Insurance

Tax

Limits of Health Savings Accounts to Increase in 2014

For calendar year 2014, the annual limitation on deductions under §223(b)(2)(A) of the Internal Revenue Code for an individual with self-only coverage under a high-deductible health plan is $3,300, up from $3,250 in 2013.
Tax

2013 Health Care Reform Checklist

The following checklist is intended to provide a list of common steps that plan sponsors should consider in preparing for compliance with health care reform for 2013 and later years.
A&A

Health Care Reform: Financial Impact 2013 and Beyond

As the third year of the PPACA approaches, employers need to be aware of additional fees that will be assessed on insurers and plan administrators of self-insured plans beginning in 2013.
Tax

Accountants Debate How to Advise Clients on Health Care Act

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.
Practice

CPAs Examine Impact of Health Care Reform

Since the US Supreme Court decision to uphold the majority of provisions of the health care reform law, most small business owners, and the CPAs who serve them, have begun to scrutinize how the law will impact them when implemented in 2014.
A&A

Health Care Law Decision - Uncertainty for Employers

Now that the U.S. Supreme Court has answered the biggest question related to President Obama's health care law, employers now face the uncertainties of implementing it.
Practice

Weighing In on Employee Benefit Plans

MetLife has released its "Tenth Annual Study of Employee Benefits Trends," the results of which confirm that despite uncertain and shifting times, the potential of benefits to help attract and retain talent and improve employee productivity are stronger than ever.
Practice

IRS Raises Limits for HSAs and HDHPs for 2013

In IRS Revenue Procedure 2012-26, the IRS has announced the new inflation-adjusted increases for Health Savings Account (HSA) contributions and high-deductible health plan (HDHP) deductibles. These amounts apply to the 2013 calendar year.
A&A

Insurance Standard Proposals Are Fatally Flawed and Unworkable

Speaking at the AICPA/IFRS Foundation Conference on International Financial Reporting Standards in Boston recently, Jerry de St. Paer, executive chair, Group of North American Insurance Enterprises (GNAIE), said the current proposals and timelines advanced by the International Accounting Standards Board (IASB) contain fatal flaws.

Five questions to ask in your financial tune up

Accountants from the Texas Society of CPAs have put together a collection of five key questions to ask yourself when doing a review of your personal finances.
A&A

What to tell your clients as health care reform takes effect

Love it or hate it, your business clients have known for six months that the first bells of the Patient Protection and Affordable Care Act (PPACA) soon would begin to toll.
Practice

Employers shift health care costs to employees

Workers on average are paying nearly $4,000 this year toward the cost of family health coverage - an increase of 14 percent, or $482, above what they paid last year, according to a new survey by the Kaiser Family Foundation.
A&A

IRS explains 2011 changes to flexible spending arrangements

The Internal Revenue Service has issued guidance reflecting statutory changes regarding the use of certain tax-favored arrangements, such as flexible spending arrangements (FSAs), to pay for over-the-counter medicines and drugs.
A&A

Virginia CPAs offer tips on preparing financially for disaster

Peak hurricane season for Virginia and the Mid-Atlantic States has arrived. While it’s unsettling to think a natural disaster could affect you, emergencies can and do occur.
Tax

IRS can spell tax relief for disaster victims

"I'm from the government and I'm here to help you" may be regarded by some to be the most terrifying words in the English language, but not so when you are dealing with a disaster.
A&A

Diagnose tax rules in new health care law

The new health care law finalized March 25 – the Patient Protection and Affordable Care Act – includes sweeping changes for both employers and individuals.
Tax

COBRA premium subsidy temporarily extended again

On March 2, 2010, President Obama signed the Temporary Extension Act of 2010 (the “TEA”) extending the COBRA premium subsidy eligibility period for an additional month, through March 31, 2010.
Practice Management

SAS 99 -- 17 ways to protect yourself from malpractice

Congress mandated as Sarbanes-Oxley (SoX) for public companies and their auditors. Think of SAS 99 as SoX for everyone else.
A&A

U.S. companies experiencing new litigation wave, anticipate more to come

Companies are seeing a litigation wave that corporate counsel expect to swell in the coming year, according to respondents of the 2009 Fulbright & Jaworski L.L.P. Litigation Trends Survey.
A&A

Liability insurance: Covering business interruptions when they happen

Disasters have plagued mankind for as long as we have records, and for just as long, smart people have sought ways to protect themselves against the liability of the unexpected.

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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Weekly video update

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