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Written by Kevin J. Bray, Partner @ the Dental Accounting Group

As a dental practice owner, staying compliant with the ever-evolving regulations is essential to maintaining your business’s integrity and avoiding unnecessary penalties. A critical new requirement for businesses, including dental practices, is the Beneficial Ownership Information (BOI) filing mandate. This regulation is aimed at enhancing transparency in business operations and ensuring compliance with legal standards. In theory the new law has good intentions, but in practice it’s creating confusion and another layer of compliance headache for small business owners. Here’s everything you need to know about BOI filings and how to stay ahead of the curve.

What Is BOI Reporting?

The BOI filing requirement mandates businesses to disclose information about individuals who own or control a significant portion of the company. This initiative is part of broader efforts to prevent financial crimes such as fraud and money laundering by ensuring that ownership structures are transparent. Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This new filing is a result of The Corporate Transparency Act (CTA) that went into effect on January 1, 2024, requiring businesses to now file ownership information with FinCEN to help identify criminal activity. 

Key Facts You Should Know

Here are the main highlights of the BOI filing requirements:

  • Who Needs to File: If you registered your business with the Secretary of State in your state, you are required to file. All limited liability companies (LLCs) and corporations must file. Disregarded entities, for U.S. tax purposes, must also file. For example, if you own multiple LLCs, each requires a separate BOI report. This includes all dental practices and other businesses as well as Single Member LLCs holding real estate.
  • How to File: You will need to file directly with FinCEN on their website https://boiefiling.fincen.gov/or engage legal counsel to file on your behalf. 
  • Filing Deadline: If your business existed as of January 1, 2024, you must file your BOI report by January 1, 2025. 
  • Penalties for Non-Compliance: Failure to file on time can result in significant penalties, including fines of $591 per day, a potential $10,000 criminal penalty, and up to two years in prison.

Next Steps for Dental Practice Owners

If you haven’t yet filed your BOI report, now is the time to act. Here’s what you should do:

  • Contact Your Attorney: Reach out to your attorney to understand the specific filing requirements for your practice. They can guide you through the process and ensure compliance.
  • Gather Required Documentation: Collect all necessary details about the beneficial owners of your business. This includes full names, ownership percentages, and any supporting documents.
    1. Company legal name and current address
    2. Any assumed business name (DBA) used by the company
    3. EIN of the entity (Federal tax ID)
    4. Ownership information – Each owner’s name, birthdate, residential street address, and social security number
    5. A high-resolution PDF copy of your driver’s license or passport 
  • Submit Your Filing: Work with your attorney to file the report accurately and on time. There are multiple providers in the space offering to assist with this, but we recommend proceeding with caution due to the sensitive nature of the information. DO NOT SHARE YOUR SENSITIVE PERSONAL & FINANCIAL INFORMATION WITH UNKNOWN SERVICE PROVIDERS. 

Key Deadlines: 

  • Existing businesses formed before January 1, 2024 – file by January 1, 2025 
  • New businesses formed on or after January 1, 2024 – file within 90 days of business formation
  • New businesses formed on or after January 1, 2025 – file within 30 days of formation 

The Bottom Line

Compliance with the BOI filing is a small task, but has huge penalties. We recommend all business owners (and real estate LLC’s) take prompt action. Don’t hesitate to contact your attorney to ensure your BOI filings are handled correctly and to avoid any penalties. 

Stay informed, stay compliant, and focus on what you do best—caring for your patients!

Disclaimer: DG Accounting Professionals LLC dba Dental Accounting Group is not filing BOI for clients. This is a legal matter and we are not licensed to practice law. Work with your attorney to file the report accurately and on time. 

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Written by Kevin J. Bray, Partner @ the Dental Accounting Group

Navigating the financial landscape of a dental practice is a bit like perfecting a smile makeover – it requires precision, expertise, and a keen eye for detail. As dental CPAs specializing in accounting and business advisory for more than 400 dental practices in the Pacific Northwest, we’ve seen firsthand how crucial it is to keep a finger on the pulse of your practice’s financials. Much like advising patients on the importance of regular dental check-ups, we recommend that owners review their financials monthly as a preventative measure against fiscal decay and a strategy for cultivating a thriving practice.

