Sales and Use Tax audits by the California Tax and Fee Administration

Gregory Blake CPA, ABV   Many businesses, especially dentists and doctors, are seeing an increase in Sales and Use Tax audits by the California Tax and Fee Administration (CDTFA.)  This is the result of Assembly Bill (AB) No. 147 (Stats. 2019, ch. 5) which requires out-of-state retailers with no physical presence in California to collect use tax, if during the preceding or current calendar year, the total combined sales of tangible personal property delivery to California by the retailer...Read More

Q3’s 2019 Market Update

Brandon Hobson, CPA | Director of Investments   Volatility is picking up in Q3, and some of you may be anxiously waiting for it to subside. If you closely watch the markets or have tuned in to recent media coverage, you can’t escape it. The U.S. announced that they are increasing tariffs on China and a trade deal doesn’t look like it’s coming any time soon. The IMF cut global GDP forecast for 2019 (1). Possibly most concerning was the temporary inversion of the U.S. treasury yield...Read More

This tax deduction is as good as free money

David Knittel, CPA | Director of Tax   If you are not familiar with the acronym QBID you should be; let me explain why.  QBID stands for the Qualified Business Income Deduction.  The calculations and limitations can be complicated but in its simplest form the QBID can provide a tax deduction of up to 20% of your practice income without costing you anything in return.  Free money…if you qualify.  Making sure you qualify is the tricky part and is where we can help! The QBID was put...Read More

Finding your Ideal Practice (A guide for new buyers)

Drew Phillips, CPA | CFO Advisor   You have waited a long time to realize your dreams of practice ownership. You have read everything you can get your hands on, listened to countless podcasts, met with mentors and dental classmates that have already taken the plunge into ownership, all to hopefully gain a leg up in the buying process. The more you read and listen the more you begin to realize there is to learn and the feeling of being overwhelmed or uneasy about the buying process may...Read More
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