PracticeCFO Feature! Full Arch Advantage Podcast
PracticeCFO Blog
by PracticeCFO
4M ago
We're excited to share that our senior CFO advisor Drew Phillips was recently on the Full Arch Advantage Podcast! Tune in below as he chats with host Gary on what he’s learned helping full-arch practices grow, the difference between a sales model and a recurring revenue model in dental, and why you need to know that full arch is an all-or-nothing bet. You can also listen on Spotify, Apple and on their website. A million thanks SMC National for having us on ..read more
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Team Thrive Takes on Boston!
PracticeCFO Blog
by PracticeCFO
4M ago
What a blast we had at the Yankee Dental Conference! Your friends at Team Thrive packed up and brought PracticeCFO over to the east coast, where we got to share with the community just how exactly we help dentists thrive financially. In addition to exhibiting, Wes also presented two great courses on dental financial education. The first was The Dental Practice Purchase: From Fear Factor to Fearless, which is always a favorite with our associate crowd. The second was Dental Financial Planning: Turning Chaos into Financial Freedom. This popular ..read more
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What To Know About The Clean Vehicle Credit
PracticeCFO Blog
by PracticeCFO
6M ago
Big changes have been made to the electric vehicle tax credit - now simply known as the "Clean Vehicle Credit."  Read on for a 1) brief review of the credit in 2023, 2) the various criteria needed to be eligible for it, and 3) new updates that can be implemented for 2024.   2023 Rundown: Effective January 01, 2023, the credit was subject to additional limitations for critical mineral, battery component, income level, and MSRP thresholds. The most significant change, however, was the removal of the manufacturer’s 200,000 EV phase-out limitation.  ..read more
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An Embezzlement Protection Guide for Dentists
PracticeCFO Blog
by Wes Read, CPA, CFP®
6M ago
Dental embezzlement within private practice dental offices is staggeringly high. But a basic understanding of the embezzler profile, symptoms, causes, methods, and safeguards can significantly lower the likelihood of it happening in your office. This guide can help you better protect your practice against this problem. Please note, while this guide is meant to be informative, it should by no means be taken as legal advice. Please consult with a dental attorney or legal professional for further guidance. Download our guide here ..read more
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Beware of Dental Impersonation Scams: A Dentist's Tale of Deceit
PracticeCFO Blog
by Wes Read, CPA, CFP®
6M ago
In today's interconnected world, scams and online frauds have become increasingly sophisticated and prevalent. The dental industry is no exception to this deceit. We share the story of a dentist we personally know here at PracticeCFO, who ended up being the target of this very crime. Read on to hear their experience and learn valuable insights on how you can protect yourself from falling victim to similar scams. Please note, while this article is meant to be informative, it should by no means be taken as legal advice. If needed, please consult with a dental attorney or legal profes ..read more
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Fighting the Fraud: Breaking Down the ERC Moratorium
PracticeCFO Blog
by Wes Read, CPA, CFP®
6M ago
Effective 9.14.23, the IRS has announced an immediate halt to the processing of new ERC filings. This moratorium has been put in place to help the IRS better target fraudulent ERC filings, which have risen to alarming rates since the program's inception. With a stronger focus on compliance, this moratorium is intended to 1) track down wrongfully filed ERC claims and 2) enforce the necessary repercussions. While all wrongfully filed ERC claims have to be paid back in full, more serious cases of scamming can - and already have - resulted in actual convictions and jail time. Yup, you read t ..read more
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Items to Consider When Entertaining a DSO Sale
PracticeCFO Blog
by Wes Read, CPA, CFP®
6M ago
Many dentists are receiving proposals from DSOs to purchase their practice. These proposals are more complicated than a traditional practice sale. On surface, they generally look very appealing. However, there are various factors to consider when determining if the proposal is, in reality, a good one (or not). These factors include:   How much of your future earnings are you exchanging for a payout today? We’ve often seen offers that appear strong. However, when you look at the lost earnings each year in the form of management fees, the offer price may lose its a ..read more
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They're Back: Student Loan Payments Resume & Interest Accrues
PracticeCFO Blog
by Lawrence Rand
6M ago
After a three-year pause on federal student loan payments, September 1st marked the first significant step toward restarting the process: borrowers will once again see interest accrue on their loan balances.  The milestone comes one month ahead of the next major date for millions of American borrowers: October 1st, when most payments will resume.  Here’s what you need to know: Interest will start accruing. A federal policy that has kept interest rates on student loans frozen at 0% for more than three years is officially ending September 1st.  As of this date, the ..read more
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New Podcast! The Evolution of Deal Structures in the DSO Space
PracticeCFO Blog
by Drew Phillips, CPA
6M ago
We’ve seen a consistent trend toward consolidation in the dental space for the last 15 years. But coming out of the pandemic, the DSO marketplace is changing. And if you’re thinking about selling your practice to a Dental Service Organization, it’s useful to understand the different deal structures available to you. So, how are DSO deal structures evolving in a post-COVID world? And how can a dental lawyer help choose the option that’s right for you? Dean Gould serves as Senior Attorney at Dykema, where he specializes in dental law and the DSO transaction space. On this episode of the pod ..read more
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New Pass-Through Entity (PTE) Payment Programs Aim To Address SALT Limitations
PracticeCFO Blog
by Aaron Watkins, CPA
6M ago
The Tax Cuts and Jobs Act (TCJA) of 2017 imposed a $10,000 limitation on the amount of state and local taxes (SALT) that taxpayers can deduct on their federal income taxes for the tax years 2018 - 2025. This has had a significant impact on taxpayers in states with high SALT burdens, such as California, New York, and New Jersey.   Due to these SALT limitations, many states have created pass-through entity (PTE) payment programs.  These programs allow “pass through entities," such as partnerships and S corporations, to elect to pay state taxes on behalf of their owners. This allows th ..read more
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