09 Feb · Thu 2012
Non-Profit Hospitals Spent 11 Percent on Community Benefits in 2009
14 Dec · Wed 2011
IRS Releases Fact Sheet for Tax-Exempt Hospitals Participating in ACOs
On October 20, 2011, the federal government released final rules for the formation and operation of accountable care organizations (ACOs) under the Medicare Shared Savings Program (MSSP). ACOs represent a key component of the Patient Protection and Affordable Care Act, the healthcare reform legislation enacted in 2010. In connection with the release of the final rules by the Centers for Medicare and Medicaid Services (CMS), the Internal Revenue Service (IRS) issued a new Fact Sheet (FS-2011-11), “Tax-Exempt Organizations Participating in the Medicare Shared Savings Program through Accountable Care Organizations,” that provides additional information for IRC Section 501(c)(3) organizations, such as tax-exempt hospitals, that will be participating in the MSSP through an ACO.
[Read More]20 Oct · Thu 2011
IRS Likely to Increase Enforcement of Tax-Exempt Bonds in 2012
The IRS is likely to use additional resources in fiscal 2012 for compliance programs aimed at taxpayers filing Form 990 Schedule K, "Supplemental Information on Tax-Exempt Bonds".
Those additional resources will target section 501(c)(3) bonds, and the information gleaned from reviewing the Schedule K returns will result in extremely targeted examinations to gather information on that specific matter. Promulgation of the Schedule K reviews has been a multiyear effort and the IRS has received many comments on the subject, mostly from accounting firms. The issues raised in those comments have been catalogued to determine what improvements need to be made.
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