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PITTSTON, PA — May 2, 2014 – Benco Dental, the nation’s fastest-growing distributor of dental products and equipment, announces the acquisition of Burbank-based Valley Dental Supply, Inc. This marks Benco Dental’s fourth acquisition in the California market in the past three years.
Headquartered in Burbank, Ca., Valley Dental Supply, Inc. is a full-service distributor. Twenty percent of its employees will be retained by Benco Dental to serve the Southern California market.
“As part of the Benco difference, we strive to deliver an innovative customer experience and focus on seeking out companies who do the same,” said Chuck Cohen, managing director of Benco Dental. “As with each company acquired, our goal is to combine Valley Dental’s success with Benco Dental’s passion for excellence and wide breadth of customer-centric services.”
As part of the Affordable Healthcare Act (Obamacare) that was signed in 2010, the Medical Device Excise Tax will take effect on January 1, 2013. The 2.3% excise tax will be collected and reported by the manufacturers of the devices. The word “device” is misleading as to what items will actually qualify for the tax.
The provisions of the excise tax on medical devices rely almost entirely on the definition of medical devices provided by Section 201(h) of the Federal Food, Drug, & Cosmetic Act to determine which devices are taxable. The tax will apply to devices that are intended for human use and will include dental instruments, dental equipment, and research-use-only devices.
After doing some research on the matter, it seems that just about everything that you use in your dental office, will fall under this tax…burs, composites, impression material, bonding agents, etc…you get the point.
We have been getting letters from just about every dental manufacturer over the last few weeks stating that they will be instituting a 2.3% price increase on January 1, 2013 to cover the excise tax. Many have also informed us of their annual price increase as well, in some cases we are looking at increases of 4-7%.
While there isn’t much you can do to avoid paying the tax via price increases, you can be pro-active over the next 6 weeks. Here are a few ideas…
1. If you are planning to upgrade your existing equipment, add digital sensors, etc., consider getting it put into service before December 31, 2012. Not only will you avoid the 2.3% tax, you will be able to take advantage of Section 179’s increased allowances for 2012.
To take advantage of this deduction, your Section 179 Qualified Financing and your equipment must be in place on or before December 31, 2012.
2012 Deduction Limit = $139,000
Section 179 Deduction limit after adjustment for inflation has increased to $139,000 (maximum allowance would have been only $25,000 prior to the new legislation).
2012 Limit on Capital Purchases = $560,000
Section 179 Threshold for total of equipment & software that can be purchased has increased to $560,000 (threshold would have been only $200,000 prior to the new legislation).
Courtesy of http://www.section179.org/
2. Stock up on your dental supplies before the end of the year. You will not only save paying the tax, but you will get those items at 2012 prices. That is a 4-7% savings…you wont make that on your money sitting in the bank. We are suggesting 3-6 months worth, depending on your finances and storage space.
We suggest you consult your tax professional regarding Section 179.
This week, leading executives from a broad coalition of medical technology companies, physician groups, venture capital firms and leading associations submitted a letter to Senate leadership urging policymakers to repeal the onerous medical device tax that threatens U.S. jobs, medical innovation and patient care.
Here are some good resources on the Medical Device Tax
After 33 years in our current location, we are moving to a new, larger facility (still in Burbank )which will enable us to serve you, the customer, better.
We will be closed Friday, September 24 through Monday September, 27 and will reopen in the new location on Tuesday September 28, 2010. The phone and fax numbers will remain the same.
If you have any questions, please feel free to call me or send an email to valleydentalsupply2 [at]gmail.com
Bob x 107
Saturday August 14, 2010 12pm
St. John Neumann Catholic Church
5101 Alton Pkwy
Irvine, Ca 92604
Donations can be made to:
1) The Alzheimer’s Organization (Alz.org)
2) St. Jude’s Children’s Research Hospital (stjude.org)
Stop by and see us at the California Dental Association Spring Session in Anaheim, May 14-16, 2010, Booth #1486.
Stop by the CDA Presents site for any last minute information regarding the show, courses, or parking.
Here is a preview of our CDA Specials book that will be available soon. Click on the image to download the .pdf file.