Client Meeting August 2024

Recorded on August 8, 2024

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Action Items

• Dr. Frahm will upload practice reports for July as none have been uploaded to Canopy as of August 8, 2024.

• Dr. Frahm will check if there is a way to run a special report that includes Dentrix adjustments not reflected on the collection report. After we review this we will determine if we need to post an adjustment in the general ledger to reduce the deposit variance.

• Kevin recommended that Dr. Frahm pay for life and disability insurance personally. There would be very bad tax consequences (i.e. benefits would be taxable rather than tax-free) if the premiums were deducted on the tax returns.

• Dr. Frahm believes that disability insurance premiums have been paid with personal funds. We have treated life insurance payments as draws. Dr. Frahm should review the general ledger reports to ensure no other payments were accidentally deducted.

• Kevin confirmed that the 2023 business and personal tax returns will be finalized within the next few weeks.

• We reviewed the July tax forecast and discussed estimated tax payments. Kevin recommends not making any additional payments at this time because Dr. Frahm needs to get an estimate from the retirement plan TPA of the 2024 range that can be funded for the profit sharing plan; a deduction similar to 2024 (approximately $50,000) would significantly reduce the taxable income for 2024 and reduce the estimates currently calculated.

• Dr. Frahm confirmed that no fixed assets were purchased or disposed of in 2024 as of July 31, 2024.

• Dr. Frahm to check with Matt to confirm the BOIR forms was filed in May 2024. We see documentation uploaded in Canopy that suggests filings were created.