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Articles & Updates

  • 07.21.2014 - New Billing Requirements for Medicare Advantage Plans
    Effective with dates of service beginning July 1, 2014, the Centers for Medicaid and Medicare Services (CMS) is requiring Medicare Advantage plans to report Health Insurance Prospective Payment System (HIPPS) codes with all of their claims for care delivered to skilled nursing facilities and home health agencies.
  • 07.21.2014 - Office of Inspector General (OIG): List of Excluded Individuals and Entities (LEIE)
    The OIG is required by law to exclude individuals and entities convicted of certain criminal offenses from participation in all federal healthcare programs.
  • 07.18.2014 - Impact of the 2014 Office of the Inspector General Work Plan on the Nursing Home Industry
    The Department of Health and Human Services' Office of Inspector General (OIG) has issued its 2014 Work Plan, and five items have been identified as areas of review for nursing homes. The items identified include billing, administrative and quality of care issues. The five items (directly taken from the OIG's work plan) are identified in this article.
  • 07.18.2014 - Recent Changes in the World of IRAs
    Both the U.S. Supreme Court and the U.S. Tax Court recently issued opinions dealing with individual retirement accounts (IRAs). This article shares two rulings regarding inherited IRAs, as well as tax-free rollover contributions.
  • 07.16.2014 - Using Your Form 990 for Organizational Improvements
    While many non-profit organizations may be exempt from income taxes, they are not exempt from the federal government’s recordkeeping requirements. Among those requirements are tracking revenues and expenses and reporting those items to the Internal Revenue Service (IRS) by way of Form 990. Most importantly failure to file a Form 990 for three years results in the automatic revocation of exempt status. Reinstatement can be costly, even under the expedited process implemented in 2014 by the IRS. For a small organization, reinstatement can take a substantial bite out of its bank balance.
  • 07.16.2014 - Tax Changes in 2015 Rhode Island Budget Bill Will Impact Businesses and Individuals
    Last month, Rhode Island Governor Lincoln Chafee signed the state’s fiscal year 2015 budget bill. The bill enacts widespread changes to the Rhode Island tax system across a number of tax areas. The most significant changes will be to the corporate income tax, but changes were also made that impact both personal income tax and the estate tax.
  • 07.16.2014 - Connecticut Tax Legislation Highlights: 2014 Session
    The recently concluded 2014 legislation session of the Connecticut General Assembly passed (with the governor’s approval) important broad-based tax measures which will impact individual and business taxpayers. Following is a brief explanation of the enacted legislation which will likely have the broadest impact in the areas of individual income taxation, sales and use taxation, property taxation and business entity taxation.
  • 07.16.2014 - IRS Releases Taxpayer Bill of Rights
    In June of this year, the IRS announced the adoption of a “Taxpayer Bill of Rights” that takes existing rights embedded in the tax code and makes them more visible and easier for taxpayers to find and understand. The Bill of Rights includes ten provisions and is included in an updated version of Publication 1 and in various locations on their website.
  • 07.16.2014 - Employer Provided Transit Benefits – What Can You Provide Tax-Free to Your Employees?
    Transit incentives are a popular transportation fringe benefit for many employees. Although the costs of commuting to and from work are not tax deductible (except in certain relatively rare cases), transportation fringe benefits help to offset some of the costs, including the expenses of riding mass transit or taking a van pool to work. Under current law, the value of qualified transportation fringe benefits provided to an employee is excluded from the employee's gross income and wages for income and payroll tax purposes.
  • 07.16.2014 - IRS Fine-Tunes Offshore Voluntary Compliance Program
    Since 2009, the IRS has operated an Offshore Voluntary Disclosure Program (OVDP) for U.S. taxpayers who have failed to disclose foreign assets or report foreign income from those assets to the IRS or the Treasury. The program provides reduced penalties and other benefits, giving taxpayers an opportunity to address their past non-compliance and "become right" with the government.
  • 07.11.2014 - FASB Progresses Toward Issuance of Exposure Draft to Redesign the Non-Profit Financial Reporting Model
    As we have discussed in previous newsletters, the Financial Accounting Standards Board (FASB) is working on a project to redesign the nonprofit financial reporting model in order to provide more useful, transparent and consistent information to financial statement users. The primary areas likely to be impacted by the changes include net asset classification, indicators of financial performance, expense reporting, the statement of cash flows and information about liquidity and required disclosures.
  • 06.25.2014 - The Last of the Export Incentives
    For companies looking to reinvest back into their businesses, take a second look at your exports. Thanks to one overlooked export tax incentive, they maybe more valuable than you realize.

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