In December 2020, CMS issued the 2021 Medicare Physician Fee Schedule ("PFS") final rule that implemented the most substantial changes in many years. Health systems that employ physicians were left scrambling to understand how the changes would impact both revenue and physician compensation. Part 1 of this 4-part series will recap the core issues and the scope of the impact.

The IRS continues to experience significant delays in performing key functions, creating frustration for both taxpayers and tax practitioners. The National Taxpayer Advocate's midyear report to Congress gave a grim assessment of IRS service for the 2021 filing season. This article provides statistics regarding unprocessed returns, poor phone service, and other evidence of the magnitude of the problem, as well as some electronic IRS tools taxpayers can use.

Following legislation enacted in December 2020, HHS, the Department of Labor, and the Department of Treasury released the first set of regulations addressing protections from surprise medical bills and balance billing. These rules offer protection for emergency services as well as services provided by out of network providers at in network facilities. The rules are generally effective beginning January 1, 2022.

There are important changes to the child tax credit for 2021 that you should be aware of, including advance payments begining July 15. Find out more about the changes and actions you may need to take now such as unenrolling from the advance payments.

Even though the IRS automatically extended the deadlines for certain tax filings and payments for individuals and businesses that reside or have a principal location in Texas, Oklahoma, and Louisiana, you may still receive a late filing notice. Find out why and what you should do.

HHS released an updated Notice of Reporting Requirements and updated FAQs related to Provider Relief Funds. These updates include important information about deadlines for both using PRF money and reporting on the use of funds. It also provides guidance on the specific data that is required to be reported, including expenses incurred to prevent, prepare for, and respond to coronavirus and lost revenues attributable to coronavirus.

H.B. 1445, passed in the 87th Texas Legislative Session, made changes to the Texas Tax Code codifying the definition of medical and dental billing services and affirming that such services performed before the original submitted claim are not taxable.

JTaylor published an article in the June issue of AHLA Health Law Connections. In it, author Herd Midkiff addresses the goals of recently enacted price transparency rules requiring hospitals to post a list of standard negotiatiated charges for a list of "shoppable" services, as well as expected impacts, challenges, and penalties for noncompliance.

Oklahoma State University will host its inaugural Cowboy100 Honoree Gala to celebrate the fastest-growing and top 10 revenue-generating businesses owned or led by OSU graduates. JTaylor will process program applications and perform the calculations that will determine the winners.

Texas recently enacted legislation allowing businesses to exclude forgiven proceeds from PPP loans and other COVID-19 relief programs from revenue for franchise tax calculations, and to deduct applicable expenses paid using qualifying proceeds from these programs. The filing deadline for Texas franchise tax has also been delayed.

Residents of Texas, Oklahoma, and Louisiana are entitled to tax deadline extensions resulting from winter storms. JTaylor summarizes the various types of returns impacted by the extensions and actions that should be taken by affected taxpayers.

The SBA has opened applications for the Restaurant Revitalization Fund, which has $28.6 billion available to be awarded to eligible businesses. JTaylor addresses eligibility requirements and how to determine the funding amount, as well as other key components of the program. Even though the program is reserved for priority applicants for the first 21 days, eligible businesses should apply as soon as possible since the funds are expected to be depleted quickly.

Recent COVID-relief legislation allows for a 100% deduction for eligible food and beverages purchased from a restaurant in 20201 and 2022. for business-related purposes. JTaylor explains details for determining eligible expenses so you can take advantage of this increased deduction.

Healthcare providers had access to many COVID relief programs established through the CARES Act, ARPA, and other legislation, including Provider Relief Funds, Medicare Advance Payment Program, Paycheck Protection Program, Employee Retention Credit, Deferred Payroll Tax, and more. Each program carries tax implications that must be considered to ensure appropriate treatment in accordance with evolving guidance.

The American Rescue Plan Act included provisions providing a temporary premium subsidy for eligible individuals who have lost employer-provided healthcare coverage due to termination of employment or reduction in hours. JTaylor discusses the responsibilities of employers, from identifying eligible individuals to providing required notifications, as well as how to claim the associated credit.

A temporary property tax exemption is available to certain property owners who incurred damages resulting from the winter storm in Texas in February 2021. JTaylor provides information regarding eligibility and the methodology for determining the amount of the temporary exemption so you can apply before the May 28, 2021 deadline.

Strategic planning for hospital operations after COVID requires an understanding of the constants in healthcare as well as permanent changes that we must adapt to. JTaylor offers insight of considerations your hospital should incorporate into its short and long-term planning.

The American Rescue Plan Act includes provisions that impact taxes for businesses and individuals for both 2020 and 2021 tax years. JTaylor recaps the key provisions you should consider to ensure you maximize any tax benefits available to you.

