How I lost $867,000 to insurance errors

Before reading this, please note that this is an extreme case, but it was important enough to bring it to everyone’s light so it can be avoided in your office. Let’s get started. Over the past 20 years, I have had the opportunity to work with a strong team of professionals to build a fun and profitable office. Some time ago we joined the PPO world. Our office team entered the fees into our dental software system and away we went, billing insurance companies and collecting payments and...Read More

2017 Tax Law Update

The dust is starting to settle. After months and months of wonder, analysis, calculations, re-calculations, and useless predictions we now have something fairly solid to stand on. While the new tax bill, The Tax Cuts and Jobs Act, has not yet been signed by the President it has been approved by both the House and the Senate and we fully expect it to be signed into law soon. The good news is that there is still some time left before year-end to take action. Each taxpayer will be affected a...Read More

President’s Message

Happy Holidays to all of our friends from PracticeCFO. It’s been an eventful year. We’ve seen so many of you grow your practice, live on a budget, pay down debt, get properly insured, and set aside money in a tax-deductible retirement plan. Such disciplined financial behavior is the path to financial independence…, and that is why we exist at PracticeCFO. Your financial security is our highest priority and what we aspire to. It’s not preparing accounting reports or filing tax returns...Read More

The 10 Most Frequently Asked HR Questions

Employee Time Out of the Office: If your office is open four days per week, you can require that employees schedule their discretionary appointments (haircuts, dental checkups, veterinary visits) for their off day and not during regular work hours. The federal and state employment laws do not restrict this policy when it comes to these non-emergency types of appointments. But, exceptions must be made for emergency appointments for the employee or a family member. Alternative...Read More

Form 1099 FAQ

It’s that time of the year again when you as a practice owner need to start thinking about 1099s. We have created this FAQ for all things 1099. The process starts with a Form W-9. We will create and file your 1099s but we do need your help collecting information found on Form W-9. Please note 1099s are only for payments made via cash, check, and EFT payments. Therefore, we encourage you to make all payments via credit or debit card. What exactly is Tax Form W-9 and what are they used...Read More

California Employee Paid Sick Leave

In 2015, California began requiring employers to provide paid sick leave to employees. California’s sick pay rules require employers to allow employees to accrue one hour of sick time for every thirty hours worked.  Employers can limit employees from taking more than 24-hours of sick time per year. In San Diego, employers are required to offer employees 40 hours of paid sick leave per year. The employer may choose to provide a lump sum of paid sick time at the beginning of the year or...Read More

Is Student Loan Refinancing Right for You?

  Molly Carapiet, Eagle Lending, Director of Operations, First Republic Bank Young professionals with large student loan balances are often stuck between a rock and a hard place. If you’re currently managing student debt, you’ve probably been hearing about the option to refinance your education loans. But how do you know if refinancing is right for you? Although every borrower has a unique financial situation, below are a number of questions to ask yourself to help you decide if...Read More

Year-end tax planning for dentists

If you find yourself asking your CPA for tax planning ideas in March and April when your corporate and personal tax returns are due, you will most likely have missed the bus when it comes to the most beneficial tax moves.  True tax planning happens before year-end when action can be taken to implement strategies to save you money.  Here are some tax saving moves to consider as we near the end of 2017. Home Office: Set up a home office to be used regularly and exclusively to perform the...Read More

Taxability of Year End Gifts

Its Christmas season, your employees have worked hard all year and you want to give them something to say thank you.  Great idea; there are some rules to follow so that both you and your employees get the best tax treatment.  If the rules are followed correctly this is a win/win. Gifts to employees that qualify as de minimis fringe benefits are deductible by the employer and excludable from the employee’s wages for purposes of both income and social security taxes.  De minimis fringe...Read More

Update on the GOP Tax Bill

Last Thursday the tax community started buzzing with the release of the initial version of the GOP tax bill.  It is possible that reading the new tax bill did not make your top five list of things you wanted to do this weekend.  Fortunately, you have us for that! While the current bill gives us insight into the ultimate goal and intent of the bill, it is important to keep in mind that this is the very beginning of the process and there will most likely be modifications to come as the bill...Read More