What is Financial Benchmarking?

Financial benchmarking, in the context of a dental practice, involves the analysis and comparison of your practice’s financial performance against that of similar practices within your geographical area. Using local data vs national averages is important when creating budgets and production goals. For example, insurance reimbursements and staffing costs for a practice in Washington are going to vary significantly from a practice in Iowa. By comparing your financial health to that of like-kind practices, you will gain valuable insights into local market dynamics, competitive positioning, and potential areas for improvement or growth. This laser-focused approach enables you to make informed decisions, set realistic goals, and implement best practices, ultimately scaling your practice to new heights of success.

Key Overhead Benchmarks at a Glance:

  • Staff Expenses: 36.48%
  • Dental Supplies: 6.89%
  • Lab Fees: 5.01%
  • Facility Expenses: 6.85%
  • Marketing Expenses: 1.13%
  • Merchant Service Fees: 3.32%

Note: These benchmark figures are based on 2023 financial survey data for general practices between $800k to $1m in annual revenue. This is only a snapshot from our extensive Practice Analysis Report.

Additional Key Performance Indicators That Every Practice Should Track:

  • New Patient In-flow
  • Average Daily Production
  • Hourly Chairside Production
  • Gross Production, Net Production & Net Collections
  • Accounts Receivable Aging
  • Profit Margin Before Owner & Associate Compensation

Fiscal Hygiene: Clean Up Your Practice’s Accounting Records

At the heart of effectively managing these benchmarks lies the imperative approach of keeping clean bookkeeping records and a streamlined dental specific chart of accounts. This is equivalent to maintaining a well-organized dental office where every instrument has its place, simplifying diagnosis and treatment. Clean financial records ensure that every transaction is accurately captured, enabling a clear view of the practice’s fiscal state. At the Dental Accounting Group, we use a standardized dental practice chart of accounts across all of our clients, which allows us to synchronize data into customized benchmarking reports.

Create the Habit of Reviewing Your Financials Monthly

Don’t wait until the end of the year to complete your bookkeeping. If you don’t have the time, then hire a professional bookkeeper. Think of bookkeeping and reviewing your financials as your patient’s routine cleaning: it’s essential for identifying small issues before they require major restorations. Just as regular dental cleanings and exams are essential for maintaining oral health, a disciplined approach to bookkeeping and tracking your financials with benchmarks is crucial for the vitality of your dental practice. Embrace the routine financial check-ups with the same enthusiasm you have for patient care and watch your practice not just grow, but flourish!

Need better bookkeeping and financial reporting?
Reach out to us today

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Questions?  Please email us at mail@cpa4dds.com or call us at 425.216.1612

3015 112th Ave NE, Suite 210

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STUDY CLUBS

If you would be interested in having us speak at one of your upcoming Study Club events, we would be happy to do so. Online meetings are available.  Contact our office for more details: mail@cpa4dds.com

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The following alert comes from the American Dental Association.

 

On Tuesday, May 6, 2024, the FBI informed the ADA and the American Association of Oral and Maxillofacial Surgeons (AAOMS) of a credible cybersecurity threat to the practices of oral and maxillofacial surgeons. The FBI said that as of that date, there were no known cyberattack victims, but the agency is working proactively to raise awareness to help prevent victimization. The FBI suspects the group behind the cyberattacks may be shifting tactics to oral and maxillofacial surgery practices after targeting plastic surgeons last year.

While this current threat is focused on oral and maxillofacial surgeons, the FBI is concerned that the practices of general dentists and other specialists could also eventually be targeted.

Cybercriminals often use social engineering scams — such as phishing (email), SMSishing (through text or instant messaging apps) and vishing (using phone calls and voicemail) — to gain access to sensitive personal data such as electronic protected health information. Spear phishing refers to a phishing email appearing to be from a trusted contact. For example, a threat actor may use phishing to impersonate a credentialing agency. Through these scams, threat actors try to convince people to reveal sensitive information, or to click on a link, open an attachment or visit a website that causes malware to be deployed. This malware can lead to ransomware, which blocks system and/or file access  until money is paid.

