Health Care

/Health Care

Favorable Tax Treatment for Medical Expenses Under New Tax Law

By | 2018-04-24T15:00:12+00:00 April 24th, 2018|Corporate & Partnership Tax, Health Care, Individual Tax, News & Events|

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 [...]

Time Running Out on FSAs

By | 2017-05-18T22:55:00+00:00 March 6th, 2017|Health Care, Individual Tax, News & Events|

  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. [...]

Doctors get Medicare payment break is Fiscal Cliff legislation

By | 2015-06-05T19:03:40+00:00 January 2nd, 2013|Corporate & Partnership Tax, Health Care, Individual Tax|

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", [...]

Changes to Form W-2 reporting related to the new Health Care Law

By | 2017-05-18T22:55:12+00:00 August 23rd, 2012|Health Care, News & Events, Payroll & Bookkeeping|

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) [...]

Caring for Aging Parents – Maybe Uncle Sam Can Lend a Hand

By | 2017-05-18T22:55:13+00:00 June 6th, 2012|Estate & Trust, Health Care, Individual Tax, News & Events|

  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 [...]

What should you do if you lose your job?

By | 2017-05-18T22:55:13+00:00 March 9th, 2012|Corporate & Partnership Tax, Health Care, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting|

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 [...]

Bonus Depreciation

By | 2017-05-18T22:55:14+00:00 December 28th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Health Care, Hospitality, Individual Tax, Manufacturing, Oil & Gas, Payroll & Bookkeeping, Timber|

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 [...]

Section 179 Depreciation Deduction

By | 2017-05-18T22:55:14+00:00 December 28th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Health Care, Hospitality, Individual Tax, Manufacturing, Oil & Gas, Payroll & Bookkeeping|

   Instead of depreciating an asset over several years, Internal Revenue Code Section 179 allows the expensing of all or a portion of certain qualifying new and used assets in the year placed in service. There are limitations including a business taxable income limit. You cannot claim a Section 179 write-off that would create or [...]

Our 10 most viewed blog posts of 2011

By | 2017-05-18T22:55:14+00:00 December 28th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Estate & Trust, Financial Institutions, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Technology, Timber|

In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]

Shareholder Leighanne Faught appointed to Alabama State Board of Accountancy

By | 2015-06-05T19:29:03+00:00 September 13th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Estate & Trust, Financial Institutions, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, Technology, Timber|

JamisonMoneyFarmer continues to take a leadership role in the business and CPA world in the state of Alabama.  After we shared Carl Jamison's work with the Alabama Business Council last week, we are pleased to announce that another JMF shareholder, Leighanne Faught,  has been appointed by Governor Robert Bentley, upon confirmation of the Senate, to serve on [...]