News

  • December 5, 2019 News

    The importance of personal goodwill to the dental practice owner

    by Bruce Bryen, CPA, CVA When thinking of the dental practice and its value to the owner, one of the most important aspects of the worth of the practice is the amount assigned to the intangible asset goodwill.  Besides the emphasis placed on goodwill and its appraisal as an item of significance, the differentiation between personal goodwill and the enterprise (dental practice) goodwill is an extremely critical point to consider.  To define the amount of relevance all[...]

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  • November 19, 2019 News

    Should the dental laboratory buy or lease new equipment and technology?

    by Bruce Bryen, CPA, CVA This paragraph will give input into which approach makes the most sense for the dental laboratory owner as we approach the end of the year, or in fact, any time of the year.  The last part of the year does have certain advantages if no other tax planning has occurred and the extent of the tax burden that will fall upon the owner has suddenly been realized, especially if it is significant. Many states have tax burdens that rely on the federal tax r[...]

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  • November 18, 2019 News

    Knowing the evaluator’s credentials: Don’t send a general business evaluator to prepare a dental practice valuation for any topic unique to dentistry.

    by Bruce Bryen, CPA, CVA It is important for an organization to retain an independent evaluator to prepare a business appraisal for a multitude of reasons.  Various purposes why this valuation may be necessary include the sale of the enterprise, a divorce, an estate planning tool, raising equity capital or any other process that the owner or key participants in the business may need. The independent valuation expert will offer an opinion that is unbiased, honest and will [...]

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  • October 14, 2019 News

    Get tax relief upon the transition of your dental practice.

    by Bruce Bryen, CPA, CVA As the dental practice attains growth in reputation, revenue and profitability, there comes a time when the owner feels the time is right for a practice transition. Whether because the work is becoming too demanding, the ability to find associates too difficult or for any other reason, he or she feels that the height of the dental practice value is close at hand.  The first step should be a practice valuation. This is important because even though[...]

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  • September 10, 2019 News

    Preparing for a dental practice transition

    by Bruce Bryen, CPA, CVA There may be many reasons for a practice transition.  One could be in the event of a pending retirement. Another may be for health reasons. Other decisions for this decision range from wanting a current financial gain to divorce proceedings or moving to a different part of the country.  Whatever the explanation for the sale of the dental practice, the preparation for that transfer of ownership is essential to receiving the best price and term[...]

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  • July 15, 2019 News

    When are the divorce proceedings going to start?!!

    by Bruce Bryen, CPA, CVA Why has there been such a delay on proceeding? A successful dental laboratory owner or possibly two owners of a laboratory who are involved with a time consuming, frustrating and costly matter such as a divorce will most likely want a settlement to the affair as quick and reasonable as possible.  With one of the parties having a majority of the assets, there may likely be delaying tactics to either “hide,” or prevent the presentation of th[...]

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  • July 15, 2019 News

    Getting the lead out when going through a dental divorce!!

    by Bruce Bryen, CPA, CVA Why the delay?  Going through a divorce when one or two dentists are involved is a time consuming, frustrating and costly matter.  In the event that there are delaying tactics, the party with the money and most to lose is probably the one trying to forestall the presentation of fact as long as possible for self preservation (in his or her mind).  A dental practice valuation should reveal the worth of the practice and the allocation b[...]

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  • November 2, 2018 News

    IRS Issues Guidance on Business Meals Deduction

    by Laurie J. Vitullo, CPA When the Congress enacted the Tax Cuts and Jobs Act (TCJA), it eliminated the expense deduction for entertainment, amusement and recreation. In the absence of final regulations, the Treasury issued Notice 2018-76, to answer many of the questions that arose about the continued deductibility of business meals. The Notice provides the circumstances that expenses for meals would still be deductible (subject to the 50% expense limitation). The criteria f[...]

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  • July 23, 2018 News

    Major Change to Sales Tax: Physical Presence is not required for Sales Tax Collection in Supreme Court Ruling

    By: Laurie J. Vitullo, CPA, Tax Manager July 13, 2018   In the Supreme Court's ruling in South Dakota v. Wayfair, Inc., a state can now require a seller to charge, collect and remit sales tax, even when they have no physical presence or nexus. This would mean the seller has a sales tax obligation even when they do not have any employees or offices outside their home state. This is major overturn to the court's previous decisions in Quill Corp. v. North Dakota (1992) and [...]

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  • July 23, 2018 News

    2018 and 2019 New Jersey Tax Law Changes

    By: Laurie J. Vitullo, CPA, Tax Manager July 13, 2018   Here is a list of tax law changes included in the fiscal year 2019 budget signed on July 1, 2018: Increase in the income tax rate to 10.75 percent for taxpayers with income over  $5 million Corporate business surcharge of 2.5% for the next two years and 1.5 % in years three and four, for corporations earning more than $1 million. Also an adoption of a combined reporting requirement A 90 day tax amnesty p[...]

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