We’d like to wish all of our readers a safe and prosperous 2018! Right out the gate, long-term care providers are facing significant challenges that will impact the entire industry for years to come. Legislative session begins early with several issues on the table including Certificate of Need (CON), Emergency Preparedness (Generator Rule) legislation, the implementation of the the Prospective Payment System (PPS) for Medicaid reimbursement...Read More
Click here for a list of helpful links to help you find information that may be of interest to you. If there are other links you believe would be useful, email us to let us know.
Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
The current version of The House Committee on Ways and Means draft of the tax reform bill could have significant implications on the Municipal Bond Market in general, and on 501(c) 3 organizations in particular. The proposed changes would become effective December 31, 2017 and will affect 501(c)3s in a variety of ways. Most importantly, proposed provisions could alter both the way in which, and the rate at which 501(c)3s...Read More
Photo Credit: Susan Maxwell
As you may be aware, major tax reform legislation may be passed this year and could mean sweeping changes to the tax code for the first time in about 30 years. Although the bills have only recently been proposed and the timing of their passage is uncertain, businesses should be aware of the bills that have been released...Read More
Photo Credit: WikiImages
If you are an employer and had to close your trade or business during Hurricane Irma and you kept your employees on the payroll during the close down period, you may get a credit against your federal income tax.
Consequent to the recent natural disasters, Congress enacted the Disaster Tax Relief and Airport and Airway Extension Act of 2017, Public Law 115-63, which provides a tax relief for victims of Hurricanes Harvey, Irma, and Maria...
This downloadable resource spreadsheet compares and contrasts the key tax reform provisions of the House and Senate plans.
Recently, we have received many inquiries related to the potential impact of FEMA funds associated with Hurricane Irma. Below is information on the April 2017 Compliance Supplement which addresses the recording of expenditures on your Schedule of Expenditures of Federal Awards (SEFA). >>Read More
As an update to our previous Tax Alert, the IRS issued IR-2017-155 on September 15, 2017, to expand the Hurricane Irma Tax Relief to taxpayers located in any area designated by FEMA as qualifying for either individual assistance or public assistance in Florida....Read More
It is the peak of hurricane season in Florida, and the Sunshine State is recovering from the impacts of Irma. We hope that you, your residents, employees, and their families made it safely through the storm. We want to remind our long-term care friends of some important financial issues in dealing with disasters:
Cash is king
When a major storm is imminent, ensure sufficient cash is on hand with several key staff members or department heads...
During the 2017 Legislative Session, HB 7109 passed which modifies the definition of “nursing home” or “home for special services” in section s.196.012 (9), Florida Statutes, to include facilities possessing a valid license under part 1 of chapter 429 (the regulatory law for assisted living facilities). This change appears to totally exempt non-profit assisted living facilities (ALFs) from ad valorem property taxes beginning in...Read More
(Bloomberg) Corporate America and money managers are hugely divided on the prospects of changing the U.S. tax code.
Businesses are "still optimistic on fundamental U.S. tax reform" while "investors have given up," Bank of America Merrill Lynch strategists Athanasios Vamvakidis and Ronald Man wrote in a note Friday, citing surveys conducted by the bank...Read More
As most of you may already know, the 2017-18 budget will implement the Nursing Home Prospective Payment System (PPS). The PPS Plan included in the budget places in statute the Senate PPS model with its quality components and transition period, with an implementation date of October 1, 2018. Although there are still several details to be determined, we wanted to briefly summarize for our readers some of the basics of the new system based on what is currently in the language.
Unlike the current system that calculates each provider’s rate based on their cost and current Fair Rental Value (FRV) calculation, the PPS model utilizes the following main components...Read More
Last week the Executive Office released an overview of its proposed 2017 tax reform. The plan provided a summary of the goals of the tax reform for individuals and businesses. The key points of the plan are outlined below.
- Reduce corporate tax rates
- Allow these reduced rates for small and medium business owners
For most skilled nursing facilities (SNFs), Medicare reimbursements are an important revenue source to maintain both margins and census. If your skilled nursing facility is one of these, it is imperative that your organization develops an effective strategy to address the evolving reimbursement landscape impacting Medicare.
SNF value-based purchasing programs will soon place portions of Medicare reimbursement at risk (e.g. the nursing home readmission penalty). However, SNFs need to quickly realize that...Read More
Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income.
The IRS uses the Consumer Price Index (CPI) to calculate the past year’s inflation and adjusts...Read More