The FBI provided an example in which the threat actor poses as a new patient or says they want to become a patient at the practice to obtain new patient forms online. Once the forms are received, the threat actor will then contact the practice to report they are having trouble submitting them online and ask if they can scan the forms and email them instead. The threat actor then emails the “forms” as an attachment. When the attachment is opened, malware is deployed in a phishing scheme.

The FBI requests dental practices that experience any fraudulent or suspicious activities to report them to the FBI Internet Crime Complaint Center at ic3.gov.

Precautions Practices Can Take
The Cybersecurity & Infrastructure Security Agency (CISA) recommends four vital ways to protect your practice from cyberthreats:

The following resources are also available to support healthcare professionals:

  • A CISA.gov toolkit aids healthcare practices in building cybersecurity foundations and implementing more advanced, complex tools to stay secure and ahead of current threats.
  • The U.S. Department of Health and Human Services’ Knowledge on Demand resource offers five free cybersecurity trainings that align with the top five threats named in HHS’ Health Industry Cybersecurity Practices. HHS also offers information on how the HIPAA security rule can help defend against cyberattacks.
  • The Office of the National Coordinator for Health Information Technology’s Security Risk Assessment Tool, a resource designed to help medium and small providers conduct a security risk assessment as required by the Health Insurance Portability and Accountability Act.
  • The U.S. Department of Health and Human Services Office of Information Security and Health Sector Cybersecurity Coordination Center’s “Artificial Intelligence, Cybersecurity and the Health Sector” guide shares how health care entities help protect against AI-enhanced cyberthreats.
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Questions?  Please email us at mail@cpa4dds.com or call us at 425.216.1612

3015 112th Ave NE, Suite 210

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We are proud to announce the recipient of the Dental Accounting Group Business Leadership Scholarship.

dag business leadership scholarship
The Dental Accounting Group Business Leadership Scholarship (DAG Scholarship)

 

Scholarship Vision

To help bring awareness to the business side of dentistry and encourage young dentists to pursue private practice ownership. We felt it was necessary to launch this scholarship initiative to help contribute towards the success of the next generation of dental practice owners, and to help counter DSO’s growing influence in our institutions and communities.

2024 recipient elliot willis
Elliot Willis, University of Washington School of Dentistry, Class of 2024

 

About the 2024 recipient

Elliot Willis (graduating class of 2024) is this year’s recipient of the DAG Scholarship. He is a well-rounded individual that shows care and eagerness to learn and advance in the profession of dentistry. He ranks in the top 10% academically in his graduating class at the University of Washington School of Dentistry. When not studying or in clinic, he volunteers his time with local non-profits, including the Special Olympics, Everyone 4 Veterans, and the Union Gospel Mission to name a few. Prior to dental school Elliot studied business administration at Utah State University while being a student athlete. He is an outdoor enthusiast- which started at a young age growing up in foothills of the Rocky Mountains hiking, rock climbing, and camping. Elliot plans to continue his career in public health after graduation before pursuing private practice ownership. “I’m grateful to be the first recipient of the DAG Scholarship and I look forward to running my own dental practice one day after gaining more clinical experience.”

LEARN HOW TO APPLY

Benefit:

Recipient(s) will receive $3,000 & a one-hour business planning consultation with a senior client advisor.

Recipient(s):

Each year our scholarship board of advisors will select:

· One (1) dental school undergraduate student

and/or

· One (1) dental specialist graduate student

Requirements:

Must be a current 3rd or 4th year undergraduate dental student or dental specialist graduate student in the State of Washington.

Scholarship Intent:

To help bring awareness to and promote private practice ownership. We want to encourage young dentists to learn the business of dentistry and pursue private practice ownership early in their careers. The Dental Accounting Group is devoted to helping the next generation of dentists develop their business management & leadership skills to be successful practice owners.

How to apply:

Applicants must submit a cover letter, CV and business plan for their dream dental practice based on our acquisition or startup case study. Applicants must apply by November 30th. Recipient(s) will be chosen by or before March 1st.

https://dagscholarship.com/application-case-studies

After building your business plan, apply here: https://dentalaccountinggroup.typeform.com/to/IJjs4ycW

Learn More: https://dagscholarship.com/

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Author: Kevin J. Bray, Partner @ The Dental Accounting Group


Starting in 2020, Washington Delta Dental (DDWA) introduced pivotal changes to its Provider Reimbursement Model (PRM), designed to address the economic challenges and feedback from dental care providers across the state. This collaborative approach has culminated in a revised system that’s attempting to meet the economic and clinical demands of tomorrow.

