Drilling It Down – Details, episodes & analysis

On this special episode of Drilling It Down, hosts Wes Lyon and Tyler Ott tackle a critical issue for business owners concerning a substantial $5.54 billion credit card settlement resulting from class action lawsuits against Visa, MasterCard, and several banks for price-fixing from 2004 to 2019. With a deadline of February 4, 2025, they urge listeners to take immediate action to claim their share of the settlement. Wes and Tyler outline the origin of these lawsuits, highlighting the significance of the settlement for businesses that processed payments via the mentioned credit cards. They assure listeners that this is a legitimate opportunity to recover losses from inflated fees and direct them to paymentcardsettlement.com to file a claim. The hosts also discuss potential challenges in the claims process, emphasizing the importance of meticulous financial records and providing strategies for retrieving necessary transaction data if initially unavailable. As they emphasize the urgency of acting quickly, listeners are encouraged to sign up for the McGill & Lyon Dental Advisory newsletter for ongoing updates and insights into the settlement process. This episode is an invaluable resource for business owners, packed with vital information about accessing untapped revenue from a significant class action settlement.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this special episode of Drilling It Down, Wes and Tyler delve into the intricate world of taxation in the wake of recent election outcomes. Initially set to deliver a detailed analysis dubbed "The Great Tax War," the hosts pivot to discuss the repercussions of a potentially unified Republican government on future tax policies. They unpack the ramifications of the continuation of tax reforms initiated during the Trump administration, particularly concerning individual tax provisions set to expire in 2025. Lyon and Ott explore the significance of the Tax Cuts and Jobs Act, highlighting the urgent need for small business owners and professionals to comprehend tax strategies that minimize liabilities. They emphasize the importance of the Qualified Business Income Deduction (QBI) and its nuanced impact on profitability within dental practices and small businesses. With an eye on proactive tax planning, the duo encourages listeners to develop a written tax plan and seek expert guidance. As they wrap up with levity surrounding the post-election climate, Lyon and Ott inspire optimism for potential tax reductions while reminding their audience of the importance of preparation amidst economic uncertainties.

Want to submit a question that will be answered on the next episode? Submit it here or email us at newsletter@mcgillhillgroup.com.

If you're not already, subscribe to The McGill & Lyon Dental Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes and Tyler discuss the "Green Book" proposal and its possible tax implications for business owners, estate taxes, and expiring provisions of tax acts. They also explore the net investment income tax, potential increases in capital gains taxes, and their impact on individuals and businesses. Additionally, they touch on limits on 1031 exchanges and IRS enforcement of tax laws.

They then jump into the disadvantages of permanent life insurance. They also share insights on tax-free income for college-age children, maximizing wealth without permanent life insurance, and the importance of transparency in financial products.

Join us for upcoming seminars in Boulder, CO and Napa, CA on retirement planning, tax strategies, and legal considerations!

If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Tyler Ott cover insights on the net investment income tax, signs of overstaffing in dental practices, and common mistakes in divorces.

They emphasize the importance of accurate reporting for investments, balancing staff levels for productivity, tracking assets during divorces, selecting the right tax structure for partnerships,

and seeking expert advice to avoid costly errors.

If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes Lyon and Liam Fitzgerald discuss long-term care insurance. They delve into the history and evolution of long-term care insurance, highlighting key mistakes made by insurance companies such as underestimating policy duration and rising healthcare costs.

They caution against buying long-term care insurance due to unsustainable financial models and the potential for high premium increases. The conversation touches on the complexities of surrendering policies, the importance of assessing the policy's value, and the need for transparency from insurance agents.

Wes and Liam emphasize the need for individualized financial advice and suggest considering self-insurance or alternative investment options.

If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode of Drilling It Down, Wes hosts David Matthews, a sell-side representation expert, as they delve into the intricate world of the Employee Retention Tax Credit. They explore the nuances of claiming this credit, emphasizing the significance of staying updated amidst evolving IRS enforcement and regulatory changes. The conversation goes into into eligibility criteria, potential risks of non-disclosure, and red flags that could trigger IRS scrutiny. David and Wes stress the importance of seeking professional advice and participating in the IRS's voluntary disclosure program if discrepancies are suspected.

If you're not already, subscribe to The McGill Advisory newsletter to keep up with the articles mentioned in the episodes. Use code Podcast20 for 20% off!

Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

In this episode, Wes and Liam cover updates from the ERC article, the influence of interest rates on practice values, and the hurdles confronted by private equity firms in the dental sector. Additionally, they explore the bipartisan tax code agreement under scrutiny in Congress and its likely consequences. The conversation underscores prevalent errors in retirement plan structuring, like inaccurate owner salaries and plan classifications, stressing the significance of meticulous planning and optimizing spouse contributions.

Drilling It Down host, Wes Lyon, is joined by dental practice transitions advisor, Jonathan Martin. Jonathan has nearly 20 years of experience in the transitions space with McGill & Hill Group.

On this episode, Wes and Jonathan specifically highlight the changes that have occurred in recent years in the Dental Service Organization (DSO) market. They also touch on financial struggles, broker motivations, and the importance of planning early for a successful transition. Stay tuned for more insightful discussions on dental practice transitions, and many other topics pertinent to dentists and specialists today.

On this episode, Wes and Mario discuss the challenges dental practices face in hiring and retaining hygienists, what to do to avoid estate taxes, and the IRS' crack down on ERC claims.

How should you determine your hygienists' pay structure? Mario discusses our preferred method: a hybrid structure of base pay plus bonus based on production. The guys go into the details of how this looks in practice.

They then discuss the new estate tax rules going into effect in 2026. Some of your estate may be exempt if you pass away soon, but that limit will be cut in half in the coming years.

Lastly, the guys briefly touch on the ERC. A full webinar and podcast article were released on this topic, so make sure you listen and watch those as well!

In this episode, Wes and Tyler discuss withdrawing an ineligible employee retention credit (ERC) claim, making accurate amendments, and consulting a CPA.

They also mention the voluntary disclosure program for those who received fraudulent checks. The deadline for self-reporting is March 22nd, 2024. Cooperation with the IRS and relying on a CPA is crucial. The voluntary disclosure process is recommended. Stay updated through our podcast and have a fantastic new year.