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Health

IRS issues inflation-adjusted health savings account figures for 2017

IRS issues inflation-adjusted health savings account figures for 2017

Rev Proc 2016-28, 2016-20 IRB A new revenue procedure provides the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2017 for health savings accounts (HSAs). HSA basics. Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. Employers as well as other persons (e.g., family members) also may contribute on behalf of […]

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Long-term care insurance: Less bang, more bucks

Long-term care insurance: Less bang, more bucks

As reported in the OC Register, “Long-term care insurance: Less bang, more bucks.” Mary Julia Klimenko thought she was prudent 20 years ago when she invested in a long-term care insurance policy, one she believed would help pay for the care she’d need as she aged. Now she wishes she’d banked the money instead. Her […]

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Studies find reducing sugary drinks cuts calories, but only a few

Studies find reducing sugary drinks cuts calories, but only a few

LONDON (Reuters) – Studies from Britain and Mexico suggest reducing sugar in sweetened drinks or taxing it more to cut consumption can help people limit their calorie intake and lower their risk of developing diabetes, but not by much. Two separate pieces of research published on Thursday in the British Medical Journal and The Lancet […]

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State marijuana excise tax is a reduction in the amount realized on product’s sale

State marijuana excise tax is a reduction in the amount realized on product’s sale

Chief Counsel Advice 201531016 In Chief Counsel Advice (CCA), IRS has concluded that a business legally selling marijuana under state law can treat the payment of state excise taxes on the production, processing, or retail sale of the product as a reduction in the amount realized on the sale. As a result, the tax was […]

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IRS provides further insight on rules to be included in regs on Cadillac health plan tax

IRS provides further insight on rules to be included in regs on Cadillac health plan tax

Notice 2015-52, 2015-33 IRB IRS has issued a second Notice which describes potential approaches with regard to a number of issues under Code Sec. 4980I, which could be incorporated in future proposed regs, and invites comments on these potential approaches. Code Sec. 4980I provides for the excise tax on high cost employer-sponsored health coverage. Note: […]

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Proposed Regs Would Amend SBC and Uniform Glossary Requirements for Health Plans

Proposed Regs Would Amend SBC and Uniform Glossary Requirements for Health Plans

Preamble to Prop Reg 12/22/2014; Prop Reg § 54.9815-2715; Prop Labor Reg 2590.715-2715   IRS, EBSA, and the Department of Health and Human Services (HHS) (the Departments) have issued proposed regs that would amend final regs concerning disclosure rules for group health plans and health insurance issuers with regard to a “summary of benefits and […]

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Proposed Regs Would Allow Employers To Provide Excepted “Wraparound” Benefits

Proposed Regs Would Allow Employers To Provide Excepted “Wraparound” Benefits

Preamble to Prop Reg12/19/2014; Prop Reg § 54.9831-1(c)(3)(vii); Prop Labor Reg 2590.732(c)(3)(vii)   IRS, EBSA, and the Department of Health and Human Services (HHS) (the Departments) have issued new proposed regs that would create a pilot program for allowing plan sponsors in limited circumstances to offer, as excepted benefits, coverage that wraps around certain individual […]

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How to Stretch Your Health-Care Dollars – The Goal Is Adequate Health Care for the Lowest Out-of-Pocket Cost

How to Stretch Your Health-Care Dollars – The Goal Is Adequate Health Care for the Lowest Out-of-Pocket Cost

How to Stretch Your Health-Care Dollars – The Goal Is Adequate Health Care for the Lowest Out-of-Pocket Cost, as reported in the WS Journal. A new year is here, and with it new opportunities to rein in a major slice of the household budget: health care. Yes, it’s complex. But being proactive can pay off, […]

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Proposed regs would modify health plan benefits and summary coverage and uniform glossary requirements

Proposed regs would modify health plan benefits and summary coverage and uniform glossary requirements

Preamble to Prop Reg 12/22/2014; Prop Reg § 54.9815-2715 The Department of Labor’s Employee Benefits Security Administration (EBSA), IRS and the Department of Health and Human Services (HHS; collectively, the Departments) have issued proposed regs regarding the summary of benefits and coverage (SBC) and the uniform glossary requirements for group health plans and health insurance […]

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Health law mandate will hit employers unevenly

Health law mandate will hit employers unevenly

As reported in the LA Times, Health law mandate will hit employers unevenly. Remember those end-of-the-world predictions from Nostradamus, the ancient Mayans and Pat Robertson that we somehow survived? The “employer mandate” may be Obamacare’s version of that. Starting today, one of the most-feared aspects of the Affordable Care Act takes effect after some delay, […]

