AZ Dental CPA Articles

The Internal Revenue service drew a hard line to illuminate the difference between meals vs. entertainment as a business deduction by issuing IRS Notice 2018-76.  This clarification (which was requested by the American Institute of Certified Public Accountants back in April) is a welcome clarification of the tax law that…

Tax legislation is always a balancing between tax rates and deductions. The Tax Cuts and Jobs Act (TJCA) is a perfect example of rate reduction and deduction elimination.  These significant legislative changes coupled with the legislation passing so quickly and the lack of specific guidance especially in the area of…

(Article 1 in Series) A dental office is an active place of business.  During the day treating the health care needs of your patients comes first.  As the dentist is the primary healthcare provider who has the responsibility for the delivery of patient care monitoring the business aspect of our…

REVISED 11/1/2018 Individual Provisions Change in Overall Tax Brackets and Rates Married Filing Joint Single 2017 2018 2017 2018 Rate Bracket Rate Bracket Rate Bracket Rate Bracket 10%            Below 10%          Below 10% Below 10% Below 15% $18,650 12% $19,050 15% $9,325 12% $9,525 25% $75,900 22% $77,400 25% $37,950 22%…

Management of overhead is crucial to the financial success of any dental office.  Sadly, limited time is spent providing the dental entrepreneur with timely reports that reflect the true nature of the practices financial performance. Never again will you ask yourself “Where did all my money go?” In order to…

 (New Internal Revenue Code Section 199A) With the recent passage of the 2017 Tax Cuts and Jobs Act (“TCJA”) it’s a new tax world for our dental industry.  The New TCJA Law adds a new deduction under Code Section 199A for taxpayers with Qualified Business Income (“QBI”) aka “the pass-thru…

When selecting a CPA to handle your tax matters an understanding of their firm’s philosophy is crucial.  We hear a lot of talk in our industry using words like aggressive or conservative to describe how a firm will approach your tax positions with the Internal Revenue Service.  These adjectives are…

As the weather cools down the dental practice sales season heats up.  If you are in the market to purchase a dental practice the numbers matter. Here we will focus on the numbers but a word of caution; over concentration and focusing solely on the financial aspects of a practice…

Accounting/Internal Financial Reporting An Accounting Tale – In the late 80’s we had a client a small developer and manufacturer agricultural equipment.  During this time, the internal accounting systems of small companies were extremely limited.  The computer age was upon us but still at its infancy (a lot of manual…