A New Choice for Employers Looking to Reduce Healthcare Costs
Healthcare spending continues to increase year after year. Hospital and outpatient facility services represent a significant portion of rising healthcare costs. Under the current private insurance system, these facilities can charge inflated prices for services but then discount those services for the insurance providers of their choice. Ask yourself – why should employers pay retail prices for in-network private insurance coverage when the same service can be provided at Medicare-based wholesale costs? In response to this inefficient system, Cherry Bekaert Benefits Consulting has developed Focused Average Cost Tracking (“FACT”), a healthcare model that significantly lowers the cost of hospital and outpatient facility claims. Read More.
Expanded Georgia Tax Credits: Who Qualifies and How to Get Them
If you do business in Georgia, you may be able to benefit from legislation that the Georgia General Assembly passed recently. This legislation expands certain tax credits and incentives that are available to qualifying taxpayers. Georgia Revitalization Zone Tax Credits Effective January 1, 2018, the Georgia Commissioner of Community Affairs will create a list of Revitalization Zones comprised of vacant downtown areas in Georgia communities with populations of less than 15,000 residents. The goal is for businesses and investors to increase their rates of investment and job creation in these areas as a result of the tax credits. Businesses and. Read More.
New Tax Reporting Requirements Effective July 1, 2017
If you have customers in Colorado, Louisiana, or Vermont, you may be subject to new tax notification and/or reporting requirements effective July 1, 2017. These requirements are intended to make it easier for the states to collect use tax from their residents. Colorado Out-of-state retailers with at least $100,000 in gross sales to Colorado customers during the previous calendar year who don’t collect and remit Colorado sales tax are now subject to the following requirements: At the time of sale, they must notify Colorado customers of their obligations to self-report and pay use tax to the Colorado Department of Revenue. Read More.
Sales and Use Tax, Technology and the Evolving Definition of Sales Tax Nexus
States across the U.S. are challenging the physical presence standard that has so long been a leading factor when determining sales nexus in states and local jurisdictions. Why are they challenging it? Blame the Internet and technology. The Driving Force Behind a New Definition of Sales Nexus As more goods and services are sold and delivered via the Internet, states have determined they are potentially losing billions of dollars in sales tax revenues. It’s not just Internet retailers, such as Amazon, Etsy, and eBay, that are taking a chunk from state revenue totals. It’s also digital goods and software as. Read More.
Lessons Learned from WannaCry Cyberattacks
Hopefully you weren’t one of the millions of people affected by this most recent massive cyberattack that targeted multiple industries, large and small. The WannaCry cyberattack was so effective because of a simple vulnerability that exists in systems that haven’t installed a recent security patch known to fix the problem. Simple patch management. It’s often overlooked, but it’s something that any organization with a sound security posture puts at the forefront of their business strategy in order to avoid these kinds of situations. However, implementing sound patch management in today’s world of decentralized workforces, full of remote and third-party workers, along with the. Read More.
IRS Announces 2018 Health Savings Account Limits
The new 2018 limits for Health Savings Accounts (“HSAs”) have been announced by the IRS in Revenue Procedure 2017-37 . Contribution limits have gone up for self-only coverage and for family coverage. The annual deductible limits that determine if you qualify to participate in an HSA have gone up, too. For details, plus details about how rules for out-of-pocket limits have changed, read the latest benefits alert from Cherry Bekaert Benefits Consulting (reference chart included).
Eye on Reform: House Passes the American Health Care Act of 2017 (H.R. 1628)
On Thursday, May 4, the U.S. House of Representatives passed the American Health Care Act of 2017 (“AHCA”) by a vote of 217-213, mostly along party lines. The passage of the AHCA is just the first step in the current Administration’s plan to repeal and replace the Affordable Care Act (“ACA”), which remains the law of the land today. The Senate will now take up the task of passing its version of healthcare reform and, in fact, has indicated that it will write its own proposal. Undoubtedly, differences will emerge between the House and Senate versions of the bill, and. Read More.