When it comes to managing the financials of your dental practice, you need an accounting professional that employs a high degree of attention to detail. That’s why hiring a certified public accountant (CPA), like our dental accountant in Towson, MD, with dental experience should be one of the first moves you make.  A dental CPA’s …read more →

Let’s face it: As a business owner, you have many responsibilities. Juggling the demands of clients, overseeing staff, and monitoring financial transactions can be overwhelming. That’s why putting safeguards and internal controls in place is so important, to help you avoid the risk of theft from employees. While it may be hard to imagine that the …read more →

Running a profitable dental practice requires a significant investment of both time and money. Regardless of the size or age of your office, you have ongoing overhead and expenses related to things like: Instruments, tools, and equipment Marketing Office rent or mortgage Utilities Staffing and payroll Insurance Technology and software Building or equipment maintenance With …read more →

In many ways, we rely on the internet to solve our problems and answer all of the questions we ever have, instantly. The internet is such a useful tool, that more doctors are beginning to turn to it for their accounting needs, making it seem as if an accountant really isn’t all that necessary. But …read more →

As a small business owner, you likely wear a lot of hats. When it comes to managing your office finances, you’ve likely realized that there are many tasks that demand more time and attention than you have to offer. While there are reliable software packages designed to streamline do-it-yourself small business accounting, there are also …read more →

Teamwork makes the dream work, or so the saying goes. With a team of rockstars behind you, your practice can truly soar into the success that you envisioned when you first started your own business. However, creating that amazing team can be more difficult than you may have thought. Even if you have the right …read more →

The exchange of feedback between leaders and their teams is an almost non-stop process. Official, or not, good leaders are as willing to listen to feedback as they are giving it out. Feedback is one of the most important aspects of improving performance, and yet it can be one of the most difficult things to …read more →

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 …read more →

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. Dental …read more →

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 …read more →

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 …read more →

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 …read more →

PPP#1 Loans Covered Expenses paid with your PPP#1 Loan will now be tax deductible for money already received PPP#1 funds will not be taxable income, which means the expenses paid with the PPP#1 funds will be tax deductible The New Tax Bill, that President Trump signed on Sunday, December 27, 2020, repeals the requirement of deducting …read more →

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 …read more →

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 …read more →

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 …read more →

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://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 …read more →

As a reminder, Phase 3 for the Provider Relief Grant (PRG) under the Department of Health and Human Services (HHS) is still available up to 12 Midnight tonight. If you have not applied, please click on this URL: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html If you are in need of Tax Returns and P & L’s, etc. from my office, …read more →

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, …read more →

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 & …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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. …read more →

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 …read more →

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% / …read more →

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. …read more →

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. …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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!  ################### 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 …read more →

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 …read more →

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 …read more →

Informative weekly podcast for dental practices. This week’s topic: PPP Update with Megan Mortimer, ADA Congressional Lobbyist and Allen Schiff, CPA, ADCPA President     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 …read more →

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 EIDL & PPP Eligibility Guide – what expenses should you be paying with what Loans? Please keep in mind, these may change, once we received additional …read more →

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, …read more →

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 …read more →

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 …read more →

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 …read more →

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, …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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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 …read more →

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 …read more →

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. …read more →

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 …read more →

Covid-19 – a Financial checklist at this time!  

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →

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 …read more →