Avoid Penalties for not Protecting Health Records: free seminar
The amendment to the HITECH ACT became effective February 17, 2010. If you are a healthcare provider or business associate and you don’t understand the act or haven’t taken the steps every organization must take to comply, then attendance at our upcoming seminar, Avoid Penalties for not Protecting Health Records, on March 25 is a must.
Privacy breaches are increasing at an alarming rate – which can bring litigation and financial penalties to healthcare providers. As of January 2010, there have already been 35 reports of breaches affecting 500-plus individuals, resulting in 712,000 notices. Most of the reports were electronic PHI contained in a lost or stolen unencrypted media or portable device. If you aren’t 100% confident that your organization’s current HIPAA policies and procedures have properly covered all the bases, then attending this seminar is recommended.
IN THIS SEMINAR YOU WILL LEARN
• Complying with the HITECH Act
• How to establish an effective information security program
• Best practices to assess third party providers
• Provisions to include in third-party vendor contracts
• Potential fines/remedies in the event of non-compliance or breach
• How to understand your notification requirements
WHEN & WHERE
Thursday March, 25th
8:00 – 8:30 a.m. (registration)
8:30 – 9:30 a.m.Kaufman, Rossin & Co.
2699 South Bayshore Drive, 3rd Floor
Miami, FL 33133
There is no charge for this private briefing. Breakfast and coffee is complementary. Seating is limited.
RSVP
You may register by calling Jorge Rey, at (305) 646-6076, or e-mail jrey@kaufmanrossin.com. If you have questions about the event, please contact Jorge as well.
SPEAKERS
Jorge Rey, CISA, CISM
Director, Kaufman, Rossin & Co.
Jorge is responsible for managing and performing a variety of information security engagement for companies in the healthcare industry. He regularly assists companies address information security, privacy and compliance needs. He brings notable experience in IT risk assessments, IT Audits, network security and records retention. He is a Certified Information Systems Auditor and Certified Information Security Manager. He is president of the Palm Beach chapter of the Association of Records Managers and Administrators (ARMA). Jorge has been featured in numerous magazines and newspapers, including Healthcare Fraud, South Florida Business Journal, Miami Herald and Computerworld.
Luis Salazar
Partner, Infante, Zumpano, Hudson & Miloch
Luis leads the firm’s Privacy and Data Security Law Practice. He advises clients on best corporate privacy practices, developing and implementing data-retention policies, international and intercorporate data transfers, permission-based marketing, and compliance with data privacy laws and regulations. He actively advises health care institutions and business associates on HIPAA Security Rule issues, and Hi-Tech Act compliance. He is a Certified Information Privacy Professional and a Certified HIPAA Security Rule Auditor.
Luis is one of the most widely published authors in the areas of data privacy and security law. Luis was selected “Best of the Bar” by the South Florida Business Journal in 2003, a Legal Elite by Florida Trend Magazine in 2004 and 2005, a Superlawyer in 2006 and 2007, listed in The Best Lawyers in America, 2007, 2008, and 2009 Editions, and was selected for listing by Chambers & Partners USA Guide, 2007-201- editions.
Category Uncategorized | Tags: electronic health records,free seminar healthcare,health care,healthcare,HIPAA,HITECH,penalties
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Loading ...Don’t be a target for the IRS!
The chances of getting audited are probably higher than ever this year. After all, tax enforcement is one of the few ways the government can collect more…without anyone risking their next election. Now more than ever, it’s important to pay attention to the factors that will increase the likelihood of an audit.
How do the unlucky ones get chosen?
The IRS relies on technology to take the first step in the process of selecting returns for audit. After your return is filed, it goes through a computer check, comparing it to a model. The return receives a Discrimination Information Function (DIF) score. The model, like so many we deal with these days, is closely guarded (think the recipe for Coca Cola or the Google search algorithm). Then seasoned IRS agents review the highest scoring returns, to identify high potential audit candidates.
What makes high potential? It’s simple. As Deep Throat advised Bob Woodward in All the President’s Men, they “follow the money.” If you earn more than $100,000 a year, you’re already five times more likely to be audited – there’s a larger potential return on their time invested!
What would make me more likely to be audited?
For your individual tax return, here are some key factors.
- Your deductions are higher than normal for your reported income
- You give more to charity than most people who earn what you do
- The income on your return doesn’t match the other forms they received, like W-2’s and 1099’s
- Your income is incredibly low, compared to others in your profession
- The numbers look too exact, like you’re guessing - $1,000 in real estate taxes is highly unlikely
- You work in a cash business, like the restaurant or taxi industry
What makes my business more likely to be audited?
The self-employed, like the wealthy, start out with a target on their backs. How can it get worse?
- If you show losses year after year, they may classify your business as a hobby - not deductible.
- If you intermingle business and personal expenses, that’s a big mistake. Using the same bank account to pay for paper for the office copier and that new Prada bag is a big red flag.
- If you try to avoid payroll taxes by hiring everybody as independent contractors, you’ll need to prove it.
- If you treat office equipment like supplies, you’re making a mistake. Suppies (copy paper) are deductible, but business equipment (your new copier) is a capital expense, and must be depreciated. Good news, though – for property placed in service during 2009 there are several ways to write off all or most of these purchases in the first year.
- If you pay yourself too much – or too little! – IRS will notice and take a deeper look.