As we head into 2024, Washington Delta Dental (DDWA) will introduce another update to their Provider Reimbursement Model (PRM), promising to help the financial underpinning of dental practices. But the question on every practitioner’s mind is straightforward: are these adjustments a beacon of progress or merely a drop in the ocean of economic necessity?

DDWA PRM Overview

Credit: Delta Dental of Washington

The Promise of Progress

DDWA has pledged a significant investment in reimbursement enhancements, with an estimated $100M earmarked for provider compensation. Additionally, the model now promises to bring about “an increase to your rung score” for 60% of practices on the PRM, ensuring no decreases in fees from the previous year.

The revised PRM marks a significant departure from the status quo, responding to practitioner feedback with a series of strategic enhancements. The highlight is a 5% increase in select hygiene codes, projected to deliver an “overall average annual increase of approximately $5K for each eligible practice.” This is complemented by a shift from a 10-year to a 2-year look-back period for Continuity of Care metrics, reflecting a pragmatic approach to measuring practice performance. Furthermore, DDWA has taken a commendable step towards equity by integrating the “Ultra-Rural” market type into the PRM, aiming to level the playing field for practices across diverse geographic locales.

DDWA PRM Timeline for Inflationary Increases

Credit: Delta Dental of Washington

The Economic Realities

Despite DDWA’s proactive stance, the adequacy of the 5% increase is under intense scrutiny. With overhead costs skyrocketing and hygienist wages in metropolitan areas like Seattle nearing $75 per hour, the incremental raise falls short of what is needed to navigate the economic currents of 2024 and beyond. The hygiene department is not only central to patient care but also to the financial health of a practice. As such, practice owners are advocating for further increases in hygiene reimbursements. This would enable them to pay competitive market wages to hygienists, maintain the quality of patient care, and ensure the profitability of their hygiene department. The delicate balance between fair compensation and operational sustainability is critical. Without additional adjustments to the reimbursement model that account for the steep rise in labor costs, particularly in metropolitan areas, practice owners may find it increasingly difficult to manage profitability while upholding the highest standards of patient care. The adjustment, although a positive acknowledgment, does not fully mitigate the escalating expenses in supplies, services, utilities, and equipment that are outstripping general inflation rates. Therefore, a call to action is clear: future iterations of the PRM must consider more substantial increases in  reimbursements to ensure the vitality and success of dental practices.

2023 DAG Client Survey Staffing Cost %​

2023 dag client survey staffing cost percentage

© 2023 DG Accounting Professionals LLC.

Staffing costs continue to grow in real dollars and eat up a greater portion of the overall overhead. Many practices are watching total staff costs rise to nearly 40% of their revenue as staff wages increase and revenue remains stagnant.

2023 DAG Client Survey Profit Margin %

2023 dag client survey profit margin percentage

© 2023 DG Accounting Professionals LLC.

Profit margins before associate pay have dropped in recent years mainly due to wage inflation and other rising costs of doing business in urban metropolitan areas. Practices across the board saw roughly a -5% decline in profits YOY.  

A Tale of Two Practices

The disparity between urban and rural practices remains a critical subplot in this narrative. While the new model intends to harmonize this imbalance, rural practices continue to navigate unique challenges that a universal model might not fully address. Meanwhile, urban practices grapple with a competitive job market and elevated living costs. The “Ultra-Rural” adjustment, although well-intentioned, could still leave certain practices grappling with financial sustainability. The implications of these changes are far-reaching. Dental practices across Washington can anticipate a more equitable reimbursement scenario. By integrating “ultra-rural” market type and adjusting targets to the 95th percentile per market, DDWA aims for a fair comparison among peers, fostering a level playing field for all practices, irrespective of their size or location​​.

