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| YOUR HEALTH CARE INDUSTRY EXPERTS | |
At Harding, Shymanski & Company, P.S.C., we are committed to providing exceptional service - every time. We take our roles as Health Care industry leaders seriously, staying abreast of relevant issues and trends through research, national seminar attendance, and more. We work hard to help you enhance your day-to-day operations, increase cash flow, and improve your bottom line.
Our Health Care professionals actively participate in industry-related organizations. As a result, our services are based on the latest industry knowledge gained through active participation in these organizations.
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| 2013 Inflation Adjustments |
As part of the American Taxpayer Relief Act of 2012, there have been several tax changes, including annual inflation adjustments. Some of the 2013 annual inflation adjustments include: - Most of the marginal tax rate percentages remain the same at 10, 15, 25, 28, 33, and 35 percent. However, a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return).
- For 2013, the standard deduction has been increased to $6,100 for single filers and $12,200 for married filing jointly.
- Beginning in the 2013 tax year, the limitation for itemized deductions returns. Individuals with incomes of $250,000 or more and $300,000 for married couples filing jointly will be affected.
- The personal exemption rises to $3,900. However beginning in 2013, the exemption is subject to a phase-out for individuals with adjusted gross incomes between $250,000 and $372,500. Married filing jointly status returns will have exemption phase-outs for adjusted gross income levels between $300,000 and $422,500.
- The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800 for married couples filing jointly). The American Taxpayer Relief Act of 2012 now allows for the exemption amount to be indexed for inflation.
- Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000 after being adjusted for inflation.
In addition to the above changes, the mileage rates for 2013 also increased from the 2012 rates. Beginning on January 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are as follows: - 56.5 cents per mile for business miles driven.
- 24 cents per mile driven for medical or moving purposes.
- 14 cents per mile driven in service of charitable organizations.
Please contact Michele Graham, CPA, at (800) 880-7800 ext. 1360 for more information. |
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Physician Quality Reporting System
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PQRS is the Physician Quality Reporting System implemented by Medicare. PQRS has existed for several years as a voluntary program that offers an incentive for physicians who participate in the program. For 2013, there is still an incentive to participate; however, Medicare has now imposed a penalty for physicians who do not participate.
For physicians who successfully participate in PQRS in 2013:
- They receive an incentive of .5% of the Medicare allowable reimbursement of their professional charges performed in 2013.
- To successfully report, physicians must report a minimum of three measures on at least 50% of their Medicare patients.
- This same incentive will be offered for successful reporting in 2014.
If a physician does not participate in 2013, a 1.5% reduction in the Medicare payments will occur on each service billed in 2015.
If a physician does not participate in 2014, there will be a 2% reduction in the Medicare payments for each service billed in 2016.
To maximize Medicare reimbursement, physicians should select at least three measures to report on this year, 2013, to avoid the upcoming penalty. Reporting can be done via claims, registry, or EHR.
More information can be found at http://www.cms.gov/Medicare/Quality-Initiatives-Patient-Assessment-Instruments/PQRS/How_To_Get_Started.html.
Please contact Brenda Wallace, CPA, CMPE, at (800) 880-7800 ext. 1347 for more information.
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Change in FDIC Limits
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On December 31, 2012, the FDIC's (Federal Deposit Insurance Corporation) unlimited guarantee on non-interest bearing bank deposits ended. The guarantee allowed for the maintaining of large cash balances in multiple institutions without fear of loss of assets due to bank failure. Below is a summary from the FDIC's website of the coverage now provided.
How much insurance coverage does the FDIC provide?
The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank. For example, if a person has a certificate of deposit at Bank A and has a certificate of deposit at Bank B, the accounts would each be insured separately up to $250,000. Funds deposited in separate branches of the same insured bank are not separately insured.
The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership. The FDIC refers to these different categories as "ownership categories." This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.
Source: http://www.fdic.gov/deposit/deposits/insured/basics.html
Please contact Brenda Wallace, CPA, CMPE, at (800) 880-7800 ext. 1347 for more information.
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Harding, Shymanski & Company, P.S.C., provides accounting, tax, and consulting services to clients from offices in Evansville, Indiana, and Louisville, Kentucky.
We are committed to quality. Adding value to the services we provide is our most important goal. Our unwavering dedication and commitment to quality resonate throughout every aspect of our work.
Call us today! (800) 880-7800
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| Disclaimer |
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax, or accounting advice.
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