Responding to the nightmare of a data breach
A data breach is every business owner’s nightmare. Without an emergency response plan to handle such a crisis, you’re vulnerable to not only the damage of the attack itself, but also the fallout from your own panicked decisions. These plans generally follow five steps: 1) Call your attorney, 2) engage a digital forensics investigator, 3) fortify your IT systems to prevent further damage, 4) communicate strategically to preserve your reputation and reassure stakeholders, and 5) use credit and IT monitoring services to keep an eye out. Contact us for more info.
Seniors: Medicare premiums could lower your tax bill
Medicare premiums and supplemental insurance can be more expensive than seniors expect. However, some taxpayers may be able to lower their tax bills by deducting Medicare premiums and other qualifying medical expenses. However, it can be difficult to qualify to claim medical expenses on your tax return. For 2019, you can deduct medical expenses only if you itemize deductions and only to the extent that total qualifying expenses exceeded 10% of adjusted gross income. Contact us if you have questions about writing off medical expenses, including Medicare premiums.
Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters more. For example, you can generally divide most assets, including business ownership interests, between you and your soon-to-be ex-spouse without any federal income or gift tax consequences. When an asset falls under the tax-free transfer rule, the spouse who receives the asset takes over its existing tax basis and existing holding period. Contact us. We can help minimize the adverse tax consequences of settling your divorce.
Make a deductible IRA contribution for 2018. It’s not too late!
You still have time to make your 2018 traditional and Roth IRA contributions. The deadline for most taxpayers is April 15, 2019. If you qualify, deductible contributions to traditional IRAs can lower your 2018 tax bill. Even nondeductible contributions can be beneficial because of tax-deferred growth. The 2018 contribution limit is $5,500 (plus $1,000 for those age 50 or older on Dec. 31, 2018). However, your deduction or contribution may be reduced or eliminated based on your income. Contact us to learn more about retirement saving in your situation.
Understanding how taxes factor into an M&A transaction
If your company is merging with or acquiring another business, it’s important to understand how the transaction will be taxed. For tax purposes, a transaction can basically be structured in two ways: stock (or ownership interest) or assets. For tax and nontax reasons, buyers usually prefer to purchase assets, while sellers generally prefer stock sales. Buying or selling a business may be the most important deal you’ll ever make, so seek professional tax advice as you negotiate. After a deal is done, it may be too late to get the best tax results. Contact us.
Insurers, providers spar over solution to surprise medical bills
America’s Health Insurance Plans called on Congress to set a fixed reimbursement rate based on what insurers pay in a region.
Getting paid for remote and virtual care services: CPT codes to know and understand
Until November, reimbursement for remote patient monitoring services was a gray area for providers, but the picture is becoming clear.
High price of drugs is biggest issue in prescription adherence, physicians say
Only 5 percent of physicians always track whether their patients are taking their drugs, survey says.
Physicians for Fair Coverage proposes ban on surprise medical bills for out-of- network care, creation of reimbursement standards
Proposal creates a national protocol for alternative dispute resolution, which would prohibit surprise bills and establish reimbursement standards.
The Overlooked Demographic Trend That May Be Boosting Your Occupancy
From 1990 to 2015, [divorces among those age] 50-plus increased 100 percent, according to Pew Research Center. In all, boomers account for approximately 260,000 divorces a year.