Tag: tax
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Employee vs. Independent Contractor: What’s the Difference and Why’s it Important?
If you are reading this article, then you likely own or administer a health care practice. It may include workers of many stripes: some may be treated as employees and others as independent contractors. But do you know why they are treated that way? If the IRS or the Alabama Department of Revenue audits your…
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New Learning Opportunities Available for County Societies
The Medical Association is partnering with Warren Averett in 2019 to provide several topics that you can use to host events that will interest the physician members in your county, at no cost to you. Each talk lasts about 30 minutes and several can be combined for a 60-minute talk. MACRA/MIPS Refresher. MACRA is now in…
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The Tax Cuts and Jobs Act: How It Still Affects You
Editor’s Note: This article is a follow-up to The Tax Cuts and Jobs Act – How Will It Affect YOU? published in the Winter 2018 issue. On Aug. 8, the IRS issued proposed regulations for the newly created Section 199A 20 Percent Qualified Business Income (QBI) deduction. 199A has been one of the most talked…
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Do You Qualify for Tax Amnesty?
The Alabama Legislature has enacted the Alabama Tax Delinquency Amnesty Act of 2018 to allow qualifying taxpayers to receive a waiver of penalties and interest on eligible tax types. The application period is now open through Sept. 30, 2018. The Alabama Department of Revenue (ADOR) launched alabamataxamnesty.com, a website dedicated to the Alabama Tax Delinquency Amnesty Program…
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How is Tax Reform Impacting Physician Practices?
The biggest U.S. tax reform since 1986 consists of major tax law changes that will affect everyone. The most significant change for corporations is a move from the graduated corporate tax rate structure to a flat rate. Although President Trump was originally fighting for the corporate rate to be reduced to 15 percent, lawmakers settled…
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Twenty States File Lawsuit against Government for the Affordable Care Act
Twenty states, including Alabama, have formed a coalition to file a lawsuit against the government claiming that the Affordable Care Act is now unconstitutional. According to the lawsuit, the states are claiming that since the GOP eliminated the tax penalty associated with the individual mandate, ObamaCare itself is no longer constitutional. The Tax Cuts and…
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Alabama’s Physicians Contribute Billions to State Financial Health
MONTGOMERY – Alabama’s more than 8,700 patient care physicians fulfill a vital role in the state’s economy by supporting 101,770 jobs and generating $16.7 billion in economic activity, according to a new report released by the Medical Association of the State of Alabama and the American Medical Association. “Urban or rural, large group or solo…
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Tips for Preserving Tax Deductions in 2018
Starting this year, the Tax Cuts and Jobs Act limits an individual’s or a couple’s federal tax deduction for state and local taxes (SALT) to $10,000. SALT deductions include deductions on state and local income, sales and property taxes. High-income earners, such as physicians, frequently have a SALT deduction far exceeding the new $10,000 cap…
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Legislative Update: What Happened This Week in Washington…
From President Trump’s new tax plan to renewed funding for the Children’s Health Insurance Program to former President Obama’s Independent Payment Advisory Board, health care has been at the center of a lot of discussions this week on Capitol Hill. Vote Expected Today for CHIP — The House is expected to vote today to pass…
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What Have You Done for Me Lately?
“What have the Medical Association and ALAPAC done for me lately?” It’s a question posed to me often, in various forms, by physicians whom I’m asking to join the Medical Association and contribute to ALAPAC. It’s a tough one to reply to – not for a shortage of answers – but for the difficulty, even…