Tax-Exempt Hospitals and New Reporting Requirements  

Oleh:

Wells, Jean T. ; McFadden, Gwendolyn

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 212 no. 5 (Nov. 2011), page 54-57.
Topik: Needs Analysis; Nonprofit Hospitals; CPAs; Reporting Requirements; Patient Protection & Affordable Care Act 2010-US
Fulltext: Tax-Exempt Hospitals.pdf (56.13KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.31 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The Patient Protection and Affordable Care Act of 2010 imposes reporting requirements under new IRC S 501(r) for charitable hospitals regarding the fulfillment of their charitable purpose as tax-exempt organizations. Specifically, if they have not already done so, these hospitals must complete a community health needs assessment (CHNA) and draft a financial assistance policy. Hospitals must also follow new rules concerning billing and collections. These and other new requirements are in addition to new reporting requirements on Schedule H of Form 990, Return of Organization Exempt From Income Tax. The CHNA reporting postponement creates a window of opportunity for CPAs to educate clients about the detailed requirements of the new law as well as the penalties associated with noncompliance, which include a $50,000 excise tax and/or revocation of exempt status. CPAs can also help nonprofit hospital clients have a clear understanding of the data collection process and can review and assess the data.

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