Amid the COVID-19 pandemic, many employers are looking for tax-advantaged ways to help their employees with additional expenses incurred as a result of the pandemic. Section 139 of the Internal Revenue Code provides the answer. On March 13, 2020, President Trump declared COVID-19 a national disaster under the Robert T. Stafford Disaster Relief and Emergency[ … ]
Category: Healthcare
Industry Outlook 2019-2020: Healthcare
There are signs of increasing mergers and alliances between health care providers that, when successful, allow for more negotiating power with payers and more diverse, ancillary services. According to health care M&A consultancy Irving Levin Associates, 2018 saw a record number of publicly announced transactions, primarily in skilled nursing and senior housing properties. Deal value,[ … ]
Industry Outlook 2018: Healthcare
The 2018 Arizona CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the health care segment here in terms of growth, risk factors, strengths and trends. Responding health care companies included hospitals, clinics, and specialists. They are based mainly in Tucson. Over the last three years, revenue[ … ]
Industry Outlook: Healthcare
The 2017 CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the health care segment here in terms of growth, risk factors, strengths and trends. Responding health care companies were based mainly in Tucson, and 57% believed that the economic climate in their city is better than[ … ]
Finding the right tax-advantaged account to fund your health care expenses
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview: HSA. If[ … ]
How many employees does your business have for ACA purposes?
It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t[ … ]
IRS Extends ACA Filing Deadlines
The IRS issued Notice 2016-4 on 12/28/15 to extend the due date for furnishing the 1095 and 1094 Forms. The due date for furnishing the 1095 information to employees moves from February 1, 2016 to March 31, 2016. The due date for furnishing the 1094 information to the IRS has also been extended. Notice 2016-4 extends[ … ]
Gearing up for the ACA’s information reporting requirements
Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now available for ALEs to study and begin preparations[ … ]
Should you “bunch” medical expenses into 2015?
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income. Taxpayers age 65 and older can enjoy a 7.5% floor through 2016. The[ … ]
