that the person is damaging the overall work environment. Finding the right person for your office can be challenging. However, continuing to retain a toxic employee can be far more costly for you and your business.

Dental CPA Towson MD

What is a “toxic employee?”

 

A toxic employee is easily recognized for exhibiting several, if not all, of the following behaviors:

 

  • Bad attitude: This includes eye-rolling, muttering, snide comments, complaints, confrontational tone, and passive-aggressive speech or actions.
  • Lack of engagement: This can include work-avoidance, lack of enthusiasm, unwillingness to accept responsibilities, and being inattentive in meetings and huddles.
  • Dishonesty: Whether this involves refusal to accept accountability, blaming others for mistakes, or outright lies and thefts, dishonesty is harmful to your business and your team.
  • Poor work performance: While a new team member may experience a learning curve at first, the toxic employee never rises above the bare minimum of what has been explicitly listed as expected. In many cases, they may not even be fully or properly completing work. They are uninterested in feedback or training and unwilling to work to improve.

 

Do you recognize anyone in your office from these descriptions? If so, it’s time to pull the plug.

 

When you continue to keep a toxic employee on your staff, you may avoid the headaches of the hiring process in the short term. However, you are creating a host of other problems for yourself that will cost you a great deal more time, money, and energy to solve in the long term.

 

One toxic employee in your office can cause:

 

  • Loss of new customers: If a toxic employee is interacting with potential customers, they are creating a negative image of your business, which can lose hundreds or thousands of dollars in revenue.
  • Loss of existing customers: If your clients are treated poorly even once, they may choose to take their business elsewhere – and they may tell others.
  • Loss of your best team members: Your best people want to work in a positive environment where they feel supported and appreciated. By tolerating the complaints or shoddy work of one toxic person, you risk losing team players to a company that maintains a better atmosphere.

 

Don’t compromise your business or your best team members by refusing to fire toxic employees. For more strategies to improve your business, contact our office.

 

 

Dental CPA near me | The Impact of Ignoring Negative Reviews

Finding a bad review of your business can feel like your world is turned upside down. Some business owners may choose the approach of dismissing the negative feedback and blaming the customer or client. When ignored, negative reviews can have a detrimental impact on your business. Here’s how:

You Will Lose Clients

Customers and clients will not want to be treated disrespectfully. They want their voices heard and to be valued as an individual. If you ignore negative reviews, you are essentially telling both the reviewer and prospective leads that you don’t care about what they have to say. The clients that do complain are ones that feel passionately enough about your business to voice their concerns. If you don’t validate those concerns, expect them to take their business elsewhere.

Missing a Chance to Learn

Mistakes present an opportunity for business leaders to learn. It’s even better when a client presents those mistakes clearly. This will allow you to learn why the mistake happened and how to fix it so it doesn’t happen in the future. If you ignore the feedback from the client, you will not know what the mistake was and it may happen again. Negative reviews offer a chance to learn and grow your business, if you ignore them you miss that opportunity.

No Response Speaks Volumes

Potential clients that are looking at your online profile will see that a bad review is being ignored. If that were to happen, you could lose out on their business and any referrals they might make in the future because they don’t think you care about your clients. This applies to current clients that keep track of your businesses reviews.

Running Out of Excuses

Due to the nature of reviews being public, once a client writes one, everyone can see it. This creates a lasting list of negative occurrences for your business that can be referenced by others. Address poor reviews when possible. Show the client or customer that you care about their thoughts. While it may not win them back, it may be the perfect set up to capture future loyal clients who see your thoughtful and personal response.

Great reviews are not the only ones that can help improve your business. Bad reviews present an opportunity to learn from them and grow your business. If you choose to ignore poor reviews, the consequences could be disastrous. Not only could you lose current clients, but negative reviews could impact the decisions of future clients looking at your business. When you see a negative review, take a step back and see what you can learn from the experience. Address their concerns, and make an effort to change your business to create positive experiences in the future.

Contact our team for a consultation today.

