Many of our dental office clients performed well through the first half of the year across the metrics we track most closely: net collections, overhead management, net operating income, and operating cash flow. If your practice did not perform as expected, there is still time to make adjustments and finish the year in a stronger position. Strong performance is encouraging, but it often raises a new set of planning questions: How much cash should I keep in the business? Should

For years, the IRS has offered a First Time Abatement (FTA) program to forgive certain penalties for taxpayers who generally have a good history of filing and paying their taxes on time. The catch? Taxpayers (or their tax professionals) usually had to know the program existed and specifically ask the IRS to apply it. Beginning with 2025 individual tax returns and 2026 quarterly business returns, the IRS is introducing a new Automatic Exemption from Penalty (AEP) program that

The recently enacted One Big Beautiful Bill Act introduced a brand-new savings vehicle called the Trump Account. Beginning in 2026, these accounts will allow families to start building retirement savings for children long before they begin working. While the rules are different from traditional IRAs in several important ways, Trump Accounts may become an attractive planning tool for parents, grandparents, and even employers. Here's what you need to know. What Is a Trump Accou

Buying a dental practice is one of the biggest financial decisions a dentist will ever make. In the first year after closing, most new owners are focused on patient retention, team culture, hygiene production, cash flow, vendor bills, payroll, and making the bank payment. Those are the right priorities. But there is another number that quietly matters from day one: S corporation shareholder basis. Basis is not a cash-flow number. It is not the amount in your business checking

The IRS issued a stern warning on July 21 about an upsurge in tax scams during the summer months, with identity thieves bombarding...

Distinguishing between a hobby and a business is important because the IRS treats them differently. Factors to consider include the...

New business owners often fall into a common misconception that owning a business grants them the freedom to deduct personal expenses on...

Conservation easements have been a source of controversy and, more recently, legal disputes, with contrasting perspectives from taxpayers...

If you're experiencing chronic federal tax under withholding, there are several steps you can take to address and potentially fix the...

Understanding the rules for deducting business travel expenses can be confusing. Here are some key points to know: Business travel...

This week, Hunter Biden, the President's son, entered a guilty plea for a misdemeanor gun charge and two tax charges related to willful...

As a dental CPA, consultant, and tax advisor, this post is a bit out of my wheelhouse, but this PGA Tour/LIV Golf drama is too good to...

The federal cap on the state and local tax (SALT) deduction, implemented under the Tax Cuts and Jobs Act of 2017, limited the amount of...

I am not a big contributor on Twitter. My legion of three loyal followers doesn’t exactly put me in influencer territory. (Follow me...

If you have filed income tax returns for a sufficient number of years, it is highly likely that at some point, one of them will come...

Accounting standards generally acknowledge four main types of financial reports: the balance sheet, the statement of changes in equity,...

In recent weeks, discussions around debt ceiling legislation have taken the spotlight as the possibility of a federal default looms....

The IRS has released its list of tax scams for 2023. Here are the key scams taxpayers should be cautious about: 1. Aggressive Employee...

When it comes to filing taxes, business owners have the opportunity to claim deductions for ordinary and necessary expenses incurred...

Introduction Dental practices, like any other business, rely on financial metrics to assess their performance and make informed...