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Category: Tax

Optima Billing Services LLC > Provider News and Updates > Tax
COVID-19 / Tax

IRS: Cost of Home Testing for COVID-19 is Eligible Medical Expense; Reimbursable Under FSAs, HSAs

From IRS.gov: The Internal Revenue Service reminds taxpayers that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible …

COVID-19 / Tax

All Employers: New Guidance on Reporting Qualified Sick and Family Leave Wages on Form W-2

The Treasury Department and the Internal Revenue Service issued Notice 2021-53, which provides guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid …

Accounting / COVID-19 / Tax

New Guidance for All Employers Claiming the Employee Retention Credit for Q3 and Q4 of 2021

The Treasury Department and the Internal Revenue Service today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and …

Accounting / COVID-19 / Tax

Reminder for All Eligible Employers: Take Advantage of the COVID-19 Paid Leave Credit!

The IRS has updated its frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP). The updates clarify that eligible …

Small Business Today / Tax

Don’t Miss Out on Work Opportunity Tax Credits for Your Business!

The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers …

Accounting / Tax

Tax Credits are Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines

The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees …

Accounting / COVID-19 / Tax

What Made the Cut in the New COVID Stimulus Bill?

After months of debate, the next COVID-19 stimulus bill has been finalized. President Biden signed the bill into law on Thursday. One very conspicuous absence is the measure to increase …

COVID-19 / Tax

PPP Loan Recipients: Take Advantage of the Employee Retention Credit Retroactively!

Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention …

Tax

The IRS Clarifies their Position on PPP Loans

The IRS has issued new guidance on tax liability for PPP loan recipients. According to the new guidance, taxpayers cannot claim a deduction for any otherwise deductible expense if the …

Accounting / Payroll / Tax

IRS Updates FAQs on the Paycheck Protection Program (PPP)

The IRS has updated several questions and answers regarding the Paycheck Protection Program (PPP). Click here to access the IRS’ website for coronavirus tax relief and economic impact payments. The …

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News & Updates

  • The COVID-19 Public Health Emergency (PHE) Will End on May 11, 2023. Start Preparing Now!
  • Enrollment from New Customers on Healthcare.gov is Up Nearly 40% Over Last Year. Remember to Verify Your Patients’ Information!
  • November 2022 Updates to Medicare’s Care Compare for Hospice Providers
  • HHS Releases New National Guidelines for Improving Youth Mental Health Crisis Care
  • Important New Resources for the Expansion of the Home Health Value-Based Purchasing Model (HHVBP)!

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    • The COVID-19 Public Health Emergency (PHE) Will End on May 11, 2023. Start Preparing Now!
    • Enrollment from New Customers on Healthcare.gov is Up Nearly 40% Over Last Year. Remember to Verify Your Patients’ Information!
    • November 2022 Updates to Medicare’s Care Compare for Hospice Providers
    • HHS Releases New National Guidelines for Improving Youth Mental Health Crisis Care
    • Important New Resources for the Expansion of the Home Health Value-Based Purchasing Model (HHVBP)!
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