Schiff & Associates, CPA

Email: ASchiff@Schiffcpa.com
Phone: (410) 321-7707
Url: https://www.schiffcpa.com
100 West Road, Suite 410,
Towson, MD 21204

Towson MD Dental CPA | What to Look for in a Dental CPA

Hiring a certified public accountant (CPA) to your dental practice grants you not only greater financial transparency, but also provides you with an excellent guide in making informed business decisions. You can also gain an increased ability to focus on your patients rather than being glued to QuickBooks between appointments.

Towson MD Dental CPA | What to Look for in a Dental CPA

If you’re considering hiring a CPA, it’s vital to know what you’re looking for in candidates. Below are the most important steps when looking for an ideal dental CPA.

Determine Your Need

Before you even start looking for an accountant, determine why you need a dental CPA. Are you looking for a CPA to fine-tune your financial business strategy? Do your bookkeeping? Or maybe you just need help filing your taxes? Once you pin down your specific needs, you can determine which skills you should look for in candidates.

Ask Around

Colleagues experienced in running their own practices can be a helpful resource. Don’t be afraid to ask for advice. Find out the traits they look for in a CPA. With their knowledge in mind, begin conducting your own research – guided by your particular needs.

Here are some general questions to ask yourself when looking for a dental CPA:

  • Do they meet my specific needs?
  • Are they up-to-date with their knowledge? Do they use modern software?
  • Are they established and reputable?
  • What dental practices do they currently represent?

Look for Dental Industry Experience

Many general accountants spend a majority of their time working with clients in a vast number of industries and don’t necessarily have specific experience with dentistry. If you are looking for an accountant with industry knowledge, contact us today.

It can take time finding the right team to work beside you. Skip this step and contact us to get to know our team. We offer a variety of services to fit everyone’s needs. We look forward to hearing from you.

Towson MD Dental CPA | Why You Should Join (or Start) a Dental Study Club

Science is a field where the only true constant is change. Dentistry is no different. With advances in techniques and new technologies every year, it can be challenging to stay current, especially without breaking your budget.

Towson MD Dental CPA | Why You Should Join (or Start) a Dental Study Club

Study clubs can be an ideal solution to this inevitable problem. There are many reasons why you should be gaining the benefits of membership in a dental study club. Here are some of the most valuable advantages you stand to gain:

Continuing Education
By pooling the resources of a group of dental professionals, you can attend continuing education lectures and clinical hands-on training in your local area, without all the time and expense of travel. This added source of training and education can be invaluable for staying current with new techniques and new technological advances. If you have a desire to focus your practice on one or more specific areas of dentistry, such as implants or sleep apnea treatment, a targeted study group can help you find and attend the courses you need to develop the skills and qualifications to reach your goal.

Peer Support
With a dental study club, you are interacting with other dentists and specialists in your area. Group discussions have been shown to be one of the most effective ways to share experiences, techniques, challenges, and new ideas with like-minded individuals for the benefit of everyone involved. This informal venue can allow you to explore new ways of approaching a problem or a treatment and allows you to benefit from what another has already tried.

Networking
While it is not the primary reason to join a study club, you should not overlook the importance of networking. Making other dental contacts in your area can be highly beneficial. Specialists, in particular, depend on referrals from other dentists. It can be much easier to refer a patient or gain a referral when you have developed a relationship with other professionals and know how they treat their patients, what technologies they use, and other such information.

Whether you join a local study club or decide to create one of your own, the benefits of membership far outweigh the costs. For more information, contact a local study club, or contact our team today.

Towson MD Dental CPA | Why Your Practice Needs Effective Team Meetings

Regular effective team meetings can play a crucial role in the health of your dental practice. That one simple-sounding factor can impact every aspect of your business. Your people, your patients, and your practice all benefit from regular effective team meetings.

Towson MD Dental CPA | Why Your Practice Needs Effective Team Meetings

Your people need team meetings. The core of your practice is your vision, your goals, and your strategy for achieving your goals. Each member of your team needs to understand all of these things and, just as importantly, needs to understand their part in your plan. Without that understanding, your team is working blindly and is unable to actively contribute toward reaching your goals for your business.

