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Dental

Tuesday, 13 February 2018

Michigan Sales/Use Tax Update on Dental Prostheses – Part 3

Written by Michael Bannasch, CPA

Now that the Michigan Department of Treasury has issued a notice regarding the dental prosthesis exemption, we wanted to share with you our final takeaways on this issue that has affected the industry since July. The full notice can be found here. The notice confirms that dental labs that collected sales tax from dentists since July 1, 2017, must first refund the collected tax to the dentist before the state will issue a refund to the lab. Unfortunately, the notice does not say what proof Treasury will require for this requirement...

Monday, 08 August 2016

Win-win: Compensation strategies for a happy staff and healthy bottom line

Written by Gary Borucki, CPA

As featured in The Journal of the Michigan Dental Association.It’s hard to believe that less than a decade ago, Michigan’s unemployment rate was 15.2 percent—the highest in the nation—and the struggling auto companies GM and Chrysler were then cancelling the dental and vision benefits of retirees. In 2008, dentists were rightly concerned about the immediate and long-term effects the burgeoning recession would have on their practice revenues, and—like everyone else—their employees were hoping to hang onto their jobs...

Question: Our company sponsors a major medical plan and a separate limited-scope dental plan, which qualifies as an excepted benefit under the Health Insurance Portability and Accountability Act (HIPAA). Our dental plan excludes coverage for dental work (such as crowns, bridges, implants and root canals) that started before the participant became enrolled in our plan. This appears to be a pre-existing condition exclusion (PCE). Is our limited-scope dental plan allowed to have PCEs under the Affordable Care Act (ACA)?..

Tuesday, 19 January 2016

Know Your Rights with the IRS

Written by IRS

The IRS created the Taxpayer Bill of Rights to make it simple for taxpayers to know their rights when dealing with the IRS. If you have a tax issue, you are guaranteed assistance through the Taxpayer Advocate Service, a department whose job it is to ensure that every taxpayer is treated fairly. For more information about the Taxpayer Bill of Rights or Taxpayer Advocate Service, read Publication 1, "Your Rights as a Taxpayer," or contact a qualified tax expert. Tip courtesy of IRS...

Wednesday, 09 September 2015

Financial statement audits: 10 things you need to know

Written by Christine Slade, CPA

There comes a time in the lives of most growing businesses when audited financial statements become necessary or desirable. Here are 10 things to consider as you prepare your business for its first audit. 1. What is an audit?..

Thursday, 13 August 2015

Do HIPAA Portability and ACA Rules Apply to Our Dental Benefits?

Written by Thomson Reuters

Question: Do the portability rules of the Health Insurance Portability and Accountability Act (HIPAA), and the various requirements of the Affordable Care Act (ACA), apply to our company's dental benefits? Answer: If your dental plan qualifies as a HIPAA "excepted benefit," it's exempt from that law's portability requirements (such as the need to provide special enrollment periods). And, as we'll explain, it should be exempt from many of the ACA's mandates. Whether your company's dental benefits are an excepted benefit depends on how those benefits are set up...

Wednesday, 20 May 2015

Hire Your Spouse? What to Consider Before You Say “I Do”

Written by Rehmann Team

As featured in The Journal of the Michigan Dental Association. While recently helping a mid-Michigan dentist value and sell the practice, I started thinking about its history. From day one, it’s always been a two-person operation: the dentist takes care of his patients, and his wife handles the business side. This kind of spousal working arrangement is not uncommon to dentistry, although it may not occur as frequently as it did decades ago when there was a societal expectation that once married, women would concentrate on hearth and home...

Monday, 23 February 2015

Could You Get Burned for Researching Job Applicants Online?

Written by Bill Kowalski, JD

We rely on the Internet for a whole host of things—downloading information and entertainment, shopping for—or marketing—goods and services, and finding out what others are doing or saying on social sites like Facebook, LinkedIn, Twitter, Instagram, blogs, and so on.So what’s to keep you from using the Internet to screen candidates before you hire your next hygienist or office manager?After all, online applications are now the norm. Computer programs weed through them by identifying the candidates who best match a set of job-specific keywords...

The IRS has provided transition relief and guidance for employers that reimburse employees for the cost of individual health coverage. Employer group health plans must abide by a number of rules, including the market reform rules adopted by the Affordable Care Act. Many small employers were shocked to learn last year that employee payment plans, under which they reimbursed their employees for the cost of obtaining individual health insurance, violated certain Affordable Care Act rules, and that they risked a $100 per day per affected employee excise tax under Code Sec. 4980D if they continued using such an arrangement starting in 2014...

Monday, 02 February 2015

Claiming the 2014 small business health care tax credit

Written by Thomson Reuters

The IRS has released the 2014 version of Form 8941, which can be used by eligible small employers to calculate the health care tax credit. Created as part of the Affordable Care Act (ACA), this credit generally is available to employers that: Have fewer than 25 employees. Pay average annual wages of less than $50,000 (indexed for inflation; see below.) Contribute a uniform percentage of at least 50% of the premium costs for employee health insurance coverage...

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