Stimulus Relief for Healthcare Providers to start Friday April 10th

by | Apr 14, 2020

On Friday, April 10, 2020, the Department of Health and Human Services (HHS) implemented relief targeted to healthcare providers and hospitals. This relief was part of the record stimulus deal that Congress passed in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES).

This assistance is not a loan and will not be repaid. This round of $30 billion is focused on providing financial support to providers and hospitals who are enrolled in Medicare.  The payment is based on a portion of the providers’ share of Medicare fee-for-service (FFS) reimbursements. The payments will be paid electronically for those who receive electronic payments or checks for those who usually receive checks.

It is expected that the next round of relief will be targeted at certain specialties especially hit by the COVID-19 outbreak.

For more information on this relief please visit:

https://www.hhs.gov/about/news/2020/04/10/hhs-to-begin-immediate-delivery-of-initial-30-billion-of-cares-act-provider-relief-funding.html

Visit the HHS website at https://www.hhs.gov/ to learn more about future relief efforts.

As your trusted advisors, we are committed to keeping you well-informed with any new legislation passed by Congress. Please do not hesitate to reach out to KHA with any additional questions you may have.  

These sources are simply included for informational purposes. KHA Accountants, PLLC, its partners and others do not provide any assurance as to the accuracy of these items or the information included therein. As such, KHA Accountants, PLLC cannot be held liable for any information derived from referenced sources. Consult your legal and business advisors prior to making financial decisions. This is intended for illustrative and discussion purposes only.

The journey to 2025 tax reform begins

House Ways & Means Committee Chairman Jason Smith (R-MO) and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 “Committee Tax Teams”. Each team will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025 and identify legislative solutions.

Tax Tip – IRAs for Young Adults

As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time to consider how you can leverage an IRA.

New Crypto Rules Likely Coming

If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements.  Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains.