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In early February, IRS Commissioner Douglas Shulman announced an opportunity for taxpayers to avoid a substantial portion of the penalties that would otherwise be due on previously unreported offshore accounts, entities, and income. Taxpayers who successfully participate in the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will benefit from significantly reduced penalties and avoidance of criminal prosecution.

The CY 2012 proposed rule for the physician fee schedule and other revisions to part B was published in the Federal Register on July 19, 2011.  Part of this proposed rule further clarifies and provides instruction on CMS’ decision regarding changes to the 3 day payment window, first issued last year as part of the IPPS final rule.

On June 20, 2011, the state of Maine enacted budget legislation (L.D. 1043) affecting various Maine taxes. Many changes are quite significant, with the legislation being described by the Senate President as “containing the largest tax cuts in the history of Maine.” A future article will discuss changes related to personal income taxes and estate taxes. This article highlights a few changes focused on business endeavors: the Maine Capital Investment Credit, the Maine New Markets Capital Investment Program and sales/use tax changes related to aircraft.

PCI-DSS (the Payment Card Industry – Data Security Standard) is a significant concern for many businesses. Yet, we believe that PCI-DSS compliance should be a minor detail on the minds of those who must achieve compliance. Compliance should be a side-effect of good practices that would be in place regardless of the requirement.

This is an IMPORTANT REMINDER that the CMS 3 day payment window rule and its effect on wholly owned or operated practices that are NOT provider based goes into effect on July 1, 2012. The 3 day window refers to the technical portion of diagnostic services and admission related nondiagnostic services provided during the 3 days preceding a beneficiary’s admission as an inpatient.

The February 2, 2011 Federal Register established new regulations related to the provider enrollment process. Per the Federal Register, beginning on March 25, 2011, the Centers for Medicare and Medicaid Services (CMS) will require any institutional provider or supplier to submit a fee up to $505 with the submission of an 855A, 855B and 855S.

In a previous article, we discussed the emerging SSAE 16 attestation standard, specifically the evolution of SAS70 to SSAE16 (SOC 1).