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2010 Healthcare Reform Legislation |
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Two bills signed into law by President Obama at the end of March will change health care in the United States and have an impact on every medical practice, employer and citizen of our country.
While many of the changes mandated by the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Act of 2010 will not be implemented for a number of years, others will take effect immediately.
The new landmark laws will have an impact on many key health reform areas. However, they did not address the issues related to the Sustainable Growth Rate formula used for setting Medicare physician payment rates.
Physicians continue to be subject to a last-minute guessing game of whether Medicare reimbursement will drop precipitously or Congress will step in at the last minute to stave off the cuts. Congress is expected to address this problem when it returns from recess in April.
The two new laws together exceed 3,000 pages. The following information highlights some of the more important areas impacting employers, individuals and medical practices.
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Which Entity Is Best For Your Company |
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When starting a new business, an owner is faced with a very important decision. What form of entity should my business operate under? The answer is not always clear and will require some careful thought. Let’s start with the basic question...
What are my choices?
The general choices are:
- A regular or C corporation
- An S corporation
- A limited liability company (LLC)
- A limited liability partnership (LLP)
- A general partnership
- A limited partnership
- A sole proprietorship
All states now recognize LLPs. Some states allow one-member LLCs or have special entity types for professional, such as the professional corporation or a similar professional-oriented variation of the LLC or LLP.
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Growing a business is not a sprint. It’s a marathon baby, a long distance adventure that demands focus and determination, requiring much more than increasing your sales. As a business breaks out of its “small business” shell, a paradigm shift must occur in the business owner’s mind if the business is to flourish. Thinking only about today is no longer an option. Business owners are faced with a whole new level of challenges and they need answers to questions such as: Is the business headed in the right direction or are we simply “growing?”
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Your business is talking. |
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Do you understand what it’s saying?
Profitability is very important to business owners and they look to their CPA for guidance on how to improve it. Accurate financial statements are necessary, but that is just the beginning. CPA’s have a responsibility to guide business owners towards profitability. A good CPA does this by getting the financial statements to talk to you. The best way to make that happen is to create benchmarks to compare against your actual results.
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What's a Reasonable Salary? |
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The instructions to the Form 1120S, U.S. Income Tax Return for an S Corporation state that "distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation."
The Internal Revenue Service has the authority to determine what a reasonable salary should be. As a result, if a salary is not taken, the IRS can deem a portion or all of the distributions taken as taxable, reclassify the income as salary and impose employment taxes and penalties on those payments.
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