New Ultra Rural Market Types Added:

DDWA PRM New Ultra Rural Market Types

Credit: Delta Dental of Washington

Summary of Key Modifications Taking Effect

In the spirit of transparency and to aid providers in understanding the impending modifications, DDWA has offered a detailed glimpse into the changes:

  • Inflationary Adjustments: A 5% increase on select hygiene codes for participating providers will be instituted. This adjustment is a strategic move to counteract inflationary pressures but falls short of the needs of the average practice. The overall average annual increase is only approximately $5K for each eligible practice. This is hardly an “inflationary adjustment” considering wage inflation alone for full-time hygienists has increased on average 15% during the last two years.
  • Simplified Metrics & Feedback-Driven Revisions: The PRM will adopt simplified metrics for assessing practice performance. For instance, the retention metric has been revamped to a “Continuity of Care” standard, focusing on a 2-year look-back period, down from the previous 10-year span, to better align with practice realities.
  • Expansion of Eligibility: With the PRM modifications, a significant “68% of practices on the PRM will experience a score increase and an additional average annual projected increase of ~$9K per practice”.
  • Fee Schedule Updates: Providers will see their new fee schedules on the Provider Portal, which will automatically reflect the changes for 2024.
  • Inclusive Model Adjustments: Modifications will affect all four inputs—practice costs, prevention, access, and retention—streamlining the metrics for better clarity and ease of management.
  • Prevention-Centric Increases: There is a special focus on preventive procedures, with a 5% inflationary increase on codes such as D1110 (adult cleaning) and D1120 (child cleaning), which are essential to maintaining oral health.

A Future in Flux

Looking ahead, the true impact of the PRM changes will only be measurable in hindsight. While the modifications are a testament to DDWA’s commitment to iterative improvement and stakeholder engagement, the sustainability of dental practices hinges on the alignment of reimbursement rates with the dynamic economic landscape. As practitioners and DDWA alike navigate these changes, ongoing dialogue and flexibility will be crucial in ensuring that the PRM evolves in step with the real-world financial demands of dental care.

Conclusion: Caution Meets Optimism

In conclusion, while DDWA’s PRM updates for 2024 mark a significant step towards addressing the economic challenges faced by dental practitioners, there’s a palpable sense of caution. Is a 5% increase sufficient to keep up with wage inflation and the ever-growing overhead costs? Will these changes truly bridge the gap between rural and urban practice economics? And importantly, will the revisions enable practice owners to sustainably compensate their team and ensure profitability?

From our perspective, the increases fall short. Based on our 2023 DAG client survey, hygiene wages increased more than 15% during the last two years, which is roughly a $17k-$20k payroll increase per full-time hygienist. If an average practice is doing $1m in collections and they are only seeing a $5k bump as an inflationary adjustment, it’s clearly falling short of the economic demands of a traditional practice staff model. Time will tell if these changes herald a new era of financial prosperity or if they serve as a precursor to a more comprehensive overhaul that many practitioners believe is necessary. What is clear is that the dental community must remain vigilant, adaptive, and vocal to ensure that their economic needs are met not just in 2024, but in the years that follow.

Author’s note: This article merges two perspectives into a comprehensive narrative, weighing the optimism surrounding DDWA’s PRM changes against the skepticism of whether they go far enough in addressing the real economic pressures of dental practices. It offers a balanced view that acknowledges the effort while calling attention to the reality of the financial challenges that lie ahead. The Dental Accounting Group is a fierce advocate for dental practice owners. We will continue to analyze this reimbursement model in the years to come and voice our perspective to DDWA.

 

Questions? Refer to your new Delta Dental PRM portal to see the economic impact on your practice. They’ve also added a new glossary of terms:

Additional Reimbursement Resources:

Additional DDWA PRM Resources

Credit: Delta Dental of Washington

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3015 112th Ave NE, Suite 210

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Since March 17th, we have been proactively distributing information to our clients and the larger dental community through our partnership with the Washington Academy of General Dentistry.

We’ve invested thousands of dollars worth of our billable hour time on these webinars. Our team has read the 800+ page CARES Act statute and additional SBA & Treasury Department guidance as it becomes available. We’ve held numerous meetings and discussions internally and externally with industry attorneys and bankers. We are working hard to help our clients navigate this crisis. Information changes every week as more guidance from the SBA & Treasury Department gets released.