The IRS recently issued clarifying guidance for employers claiming the Employee Retention Credit (ERC) for eligible wages paid in 2020. This guidance includes key definititions impacting elibility and how to determine qualified wages. It also addresses important considerations for employers who received PPP loans. JTaylor summarizes the key information to help your business maximimze the ERC opportunity.

Joe Taylor, founder and chairman of JTaylor, will be honored as a disinguished alumni of Oklahoma State University as he is inducted into its School of Accounting Hall of Fame.

OIG issued a report detailing its findings from an analysis of billing for inpatient hospital stays. The trends relating to billing for the highest severity MS-DRG codes raise concerns over potential upcoding. JTaylor shares what hospitals need to know in light of enhanced scrutiny on hospital billing practices.

In response to the severe winter storms, IRS announced an extension for tax deadlines impacting Texas residents and businesses. JTaylor provides a summary of applicable returns, payments, and other relevant information.

Action steps you can take now if you have sustained casualty losses as a result of the severe winter storm that hit Texas.

HHS released an updated version of the its FAQ related to Provider Relief Funds. This update provides insight regarding eligible uses of funds, and removes key provisions included in prior versions.

On December 1, 2020, the Centers for Medicare and Medicaid Services issued the calendar year 2021 Medicare Physician Fee Schedule final rule reflecting policy changes impacting Medicare reimbursement. Most provisions contained in the rule are effective January 1, 2021. These updates reflect the most substantial changes in many years, which will have a significant impact on physician practice revenue. Furthermore, the changes will impact physician compensation under commonly used production-based compensation models. The impact will vary based on specialty, service mix, payer mix, and other factors, but all physician practice organizations should plan for changes.

On November 20, 2020, both CMS and the OIG issued final rules regarding the physician self-referral regulations, commonly known as the “Stark Law.” These new rules seek to spark innovation aimed at improved coordination and quality of patient care by reducing regulatory barriers associated with value-based arrangements.

FORT WORTH, TX. – The American Institute of CPAs Standing Ovation Recognition Program has selected Arielle Schmeck, CPA/ABV, a Senior Manager in the Consulting Services division at JTaylor, as one of its 22 outstanding young CPAs for 2020. She was honored in the area of Valuations.

New CMS price transparency rules, effective January 1, 2021, are far different than prior CMS efforts. Every hospital (including employed physicians) must publish in machine readable form, its negotiated rates with every payer (and product) for every item, service and service package it provides in both inpatient and outpatient settings. It will be a treasure trove of highly sensitive information for consumers, competitors, payers, consultants, media and the government.

On September 19, 2020, HHS released reporting guidance for entities receiving distributions from the Provider Relief Fund that was established in the CARES Act legislation. Key provisions contained in the notice are summarized in this article.

Centers for Medicare and Medicaid Services (CMS) has issued the final rule relating to reimbursement policies for inpatient and LTCH hospital facilities for fiscal year 2021, which begins October 1, 2020. This article summarizes key provisions of the rule .

Summary of Key Provisions

CMS has released the proposed rule impacting reimbursement for outpatient services in 2021. The proposed changes are intended to increase patient choice by expanding Medicare payments to more services in different sites of service, which will allow patients more flexibility in making decisions with regard to health services. This article recaps the most significant changes reflected in the proposed rule.

Your healthcare real estate should match your strategies and adapt to changing needs! See how the COVID-19 pandemic, consumerism, telemedicine, and health insurance companies are changing how real estate fits into the health ecosystem.

The much anticipated updates to the Stark Law regulations have been delayed until August 2021. These updates will provide updated clarity to the federal government’s definition of Commercial Reasonability and Fair Market Value, and allow for expanded value-based arrangements.

This article outlines important changes to the 2021 Physician Fee Schedule that was just published by the Centers for Medicare and Medicaid Services (CMS).

Relaxation of Loan Forgiveness Rules

New Bonus Depreciation Rules for Qualified Improvement Property

Net Operating Losses Create Tax Refund Opportunities

COVID-19 as a Dam to the Healthcare Volume River

Understanding the Financial Statement Impacts

HHS releases details released regarding funding allocations

How to manage effectively through uncertainty

Focus on stability as economy and healthcare providers face headwinds

FCC Implements $200 Million Program to Promote Telehealth

The CARES Act recently passed in response to economic challenges from the COVID-10 pandemic contains relief provisions healthcare providers.

The CARES Act recently passed in response to economic challenges from the CPVID-10 pandemic contains tax relief provisions that individuals and businesses can take advantage of.

What you need to know about how these rules will impact your business

JTaylor continues to be attentive to the rapidly evolving situation surrounding the COVID-19 virus.

The reimbursement landscape is evolving to focus on rewarding value over the volume of healthcare services provided.

There are a multitude of reasons a physician organization may consider a change in compensation structure for its providers. One significant consideration is whether the financial incentives contained within the compensation plan align with the overall mission and objectives of the organization. This article details two examples of how modifying the provider compensation structure can drive necessary changes in behavior that result in significant improvements.