Episodes

Drilling It Down is back after a technology-induced hiatus! Join Wes Lyon and Tyler Ott as they unpack the implications of the FTC ban on non-compete agreements, emphasizing its effects on practice sales and associates. They explore strategies like offering ownership stakes to associates for enforceability and stress the significance of retaining key team members to prevent turnover challenges. The hosts also discuss the legal landscape, upcoming lawsuits, and advise seeking legal counsel to nav...

In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores the importance of adherence to IRS regulations and proactive planning for op...

In this episode, Wes and Tyler debunk myths surrounding permanent life insurance, specifically whole life policies. They tackle misconceptions about using whole life as a retirement investment, the misleading nature of insurance projections, tax implications, and the myth of utilizing whole life for long-term care benefits. 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 co...

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 shar...

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 ...

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 policie...

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...

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 opt...

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 insigh...

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 b...

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.

In this episode of Drilling It Down, Mario and Tyler discuss the Employee Retention Credit (ERC) and provide important updates and warnings regarding its application. They highlight the recent guidance from the IRS and caution listeners about fraudulent submissions and contingent fees charged by some CPAs. The hosts stress the need for understanding the qualifying factors for the ERC and the potential for having to repay credits if audited. They also address the creative tactics used by promoter...

In this episode of Drilling It Down, host Wes Lyon welcomes Liam Fitzgerald to discuss a series of articles. They primarily focus on the issue of PPOs (Preferred Provider Organizations) and the impact they have on dental practices. They mention that the value of a practice can be impacted by how money is handled, particularly when it comes to writing off expenses and dealing with insurance companies. Effective communication with patients regarding insurance changes is also highlighted, and succe...

Have you ever wondered what the financial implications of aligning with a Dental Service Organization (DSO) might be? Understand the inherent risks and rewards as we dive deep into the turbulent world of dental services. We explore the impact of inflation and rising interest rates on the value of dental practices. Simultaneously, we bring to light the disappointing outcomes some dentists have faced due to unfulfilled promises from DSOs. In these transactions, we emphasize the importance of maxim...