A recent survey of nearly 100 US financial executives by Deloitte LLP found that 42 percent of respondents pointed to the Affordable Care Act as the reason they had to pass further health care costs on to their employees during the fourth quarter of 2013 – and 63 percent are planning to do so this year.
Flexible spending accounts (FSAs) used for health care expenses just became slightly more flexible. On October 31, the IRS announced that employers can modify the "use-it-or-lose it" rule frequently resulting in a loss of FSA funds.
While many people carefully plan for retirement and what will become of their estate after death, too few provide for that middle ground – incapacity. Incapacity planning ensures you're able to speak for yourself in all decisions.
In an effort to provide public companies with a standardized framework for reporting the ESG issues that affect their industries, the SASB unveiled its first set of provisional sustainability accounting standards.
The common perception is that most of the key provisions included in the Patient Protection and Affordable Care Act take effect in 2014. But employers should be advised that other responsibilities and rights kick in before then.
The IRS has come under fire recently for reportedly authorizing intrusions into e-mails and online postings without obtaining a search warrant. Now it appears medical records might not be safe from the prying eyes of the nation's tax collection agency.
Critics are calling for the IRS to clarify certain rules relating to the new 3.8 percent Medicare surtax on net investment income (NII) that kicks in this year. Proposed regulations were issued in December, but advocates of business owners and estates have asked the IRS to shed more light on several murky areas.
It's difficult, if not downright impossible, for some taxpayers to claim medical expense deductions on their federal income tax returns. And no wonder: With a daunting threshold of 7.5 percent of AGI to clear, your clients might not even be inclined to try.
Every year, countless Americans with dementia fall victim to financial fraud and abuse. They face an increased risk of being taken advantage of due to their diminished ability to detect willful deceit and understand finances.
A controversial component of the 2010 health care law imposes a new 2.3 percent excise tax on most medical devices, beginning in 2013. The IRS has just issued a fifty-eight-page document on implementation of the rules.
Most CPAs and wealth management providers would love to find a way to grow their businesses in a sustainable manner. One solution we don’t often think about is right in front of our noses – especially now, as cold and flu season has arrived.
"Benjamin Franklin said, 'In this world, nothing could be said to be certain, except death and taxes.' At least with taxes, they keep changing." Thus starts a new YouTube video entitled "Medicare Investment Income Tax."
While the IRS is telling congressional leaders that it won't enforce the requirement under the new health care law that Americans buy insurance, accountants are considering how to advise their clients.
In the wake of the Supreme Court upholding the PPACA, it's time for employers to get down to work. In particular, business clients must soon establish which employees will be covered under the "play-or-pay" rules.