Industries

Doctors & Medical Industry

Prosthodontists, chiropractors, plastic surgeons, and others are often eligible if a suspension of operations prevented you from performing elective procedures.

During the entire COVID-19 pandemic, the medical industry was arguably the most heavily affected industry. General practitioners, pediatricians, dentists, veterinarians, and all other types of doctors and medical businesses had to deal with waiting room capacity limitations, virtual visits or even had to shut down certain elective procedures, among many other things. Thankfully for these medical establishments and businesses, many may still be eligible to receive the Employee Retention Credit (ERC), part of the 2020 CARES Act. ERC can provide up to $26,000 per employee for already paid wages, providing some financial relief after the stressful times your business experienced.

If you have a medical business and wish to speak with a licensed Certified Public Accountant (CPA) about your ERC eligibility, reach out to Strategic Tax Planning. You can call us today for a free consultation at (202) 455-6010 or fill out this contact form, and we will reach out to you.

How Can a Medical Establishment Qualify For The ERC?

In most cases, a medical establishment or business may be eligible for ERC if they have full-time W-2 employees, and the business must fall into at least one of the two following categories:

  • Your business(es) experienced decreased revenue during quarters 1-4 and 1-3 of 2020 and 2021, respectively, compared to 2019
  • Your business(es) were impacted by government-mandated restrictions

Government mandated restrictions can include a wide array of things. Examples might include but aren’t limited to, partial or full shutdowns, cleaning procedures that reduced procedural/operating time, capacity limitations for waiting rooms, or having to restructure certain appointments, such as a veterinary practice seeing animals curbside. 

Many medical establishments and businesses may have also taken part in the PPP loan(s), or Paycheck Protection Program, in 2020 or 2021 and wonder if that affects their ERC eligibility. Regardless of whether you received PPP loans 1 and/or 2, you may still qualify for ERC. Speaking with an experienced CPA about your medical business will help to give you a better understanding of your ERC eligibility. 

How Long Is The Employee Retention Credit Refund Processing Timeline?

Business owners who have filed for ERC may be wondering when they can expect to receive the tax credit. With so many businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is unique and will have a different timeline. Your refund may be processed in about 8 months, although it could take longer. 

If you wish to check the status of your refund, you may use the “Where’s My Refund?” feature on the IRS website, or you can call the IRS.

Find a CPA Firm You Can Trust To Handle Your ERC Claims

For many doctors and businesses in the medical industry, ERC can be a great financial relief, but it is important to make sure you and your tax planners are diligent and thorough when examining your eligibility. It is critical to note that the IRS will carefully examine your claim for this credit. Claiming ERC based on false information can lead to compliance risks such as ERC audits in the future, setting up a potential disaster.

Strategic Tax Planning’s experienced tax professionals and CPAs will work closely with you and your business, ensuring all of your ERC qualifications and facts are accurate and in order. We are here to help you receive your deserved relief for persevering during difficult financial times. 

If you are a business owner within the medical industry and wonder if it may be eligible for ERC, reach out to Strategic Tax Planning for a free consultation with a licensed CPA. You can call us today at (202) 455-6010 or submit your information in this contact form, and we will call you.

More Information

Industries We Have Helped to Claim
the Employee Retention Credit

Art Galleries

If your art gallery or art business was affected by a mandated suspension of operations or other restrictions, then you may qualify for the ERC.
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Bowling Alleys, Arcades & Pool Halls

Arcades, bowling alleys, pool halls, or other "Fun Halls" impacted by the COVID-19 pandemic are likely eligible to receive the ERC.
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Breweries, Distilleries & Wineries

If your brewery was affected by a mandated full or partial suspension of operations then you most likely qualify for the ERC.
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Cannabis Industry

If you operate a business in the Cannabis Industry, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC due to mandatory closures of businesses.
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Chambers

Chambers that paid their employees W-2 wages during the pandemic, and were impacted by the COVID pandemic in 2020 and/or 2021, are likely eligible to receive the ERC
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Childcare & Behavioral Centers

If you operate a childcare or behavioral center, were impacted by Covid restrictions, and have W2 employees--you are likely eligible to receive ERC.
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Construction Companies

If you own a Construction company, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.
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Doctors & Medical Industry

Prosthodontists, chiropractors, plastic surgeons, and others are often eligible if a suspension of operations prevented you from performing elective procedures.
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Entertainment

Generally eligible based on shutdowns and other capacity restrictions for doing business. Frequently eligible because of decline in receipts.
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Gyms & Fitness

Was your gym, fitness center, or health-related business impacted during the COVID-19 pandemic, and do you have W2 employees? you are likely eligible to receive ERC.
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Law Firms

Potentially eligible if they experienced partial suspension in operations resulting from an order closing the courts and restricting operations.
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Leisure, Hospitality & Tourism

If you own a business in the leisure and hospitality industry, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.
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Non Profit Organizations

Nonprofits impacted by COVID-19 restrictions that have W-2 employees are most likely eligible to receive the Employee Retention Credit (ERC).
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Portfolio Companies

If you own a portfolio company, were impacted by Covid restrictions, and have W2 employees--you may be eligible to receive ERC.
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Private & Parochial Schools

If you operate a business in the education industry, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.
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Restaurants & Bars

If you operate a restaurant or bar, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.
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Retail Stores

Retail shops impacted by COVID-19 restrictions that have W-2 employees may be eligible to receive the Employee Retention Credit (ERC).
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Spas, Salons & Beauty Schools

If you own a cosmetology business, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.
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Startup Businesses

Any business that started after February 15, 2020, with less than $1 million in gross receipts, may be eligible as a Recovery Startup Business for the ERC.
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Vending Machine Industry

If you own or distribute vending machines, were impacted by COVID-19 restrictions, and have W2 employees--you are likely eligible to receive ERC.
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