Employee Retention Credit: What Dentists Should Know
WSDA wants eligible dental practices to be aware of the opportunity to claim the Employee Retention Credit, but we encourage practices to exercise caution in who they work with, as the credit has been the subject of recent fraud.
The Employee Retention Credit is a refundable tax credit for businesses that continued to pay employees while shut down due to COVID-19 or had significant declines in gross receipts from March 13, 2020, to Dec. 31, 2021.
WSDA wants eligible dental practices to be aware of the opportunity to claim the credit, but we encourage practices to exercise caution in who they work with, as the credit has been the subject of recent fraud.
The following resources help explain the Employee Retention Credit, who is eligible, and what dentists should know about recent cases of fraud.
- Dental Accounting Group Article: Employee Retention Credit: A legitimate tax credit now surrounded with aggressive advertising, too good to be true pitches and downright fraud.
- American Dental Association Q&A with a Dental CPA: ADA News spoke with Allen Schiff, president, Academy of Dental CPAs. In this Q&A, Mr. Schiff addresses key takeaways regarding this credit and what concerns dentists should take into consideration when filing.
WSDA suggests members contact their accountant with questions about the Employee Retention Credit.
