Not-for-Profit or Non-profit: Is there a difference? Yes, despite these two terms often being used interchangeably. The difference: A not-for-profit is an activity conducted without a profit motive whereas a non-profit is an organization organized under state law
Archives for May 2015
Medicaid Managed Care Organization Rules Update – The Centers for Medicare & Medicaid Services (CMS) has released its long-awaited proposed rule that updates its Medicaid managed care organization (MCO) regulations.
“A lot has changed in terms of best practices and the delivery of important health services in the managed care field over the last decade,” Andy Slavitt, acting administrator of CMS, said in a statement.
CMS last updated the MCO rules in 2002. The newly proposed rule is a major update.
Fraud Alert – The IRS announced that more than 100,000 taxpayers’ identity has been stolen through the IRS’s Online Transcript Service. As a result of this security breach, the IRS has temporarily suspended the service. The IRS will send letters to those affected taxpayers and provide credit monitoring service. If you learn your records have been hacked, I suggest you to contact the three credit bureaus to have your credit locked. Also, I suggest you complete IRS form 14039, Identity Theft Affidavit, to prevent unauthorized e-file of their returns.
Tax Planning Update: Applicable Federal Rates for June have been released: (Rev. Rul. 2015-14, 2015-22 IRB): Short-term (≤ 3 years) 0.43% (Annual), 0.43% (Semiannual), 0.43% (Quarterly), 0.43% (Monthly) Mid-term (> 3 years but ≤ 9 years) 1.60% (Annual), 1.59% (Semiannual), 1.59% (Quarterly), 1.58% (Monthly) Long-term (> 9 years) 2.50% (Annual), 2.48% (Semiannual), 2.47% (Quarterly), 2.47% (Monthly)
QuickBooks Backup Alert: Many QuickBooks Desktop users are attaching documents within the software. These attachments can be to a specific invoice or bill transaction; specific to a customer, vendor, or employee record; and chart of account or company record. However, it is important to backup this folder separately because the QuickBooks data file backup does not include these attached files within the program. When creating an emergency preparedness plan, the backup protocol should include both a backup for the attachments folder and the QuickBooks data file.
Elder Care Bookkeeping Services
As cherished family members become older and desire to continue their independence to stay home and age in place, they may need some help with their day-to-day financial tasks. Ordinarily, simple tasks such as balancing a checkbook and paying household bills become increasingly difficult for the elderly.
Elder Care Bookkeeping Service keeps the focus on what is in the senior’s best interest, safe guarding assets and mitigating the risk of potential financial scams that have been costing our seniors thousands of dollars.
Elder Care Bookkeeping may include the following services:
- Reviewing and paying household bills, budgeting, and recordkeeping.
- Assistance with check writing and checkbook balancing.
- Making sure money is received, receipted, and deposited.
- Offering second opinions regarding household issues and unexpected situations.
- Handling day-to-day financial transactions such as home repairs, routine maintenance, and emergency medical expenses.
- Planning retirement account distributions and safeguard against improper disbursements.
- Organizing and reviewing personal, financial and legal documents to determine what needs to be addressed.
- Preparing an inventory of personal assets and investments.
- Identifying and planning their retirement income, needs and goals.
- Determining current and long-term cash flow needs by analyzing income and expenses.
- Addressing questions about lifestyle, Social Security, pensions, Medicare and long-term insurance.
- Monitoring investment portfolio and other assets in conjunction with their investment advisor.
- Preparing, planning and filing income, trust, gift and estate tax.
- Providing referrals to local services and agencies.
- Arranging proper level of care, transportation, and caregiver assessment.
Please contact me for a complimentary quote on Elder Care Bookkeeping Services.