COVID Resources

Trey Whitt

New Per Diem Rates Effective October 1, 2016

There will be an update to per diem rates effective beginning October 1st. First, let me offer some background. If you have employees that incur frequent business travel, it can often be cumbersome for those employees (and perhaps for the chief accountant) to accumulate receipts for reimbursable expenses paid by the employee. As an alternative, tax…
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Use Tax Compliance for Business Owners

Business owners pay many different kinds of taxes every year. Of those taxes, sales tax is probably the easiest to understand. If a business owner buys $100 in dental supplies and the tax rate is 10%, then the business owner pays an extra $10 to cover the tax. The vendor collects and pays the sales…
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Electronic Tax Payment Options

In recent years, the U.S. Treasury and Alabama Department of Revenue have become more accommodating to different tax payment methods. While the availability of bank draft and credit card payment options is nothing new, these methods are now available for free. Instead of fighting the tax day traffic at the post office, you can now…
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Tax Extenders Law Passes…Finally!

After a long wait, Congress has finally passed a law that extends many popular tax provisions into 2014. These provisions, commonly known as “extenders”, have been hanging in limbo since they expired at the end of last year. The President still needs to sign the bill, but we expect that to happen any day now….
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Tax Extenders – What You Need to Know

In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
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How Much Cash Should be in Your Practice?

As a practice owner, you get paid last. If you have any cash left over after meeting the payroll and paying your bills, only then can you consider taking a paycheck yourself. But how much should you pay yourself and how much cash should be in your practice? I typically suggest that a practice keep…
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Financial Performance Measures: A Checklist for Tracking your Practice Performance

Part 1: Goodwill and the Sale of a Dental Practice Part 2: The Taxation of Goodwill Part 3: Building Practice Goodwill Consistent with the thinking that activities that get scheduled get done, I recommend a checklist of practice performance goals and measures to which you refer at least monthly. This checklist ought to reflect what…
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Building Practice Goodwill

Read Part 1 and Part 2 in this Goodwill Series. In my previous two posts, I have discussed how goodwill is the driver of value in your practice and how goodwill is taxed at more advantageous rates than regular income. And if that isn’t enough, the byproducts of building superior goodwill in your practice benefit…
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