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

Why are dentists selling these days?

Wes Read CPA, CFP® PracticeCFO is coming up on six years since formation. During that time, we’ve worked with hundreds of dentists and learned a lot of lessons. One striking lesson we’ve learned during that time is that change is continuous. It’s always occurring. Indeed, its permanent.  The change that often comes unexpectedly to us is when a dentist decides to sell their practice. One would expect the decision to sell to be predictable. In other words, a dentist runs a great career,...Read More

Is it time to refinance?

Greg Maravilla, MBA, CPA, CFP® | CFO Advisor / Partner   As the stock and bond market signal recession and the Federal Reserve having recently dropped its fed fund rate, we are likely to see bank interest rates doing lower.  30-year mortgage rates are now around 3.7% and practice loans are in the low 4%.  As a result, if you have existing debt, you might consider refinancing to save on interest expense.  Is it worth it?  Some things to consider first:   Prepayment penalties –...Read More

May is Disability Insurance Awareness Month

Did you know that May is Disability Insurance Awareness Month? Disability insurance is often the forgotten part of securing your financial picture. After all, who likes the idea of potentially paying years and years for a product that may never be needed. However, this coverage becomes essential should you be unable to work due to injury or illness. And for a dentist or dental specialist, because motor skills play such an important part in your ability to your job, having adequate protection is...Read More

Associate Pay for Invisalign

This article addresses two factors related to Invisalign: Should I offer it in my general dentistry practice? How should I pay an associate that does Invisalign? Should I offer Invisalign in my general dentistry practice? Many of our general dentists are asking us about Invisalign.  Should they introduce it into their practice? Our answer is this: Invisalign may be profitable for you. The answer is determined by how deep of a plunge you take with Invisalign, and whether it fits within your...Read More

Budgeting for Real Estate

Real Estate Investing (Part I – budgeting for your primary residence) Having a diverse set of clients ranging from retirees to those just beginning to establish their nest egg, we see it all. The results of good financial decisions. And the not so good ones. As an advisor I can’t help but notice some commonalities in real estate. It’s often the folks with the largest nest eggs who are well primed for a fruitful retirement own multiple properties. And I can’t count how many times I’ve...Read More

Pitfalls of Buying a Satellite Office from a Multi-Office Practice

As we’ve written here before, we rarely encourage doctors to buy multiple offices.  The reason for this is the number of failures we’ve seen in the added offices.  And eventually these failing satellite offices go back on the market while the multi-office practice owner retreats to her/his strong “home base” office.  Deal-seekers, this is a good way to get a discounted office, but there’s a reason the price is likely low.  Here’s what to look for:   1.Financial...Read More
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