Supreme Court Win For Self-Insured Health Plans

Larry Beebe, CPA

On March 4, the Supreme Court ruled self-insured health plans do not have to comply with a Vermont law that required them to submit to the state “information relative to health care costs, prices, quality, utilization, or resources required.” The third party administration of a self-insured health plan was issued a subpoena by Vermont to gain this information and threatened severe penalties for non-compliance. The plan refused to provide the information and argued the reporting requirements were […]

March 16, 2016 Accounting, Benefit Plan Accounting, Forensic Accounting Read more...

IRS WARNS OF NEW TAX SCAMS

Michael Raiken, CPA

According to the IRS, tax scammers are getting more aggressive this tax season with evolving tax schemes. This time, they are calling unsuspecting people claiming that they have the person’s 2015 tax return and wish to verify a few details in order to process the return. The scammers are attempting to get personal information such as Social Security Numbers or personal financial information, such as bank numbers and credit cards.

This scheme is a continuation of past schemes […]

March 15, 2016 Accounting, Forensic Accounting, Tax Read more...

Form 990-N Changes Announced

Richard Ruvelson

Most small tax-exempt organizations (including affiliates of larger organizations and excluding private foundations which are required to file Form 990-PF regardless of size) whose annual gross receipts are normally $50,000 or less are required to electronically submit Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990EZ.

Form 990-N must be completed and filed electronically. There is no paper form.
Form 990-N filers may choose to file a complete Form 990 […]

February 15, 2016 Accounting, Benefit Plan Accounting Read more...

ESTATE BASIS REPORTING REQUIREMENT APPROACHING

Billy Thomas, CPA

In recent years, congress has enacted various tax laws to increase the accurate reporting of tax basis. These laws have extended to individuals, financial institutions, and most recently executors (e.g. – personal representatives, and trustees). With the Surface Transportation Act of 2015, executors of estates required to file an estate tax return must now separately provide to the receiving beneficiaries as well as the IRS the estate’s claimed tax value of all property included in the decedent’s […]

January 26, 2016 Accounting, Tax Read more...

2016 MILEAGE RATES ANNOUNCED

Posting  by Sarah McCraine
The IRS has announced the 2016 standard mileage rates effective for mileage driven on or after January 1st, 2016. The optional standard mileage rate multiplied by the number of miles driven is a simplified method commonly used to calculate the deductible cost of using a vehicle for business purposes. In addition, the rates can be used to calculate the deductible mileage allowed for attending medical appointments, moving, or when driving to serve with a charity.

The 2016 rates […]

January 13, 2016 Accounting, Human Resources, Tax Read more...

2016 MILEAGE RATES ANNOUNCED

Sarah McCraine, CPA

The IRS has announced the 2016 standard mileage rates effective for mileage driven on or after January 1st, 2016. The optional standard mileage rate multiplied by the number of miles driven is a simplified method commonly used to calculate the deductible cost of using a vehicle for business purposes. In addition, the rates can be used to calculate the deductible mileage allowed for attending medical appointments, moving, or when driving to serve with a charity.

The 2016 rates […]

January 13, 2016 Accounting, Tax Read more...

Larry’s Laws of Larceny- Law 20: Fraud in a Health Plan is More Common Than you Think

Larry Beebe, CPA

Health care spending in the United States is massive. In 2014, health care spending in this country was estimated at $2.7 trillion or approximately 17% of Gross National Product. Fraud is estimates to consume $272 billion, which would be 10% of health care providers. Health care fraud is committed by service providers, insurance companies, and my patients.

I teach at the New Trustees Institute of the International Foundation. I ask the trustees, by a show of hands, how […]

January 5, 2016 Accounting, Audit, Forensic Accounting Read more...

2015 & 2016 QUALIFIED TRANSPORTATION BENEFITS MADE PERMANENT

Michael Raiken, CPA

For those employers providing mass transit and qualified parking benefits to their employees, congress retroactively increased the excludible transit benefits for 2015 from $130 to $250 effective January 1, 2015, as part of the 2015 extender package, through the Consolidated Appropriations Act. The fringe benefit for these exclusions was made permanent and is adjusted for inflation.

Stay tuned for more information from our blog and the IRS on how to reclaim any pre-tax benefit in excess of the […]

January 4, 2016 Accounting, Tax Read more...

IRS EXTENDS DEADLINE FOR EMPLOYER HEALTH INSURANCE NOTICES & FORMS

Michael Raiken, CPA

It looks like the IRS is providing help to some employers in keeping their New Years’ resolution to timely comply with the Affordable Care Acts’ information reporting requirements. On December 28, 2015, the IRS issued Notice 2016-4 extending the due dates for the 2015 information reporting requirements for applicable large employers and for insurers, self-insuring employers, and some other providers of minimum essential coverage.

Employers have until March 31, 2016 to provide their employees the 2015 […]

December 29, 2015 Accounting, Tax Read more...

Larry’s Laws of Larceny- Law 19: Beware of the Long Term Trusted Employee who Doesn’t Take Vacations

Larry Beebe, CPA

As stated earlier, excellent internal control systems help prevent fraud. One essential internal control concept is separation of duties, no one in the organization should have custody of assets and also be responsible for the accounting for those assets. This concept is likely to be violated when the organization has a long term trusted employee. The rationale is that the person can be trusted because he or she has been there for a long period and therefore […]

December 29, 2015 Accounting, Audit, Forensic Accounting Read more...