Governor Kay Ivey awarded $35 million in Coronavirus Aid, Relief and Economic Security Act (CARES Act) funds to establish the Alabama Health Care and Emergency Response Providers grant program. The grants will support providers who have been financially impacted by the COVID-19 pandemic. "The health crisis we continue to face has had significant impact on [...]
Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment. This remains a fluid situation and we will continue to communicate with you. [...]
This may be the last year you claim a medical expense deduction on your personal tax return. It all has to do with several changes in the Tax Cuts and Jobs Act (TCJA). Background: Among other provisions that are generally effective for 2018 through 2025, the TCJA cuts back or eliminates certain itemized deductions, while [...]
The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns, but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other words, you can benefit from this tax-favored treatment on the 2017 return you [...]
Generally, amounts left over in a flexible spending account (FSA) for health care or dependent care expenses are forfeited at the end of the year. But some companies allow a 2½-month “grace period.” The grace period for FSAs in 2016 ends on March 15, 2017. If possible, empty out your FSAs by then. [...]
One of the many worries for doctors related to the new Health Care Act and the Fiscal Cliff was directly related to an almost 30% cut in premiums paid for Medicare services. The bill that passed will block, at least for the next year, a scheduled 27% cut in reimbursements for Medicare physicians. The "Doc Fix", [...]
There are two categories of employers for Form W-2 reporting of health care.1. Those who will receive Transition Relief2. Those who are required to report on the 2012 Form W-2 issued in January 2013 Transitional Relief applies to: Employers who filed fewer than 250 Forms W-2 for the prior year (2011 Forms in this case) [...]
According to the U.S. Department of Health and Human Services, Administration on Aging: "The older population, persons 65 years or older, numbered 39.6 million in 2009...about one in every eight Americans. By 2030, there will be about 72.1 million older persons, more than twice their number in 2000." With several factors helping us to [...]
This blog post is probably more timely if it were 2009, given the recent positive news on the job front, but it some ways, this question is timeless. If you lose your job, there are multiple considerations that you have to address almost immediately. Quick action can save you considerable money and headaches. First [...]
Property that does not qualify for an immediate tax write-off under Section 179 may qualify for an increased first-year depreciation deduction under bonus depreciation rules. Unlike the Section 179 deduction, there are no restrictions on the amount of qualifying property and there is no taxable income limit. This deduction is equal to 100 percent of [...]