Here are links to our previous webinars and Prezi presentations regarding the CARES Act.

PPP Loan Forgiveness and New SBA Guidance

June 3rd, 2020

Prezi Presentation Link: https://prezi.com/view/apu3WGxEFH7ILNU1WwdD/

COVID-19 Update on Relief Provisions

May 6th, 2020

Prezi Presentation Link: https://prezi.com/view/d7Pt2asv3F75UPo4QGBX/ 5/6/2020

Covid-19 Update

April 15th, 2020

Prezi Presentation Link: https://prezi.com/view/jj3dXPtPAn8ySuRnBCMK/

Cares Act – Major COVID Relief

April 1st, 2020

Prezi Presentation Link: https://prezi.com/view/GG9AuKG8AICpCDs5bpIq/

COVID-19: Employee & Business Implications for Practice Owners

March 26th, 2020

Prezi Presentation Link: https://prezi.com/view/h3jjQHcMIBnYnKV0ZuFr/

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Updated 4/1/2019:

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Disclaimer: What follows next is general information and not legal or accounting advice. We are not your attorney or CPA and every situation is different. You should call your attorney or CPA for specific advice with regards to the topics of this presentation. If you are not receiving the guidance you need, we can entertain bringing you on as a paying client. 

Since our last update on March 25, 2020, the CARES Act was passed and signed into law late on March 27, 2020 and the Department of Labor has issued additional guidance on implementation of the Families First Coronavirus Response Act (FFCRA).

Today we are going to cover:

A. Recap of FFCRA and DOL Guidelines
B. Recap of Standby Unemployment
C. SBA Disaster Assistance Loan program
D. CARES Act – Paycheck Protection Program loans (Forgivable Loans)
E. CARES Act – Unemployment Assistance
F. Emergency EIDL Grant

Source Document Links & Additional Information:

Link to Prezi presentation: https://prezi.com/view/GG9AuKG8AICpCDs5bpIq/

Kevin manages marketing, business development, and customer success for Dental Accounting Professionals LLC & Benton Bray PLLC. He is highly analytical, creative, and forward thinking in his approach to working with clients. His background is in commercial real estate with a focus in dental office leasing and investment sales. Kevin’s passionate about investing for the future and implementing new technologies to streamline outdated workflow processes to increase bottom line results.  

Follow Kevin J. Bray on LinkedIn

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Updated 3/25/2019:

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COVID-19: Employee & Business Implications for Practice Owners

Disclaimer: What follows next is general information and not legal or accounting advice. We are not your attorney or CPA and every situation is different. You should call your attorney or CPA for specific advice with regards to the topics of this presentation. If you are not receiving the guidance you need, we can entertain bringing you on as a paying client. 

Covid-19 Update: Employee& Business Implications for Practice Owners

Employee Issues

Disaster Relief Payments under Sec 139 [Seek the advice of your tax adviser!]

  • General rule – gross income shall not include any amount received by an individual as a qualified disaster relief payment but remain 100% deductible by the business.
  • In IRS Notice 2020-18, the IRS stated that the President’s emergency declaration constituted a federally declared disaster for purposes of Section 165. Thus, the COVID-19 pandemic satisfies the requirement in Section 139 for a federally declared disaster.
  • As a result, beginning immediately, employers may provide tax-free payments to employees — while still claiming a full deduction for the payments — provided the payment is to reimburse or pay the employee for “reasonable and necessary personal, family, living, or funeral expenses” incurred as a result of COVID-19.
  • Payments are NOT covered by Section 139 if they compensate employees for expenses that are otherwise compensated for by insurance or that are intended to replace lost income. Thus, payments pursuant to the Families First Coronavirus Response Act for sick pay or family medical leave remain fully taxable to the employee.
  • There is no IRS Regulatory guidance and very little professional commentary regarding Disaster Relief Payments under Sec 139 so seek professional advice.

IRS filing and paying tax extension

  • The Treasury Department and Internal Revenue Service announced March 20, 2020 that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
  • Federal income tax payments due on April 15, 2020 are also extended to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. The extended April 15, 2020 tax payments include any 2019 tax balance due and your 2020 first quarter estimated tax payment.
  • Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. 