A team meeting is an ideal format for open discussion about your vision, goals, and strategy. Not only can you use this discussion to ensure every member is clear on your expectations, but you may find that their unique perspective creates an exchange of ideas on more effective ways to reach your goals and how each person can best contribute.

While not every team meeting needs to include high-level discussion of vision, goals, and strategy, it is a good idea to include this at least once or twice a year and when bringing a new employee into the team. Additionally, many successful dentists find that it is highly useful to touch on how the strategies are being implemented and to discuss any measurable progress toward goals on at least a monthly basis. This helps to keep your team engaged and motivated toward achievement.

Your patients need team meetings. One of the most common components of an effective team meeting is education. Your team needs to know what the policies are, what is on the agenda for the day, if there are any specials being offered, if anyone is sick or on vacation. Any new ideas, training, or techniques that can be shared should be. Your patients need to know they will be given correct and consistent information from any member of your team. Make sure everyone is on the same page.

Your practice needs team meetings. Teach your team how to ask patients for referrals. Word of mouth can have a huge impact on your new customer base. Even happy, satisfied patients rarely refer anyone unless asked to do so, according to a recent study. Your team members should be engaging your patients in every interaction to ensure a positive experience and should be able to ask for referrals when patients are pleased.

Only you can review your practice, your time, and your schedules to determine when and how frequently you should hold team meetings. Whether you meet daily, weekly, or on some other timeline, make your meetings regular and effective. You will see benefits to your team, your patient experience, and your practice.

Towson MD Dental CPA – Associate needed full time

Salisbury NC 

Associate position with great potential!  Established and growing practice in central NC, less than an hour from Greensboro and Charlotte, has a rare opportunity for an Associate that is looking for a career with purpose and professional fulfillment!  Modern technology (including Cone Beam, Cerec and Microscope for Endodontics), compassionate care and personal customer service are the cornerstones of the practice.  High annual production and collection with growth potential in areas such as implant placement and sleep medicine.  Dedicated support team, long term patient relationships and established office procedures provide a foundation for the practice to run efficiently.

***Fee-for-Service practice      *** 8 Operatories     ***3 FT Hygienists

This position provides the opportunity for an Associate to practice the dentistry they dreamed of with the potential for remarkable success.

Please send CV/ Resume to ASchiff@schiffCPA.com

Effective Goal-Setting: Making Dreams into Reality

Dental CPA in TowsonNo matter how impressive your vision for your business may be, dreams require hard work, strategic planning, and a willingness to adapt to make them real. Highly successful business owners learn to set goals realistically and effectively. Master the skills of effective goal-setting, strategic planning, and assessment to find greater success in your business.

Set Incremental Goals

Start small when setting goals. Establish daily and weekly goals. It can be easy to let ambition take over while you dream of long-term goals. However, you cannot reach your long-term goals without smaller victories along the way. Setting smaller, incremental goals provides the opportunity for you to be in constant control of your business. You will know if you miss a weekly goal, and you can then adjust your strategy to make sure it never happens again. If you are only setting quarterly or yearly goals it can come as a surprise when you miss them, or your team might be left struggling to meet them at the last minute.

Make Goals Visible

You and your team need a visual reminder of what your goals are and when you plan to achieve them. Put them up on a bulletin board in the office, include them on your calendar. Write your goals in a place you look daily as a constant reminder. We all have those back-of-the-mind thoughts or ideas that might be good if implemented, but they are frequently forgotten. Make your goals visible to you and your entire team.

Goals Need to be Measured

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps your goal is to see 10 new clients by the end of each month or to increase the number of referrals by 50% before the end of the quarter. Pick specific numbers and concepts that can be defined in a concrete way. Abstract goals are harder to reach because they are too difficult to define. When goals are measurable, you will know exactly what you need to achieve your desired result.

Rethink the way you are setting your goals for your business. Your ambitious plans will be successful only if you have a road map to reach them. This is where effective goal setting comes in. Get into the habit of writing down your goals and measuring them. Effective goal-setting strategies take careful planning. Master these skills and you will be on your way to the business success you have dreamed of achieving.

For more tips on managing your business, please contact us.