Speaker: Elliott Tracy, CPA, Partner at Jones & Roth
Laws within the dental industry are moving at a furious pace and it is crucial that dentists understand the options available to them, personally and for the practice. In this webinar, we will help you navigate these options, such as disaster relief funding and the most recent provisions from the CARES Act. Many of these benefits have limits and are time-sensitive, which makes it more important than ever to move quickly.
UPDATE (00:23) Upon review of the Internal Revenue Code, a comment made in the webinar needs to be updated for recent developments. The Individual Rebate Checks will not have to paid back in 2020. So, if you receive an advance payment based on your 2018 or 2019 tax return, and your income in 2020 causes the credit to be phased out, you will not be required to pay it back.
The comment in the webinar about receiving more of a credit is accurate. If your credit is not phased out in 2020 because your income is below the threshold, but your advanced payment was limited based on your 2019 (or 2018) income, then you will receive more of a credit on your 2020 personal income tax return.