Department of Revenue filing and paying tax extension

  • The Dept of Revenue has implemented emergency measures to provide relief to all Covid-19 impacted businesses. These measures are in effect from February 29, 2020 through the end to the state of emergency (yet to be determined).
  • For monthly filers, a 60 day extension is available to file and pay the State taxes on all Combined Excise Tax returns due during the state of emergency period.
  • For quarterly filers, your Q1/2020 Combined Excise Tax return that is normally due April 30th can be extended 30 days until May 30, 2020.
  • Relief applies to all taxes reportable on your Combined Excise Tax Return for returns that are due and not already paid during the state of emergency.
  • Request extension relief online by submitting a secure message in your myDOR account (secure.dor.wa.gov/home/login). Indicate your reason for requesting an extension such as Covid-19 temporary business closure and include reference to you UBI number. We have been advised by DOR that extensions are approved automatically.  You will be notified in a few days of the approval.
  • Alternatively you can request extension relief by calling DOR at 360-705-6705.

Families First Coronavirus Response Act (see addendum)

  • Family and medical leave
  • Emergency paid sick time

SBA Disaster Assistance Program

Federal Relief Legislation

    • Trillion $$$ relief bill in process
    • Substantial small business and employee relief expected
    • Stay tuned…

Business interruption insurance

  • Preliminary indications are “no”
  • Check with your insurance broker and ask for an opinion from the carrier
  • Congress may intervene to broaden the definition of what constitutes a triggering event for business interruption coverage

Lender assistance

  • Dental lenders across the board have really stepped up to provide emergency relief
  • Up to 90 day loan deferrals
  • Emergency lines of credit

Landlord Assistance

  • Review your lease and consult with your attorney
  • Force majeure clause – “Act of God”
  • Negotiate for lease deferral

Delta Dental Financial Support

  • Independent Dental Practice Reimbursement Advance Program (RAP)
    • The RAP will begin to advance payments of clinical reimbursements for an eight-week period that begins within one to two weeks of the application approval (approval should take approximately one week).
    • Weekly advances will supplement any ongoing reimbursement payments.
    • Advances will equal 25% of the average weekly DDWA clinical reimbursement payments made to the practice’s Tax Identification Number (TIN) during 2019. The cumulative advances to any one TIN will not exceed $25,000.
    • The cumulative advance will be repaid without any interest by the receiving practice in 20 equal weekly payments to DDWA beginning July 1, 2020.
  • Independent Dental Practice Assistance Fund (DAF)
    • Grant up to a max of $15,000

Amazon Neighborhood Small Business Relief Fund

  • Businesses in Bellevue, Wash. and the South Lake Union and Regrade neighborhoods of Seattle — particularly those that rely on foot traffic — can apply online for a grant from Amazon’s $5 million fund. Amazon will determine on a case-by-case basis the amount of the grant your business qualifies for. Only businesses with 50 employees or less, or that take in less than $7 million in annual revenue, qualify.

Facebook Small Business Grants Program

  • Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up to get more details from the company when they’re available.

Preparing for getting back to work

  • Managing cash flow
  • Continuing the admin function
  • Billing & collections
  • Re-booking appointments and filling the schedule
  • Implement best practices
  • Deep clean and organize entire clinic
  • Work on business plan and strategies

Source Document Links & Additional Information:

Link to Prezi presentation: https://prezi.com/view/GG9AuKG8AICpCDs5bpIq/

Kevin manages marketing, business development, and customer success for Dental Accounting Professionals LLC & Benton Bray PLLC. He is highly analytical, creative, and forward thinking in his approach to working with clients. His background is in commercial real estate with a focus in dental office leasing and investment sales. Kevin’s passionate about investing for the future and implementing new technologies to streamline outdated workflow processes to increase bottom line results.  

Follow Kevin J. Bray on LinkedIn

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Location

Address

3015 112th Ave NE, Suite 210, Bellevue, WA 98004

Phone 1

Phone

(425) 216-1612

(425) 739-0300

Mail

Email

mail@cpa4dds.com

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Please note we now use Keeper for communicating with our bookkeeping clients.
(425) 600-9100 is our new no-reply text number
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