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IRS approves leave-sharing programs to help West African Ebola victims

IRS approves leave-sharing programs to help West African Ebola victims

Notice 2014-68, 2014-47 IRB; IR 2014-102 IRS has announced that employees won’t be taxed when they forgo vacation, sick, or personal leave in exchange for employer contributions of amounts to charitable organizations providing relief to Ebola victims in Guinea, Liberia and Sierra Leone. Employers may deduct the amounts as business expenses. Treatment of leave based-programs. […]

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Forthcoming Regs: Plans Lacking Hospitalization Coverage Don’t Provide Minimum Value

Forthcoming Regs: Plans Lacking Hospitalization Coverage Don’t Provide Minimum Value

Notice 2014-69, 2014-48 IRB In a Notice, IRS advises employers and other taxpayers that employer-sponsored health plans that fail to provide substantial coverage for in-patient hospitalization services or physician services do not provide minimum value (MV) for purposes of the Code Sec. 36B premium tax credit, and that it intends to propose regs to this […]

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HealthCare.gov at Risk

HealthCare.gov at Risk

HealthCare.gov at Risk, as reported in the WS Journal. HealthCare.gov has continuing security frailties that put users’ sensitive personal information at risk, according to a report by the Government Accountability Office. Despite the federal government’s efforts to protect the website from breaches, “weaknesses remained in the security and privacy protections applied to HealthCare.gov and its […]

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The Money Conversation Americans Need to Have – For All Their Worry About It, Few Broach the Topic

The Money Conversation Americans Need to Have – For All Their Worry About It, Few Broach the Topic

The Money Conversation Americans Need to Have – For All Their Worry About It, Few Broach the Topic, as reported in the WS Journal. Americans are so reluctant to talk about money that even “the quiet company” is urging us to start yakking. A recent study by Northwestern Mutual Life Insurance, which long marketed itself […]

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10 things life coaches won’t tell you

10 things life coaches won’t tell you

10 things life coaches won’t tell you, as reported in the WS Journal. 1. We’re the wild, wild West of helping professions The concept of “life coaching” barely existed 30 years ago. But by 2012, it was a $707 million business in the U.S., according to the most recent figures from the International Coach Federation […]

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10 things your health insurance won’t tell you

10 things your health insurance won’t tell you

10 things your health insurance won’t tell you, as reported in the WS Journal. 1. We have no idea what to charge you for coverage The Affordable Care Act overhauled the country’s health insurance system, and insurers are still grappling with the changes. When President Obama’s signature law took full effect on Jan. 1, insurers […]

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West African Ebola outbreak designated as disaster under disaster payment exclusion

West African Ebola outbreak designated as disaster under disaster payment exclusion

Notice 2014-65, 2014-47 IRB; IR 2014-102 IRS has designated the Ebola outbreak occurring in the West African countries of Guinea, Liberia, and Sierra Leone as a qualified disaster for purposes of the Code Sec. 139 exclusion for qualified disaster relief payments. Additionally, employer-sponsored private foundations can provide disaster relief to employee-victims in areas affected by […]

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Tax breaks can help reduce the high cost of long-term care insurance

Tax breaks can help reduce the high cost of long-term care insurance

One of the largest threats to a person’s financially secure retirement is that he or she may be hit with a serious physical or mental disease that could deplete or wipe out savings accumulated over a lifetime. Long-term (LT) care insurance—which typically covers what Medicare won’t—is one way to hedge against this risk, but it […]

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Tax breaks can help reduce the high cost of long-term care insurance –Part II

Tax breaks can help reduce the high cost of long-term care insurance –Part II

One of the largest threats to a person’s financially secure retirement is that he or she may be hit with a serious physical or mental disease that could deplete or wipe out savings accumulated over a lifetime. Long-term (LT) care insurance—which typically covers what Medicare won’t – is one way to hedge against this risk, […]

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Don’t Skip Out on Medicare Part B – You’re Not Required to Take It, but You Should

Don’t Skip Out on Medicare Part B – You’re Not Required to Take It, but You Should

Don’t Skip Out on Medicare Part B – You’re Not Required to Take It, but You Should, as reported in the WS Journal. There’s a widely held misconception that the U.S. government forces you to take Medicare Part B. It doesn’t, but you should take it anyway and in a timely manner. First, a primer […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney