Professional Practice Consultants, Inc.

You know it’s bad……😂

Like you, we are inundated every day via email, mail, and phone.

Be careful out there!

IRS Mulls Future of Employee Retention Credit as Enforcement Ramps Up Aggressive marketing pushing tax assistance with the employee retention credit has the IRS poised to crack down on fraudulent promotors while increasing scrutiny on post-pandemic claims, possibly spelling trouble for some taxpayers selected for audit.

https://tax.thomsonreuters.com/news/irs-mulls-future-of-employee-retention-credit-as-enforcement-ramps-up/?utm_campaign=CLEAN%20-%207%20Septemeber%20Checkpoint%20Newsstand%202023%20ART&utm_medium=email&utm_source=Eloqua&site_id=82769734&cid=N%2FA&chl=em&sfdccampaignid=&elq_mid=27249&elq_cid=376390&elq_ename=CLEAN%20-%207%20Septemeber%20Checkpoint%20Newsstand%202023%20ART&elqTrackId=df765f3a92b14094ad822a4f1d5066cf&elq=34cd7eb0caff49db9f625f3bf3f115a9&elqaid=27249&elqat=1&elqCampaignId=19391

Viva la Mexico??

How a Tiny Mexican Border City Built a Budget Dental Empire Medical tourists flock to Molar City for its 350 dental offices and relief from the high costs in the US and Canada.

Good read. Good law firm.

Dental Practices That Install Video Surveillance Cameras Need to Carefully Balance Security With Patient Privacy Rights The attorneys at GHU Law specializing in legal services for dentists and dental practices, orthodontists, and other specialists.

Be careful out there.

IRS Continues ERC Fraud Focus; New FAQs Get First Update We have the first update to the IRS' recently released new FAQs regarding the Employee Retention Credit (ERC).

https://www.ada.org/advocacy/legislative-action-center/help-us-improve-access-to-medicaid-dental-benefits

Help Us Improve Access to Medicaid Dental Benefits | American Dental Association Oral health is essential to overall health and well-being. However, many adults who use Medicaid benefits find that there is little, if any, coverage for dental care.

From the NYT this am......

Don’t get high before your dental exam

In a 2022 survey of dentists, conducted by the A.D.A., half reported that they had treated patients who were under the influence of ma*****na or another drug.

“I am seeing this in my office,” Dr. Quartey-Sagaille said. One reason patients may self-medicate, she noted, is that they are nervous. But, she explained: “You can’t consent to a treatment if you’re high. If patients have anxiety, it could make things worse, and I’m not able to numb people as effectively.” A 2019 study of cannabis users undergoing minimally invasive procedures found that a quarter of them had needed twice the anesthesia as patients who didn’t partake.

Inquire about options for pain control, if that’s what worries you, Dr. Jiang said. For teeth that are particularly sensitive, she added, start brushing a few weeks before your appointment with a desensitizing toothpaste that contains potassium nitrate, such as Sensodyne.

And if you did take a w**d gummy before you arrived, tell your dentist. (You’ll join the 67 percent of patients in the same A.D.A. survey who reported that they were comfortable talking to their dentist about ma*****na.) “You know, we’re not here to judge, just to provide you with the best care,” Dr. Quartey-Sagaille said.

☮️

100%

An idea worth considering today.

https://www.nerdwallet.com/article/loans/student-loans/2023-is-here-and-big-questions-on-student-debt-still-loom

2023 Is Here — And Big Questions on Student Debt Still Loom - NerdWallet We know student loan repayment is scheduled to start in 2023, but exactly when it will resume — and who could benefit most from new programs — is unclear

5 ways to show your office manager they’re a rockstar - Off the Cusp In honor of Office Manager Appreciation Month, we’ve gathered a list of ways to honor these everyday heroes like the rockstars they are. Plus, we’re giving away a $300 Spafinder Gift Card to one lucky office manager!

EXECUTIVE ACTION ON STUDENT LOANS

Yesterday, President Biden, through executive order, announced his student loan cancelation plan. It remains to be seen if he had legal authority to do so as Congress has provided no authorization for the executive branch to arbitrarily write off money that borrowers owe. It was done through powers granted because of the pandemic. It will probably be legally challenged.

The order doesn’t address the ever-growing student loan crisis, and college tuition cost that are rising far faster than inflation. Student loan debt for Americans, is now an estimated 1.7 trillion dollars. This plan will cost taxpayers upwards of 300 billion. Endowments are left untouched and within 4 years, overall debt will return to its present levels.

What We Know

The plan is a one-time forgiveness of up to $10,000 of federal student loans for borrowers who make less than $125,000 annually if single, $250,000 if married. The plan includes forgiveness of up to $20,000 of federal student loans for those who received Pell grants to attend school. Usually those with lowest household income receive Pell grants. It will also allow borrowers to cap undergraduate federal loan payments at 5% of monthly income. Finally, it extends the mortarium pausing federal student loan payments until December 31, 2022.

A large swath of federal borrowers will have either a portion of their loans forgiven or see their debt canceled completely. According to a recent piece from the Wall Street Journal, up to 15 million borrowers will come out debt-free. All good things.

What We Don’t Know

We do not know currently how income is calculated to qualify. Is it Adjusted Gross income, taxable income, only earned income?
We do not know if this will be a one-time plan or if the administration plans include future additional forgiveness. Remember the original plan was to forgive upwards of $50,000.

What Does This Mean for You?

If you owe more than $10,000 in federal student loans, we believe your balance will be automatically reduced. They already have your tax return.

Most dentists have far more than the average student loan debt of roughly $30,000. Many exceed $500,000. Don’t let partial loan forgiveness and another payment extension stop you from creating a plan to pay back your remaining loan balance.

Now may be the time to contact your lender and make payments on your currently lower balance, taking advantage of the moratorium’s zero percent interest rate.
If you were considering refinancing your federal student loan into a private loan, hold off until the moratorium officially ends, or we find out if there could be more to come. Nor would we suggest paying off the last $50,000.

Are There Any Tax Implications?

No. Because student loans are debts that are intended to be repaid with interest, they are not taxable income and do not need to be reported as such on your tax return. However, you can deduct student loan interest on your income tax return provided you make less than $70,000 single or $140,000 married.

What About Borrowers with Private Student Loans?

Only federal student loan debt is eligible. This includes PLUS loans, whether parents or graduate students took them out.

Private loans are not eligible. These loans are issued by financial institutions such as banks or credit unions, not the Education Department.

Neither are many so-called F.F.E.L. loans, which stand for Federal
Family Education Loan. If your F.F.E.L. loan was not eligible for the payment pause that began in 2020, it will not be eligible for the new cancellation.

IRS: You can still buy an EV or PHEV in 2022 and claim tax credit—only if it’s American-made Some preliminary guidance issued by the DOE and IRS gives some early assurance of which EV and PHEV models are tax-credit-eligible for the remainder of 2022.

Not just those selling sneakers.…. This is going to be messy. Keep good records!!!

How the IRS is about to become sneaker resellers’ worst nightmare The American Rescue Plan Act makes it more likely that resale apps like eBay, StockX, and GOAT will have to report your sales, which you can be taxed for.