All-Star Dental Academy Lead Mastery Coach Eric Vickery is joined by Art Wiederman CPA.
Eric and Art discuss the Payroll Protection Program (PPP) and the Employee Retention Tax Credit (ERTC). Basically, before December 27 dentists who took the PPP loan (which was a much better deal) could not apply for the ERTC. When former President Trump signed the Stimulus bill in late December, it allowed business owners to file to claim the ERTC if they qualified, even if they took out a PPP loan. This now allows us to bifurcate wages paid in 2020 so that potentially a dentist can get full forgiveness of their PPP loans as well as claim a tax credit equal to as much as $5,000 per employee.
To qualify for this, a dentist would either have to show at least a 50% reduction in their revenues for, most likely, Q2 of 2020 vs. Q2 of 2019, or show that any government unit (city, county, state) ordered them to shut down. Two days ago, the IRS issued 103 pages of rules on how this works.
Click below to watch on Youtube or at the bottom of the post to listen to the podcast.
About Art Wiederman:
Art has been a CPA serving the dental profession since 1984. He started his career working with dentists with the Pride Institute of Management running their financial services division, which ultimately became his CPA firm. Art merged his firm and is now part of Eide Bailly which serves over 700 dentists in the Western United States.
Art is a frequent lecturer at local, state and national meetings on the subject of financial issues for dentists. He also has a weekly podcast with thousands of listeners called “The Art of Dental Finance and Management with Art Wiederman, CPA”.
Art helps his clients in tax, accounting, transition, and long-term planning to help them meet their personal and business financial goals. Art and his wife of 36 years, Lynn, live in Orange County, California. Art has a passion for golf and loves to go fly fishing when he gets the chance.
About Coach Eric Vickery:
Eric holds a degree in business administration and brings a strong business and systems approach to his consulting. His initiation into the field of dentistry was in the area of office management. He managed dental practices for over ten years and has been consulting over 250 offices nationwide since 2001.
There are two main delivery systems that he utilizes, that of monthly coaching as well as virtual or on-site seminars. Through his coaching, Eric has helped improve offices with his practice monitoring systems. He is an expert on case acceptance, verbal skills and the DISC personality profile. He has a passion for stopping cancellations, handling patient objections and asking patients for referrals/reviews. Further, he has vast expertise in financial arrangements, third party financing and eliminating dependence on insurance.
Download our FREE eBook – Dental Practice Excellence – 3 Steps to an All-Star Practice. We explore how minor changes in your approach to training in phone skills and scheduling, along with the positive impact training has on your employees, will help you take your practice productivity to pre-pandemic levels and beyond.