And of course, there are simple mistakes you’ll want to kick yourself for. If you calculate wrong, forget to sign your forms, forget to include all the documents – you’re likely to get audited
—
Dennis Fitzpatrick is a tax principal with Kaufman, Rossin & Co., one of the top accounting firms in the Southeast. He can be reached at dfitzpatrick@kaufmanrossin.com
Avoid Penalties for not Protecting Health Records
Updated 2/28/2010
The amendment to the HITECH ACT became effective February 17, 2010. If you are a healthcare provider or business associate and you don’t understand the act or haven’t taken the steps every organization must take to comply, you may be at risk of litigation and financial penalties. The HITECH Act includes provisions and expands the activities covered by HIPAA, expanding the privacy and security requirements to protect medical records.
If records have been compromised, those affected individuals must be notified. If the breach involves more than 500 individuals, the covered entity is required to send notifications to the media. Some commons scenarios that could require notifications are: missing back-up tape (unencrypted), lost/stolen laptop with unencrypted medical records and email sent to an unauthorized party.
As of January 2010, there have already been 35 reports of breaches affecting 500-plus individuals, resulting in 712,000 notices. Most of the reports were electronic PHI contained in a lost or stolen unencrypted media or portable device.
To learn more about how to comply, read the full story or contact me at jrey@kaufmanrossin.com to pre-register for my upcoing seminar.
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February 1, 2010
If you’re in the health care business, you needn’t wait for the House and Senate to reconcile their bills to find your world has changed. There’s a regulatory change you need to comply with, right around the corner. And you’d best take notice, because there are expensive penalties for non-compliance.
The federal government has recognized the immediate need for a transition in the way health records are managed. Effective February 17, 2010, covered entities (health plans, healthcare providers and/or healthcare clearing houses) must comply with new rules regarding electronic health records. Subcontractors are affected too.
With the Health Information Technology for Economic and Clinical Health Act (HITECH or “The Act”), a bill that was passed as part of the American Recovery and Reinvestment Act of 2009, a number of incentives have been created to encourage the adoption of health information technology such as electronic health records systems. The Act expects considerable exchange of electronic protected health information among health care providers and has increased the reach of privacy and security regulations under the Health Insurance Portability and Accountability Act (HIPAA), penalties for non-compliance and enforcement provisions.
To give it some teeth and ensure that patients are protected, there are increased civil monetary penalties for HIPAA violations. The state attorney general now has authority to enforce the rules. Penalties for HIPAA violations range from $100 to $50,000 per incident. The maximum civil penalties, on an annual basis for multiple violations, range from $25,000 to $1.5 million.
To learn more about how you should prepare, read the full story or contact me at jrey@kaufmanrossin.com.
Category Value For Your Business | Tags: electronic records,healthcare,HIPAA,penalties
(3 votes, average: 4.67 out of 5) Loading ...Best Place to Work
Yesterday, our firm was once again named the #1 Best Place to Work in South Florida. That’s a very special honor for us, and I wanted to share a few thoughts.
What makes this place so special is our employees. We don’t just hire great accountants. We recruit, select, mentor and develop great people.
Here’s what I mean.
- Our people love what they do, so our clients get the special attention and the caring service that sets us apart from other accounting firms
- Our people care about each other, so our teams — everything from client audit teams to our championship CPA softball team – help each other improve performance all the time
- Our people are smart and resourceful. They recognize that, to continue to grow, they need to see beyond the numbers to what matters most to clients, and find ways to deliver.
- Our people care about our community, and are willing to spend time and energy to make it better.
For 48 years we’ve put our employees first. As the firm has grown we’ve put new programs in place that help to maintain the caring, family atmosphere.
I’m gratified that, while the economic downturn has affected everyone in South Florida, our employees trust that management is still focused on maintaining our Joy At Work culture.
What do you think makes a great place to work?
Category Value For Your Business, Value For Your Clients, Value For Your Employees, Value For Yourself, Value for our community | Tags: best place to work,employee first culture,employer of choice
(1 votes, average: 5.00 out of 5) Loading ...Keeping condo associations afloat
As foreclosures mount, condominium and homeowner associations have been reeling from sharp decreases in revenue due to the delinquency of unit owners in the payment of their association fees. This has created a tremendous burden for the paying unit owners to shoulder the shortfall so the association will have sufficient income to continue operating.
However, many homeowner and condominium associations in Florida are taking advantage of an equitable remedy known as the “Blanket Receivership” to increase the association’s revenue stream. To effectuate a Blanket Receivership, the association engages an attorney to petition the court to appoint a Receiver over the delinquent units. Once appointed, the Receiver is authorized to collect rent directly from the tenants residing in the delinquent units to pay the association fees. It’s called a “Blanket Receivership” because it eliminates the need to appoint a Receiver over each delinquent unit individually, which is a costly and time-consuming endeavor. Although there is some cost involved in implementing the legal remedy, it allows the association to collect funds it otherwise would not see at all. The “Blanket Receivership,” approved by Florida courts, is a cost effective and efficient remedy that enables the association to stay afloat.
Read the whole article
Amir Isaiah is the Director of Receivership & Fiduciary Services for Kaufman, Rossin & Co., one of the top CPA firms in the Southeast. He has been appointed numerous times as Receiver for residential and mixed-use community associations and was the first Receiver to obtain authorization to lease abandoned units under the Blanket Receivership structure. Mr. Isaiah has extensive experience serving as a guest speaker and panelist on the topic of receiverships, and is co-author of “The Receivership Manual for the Florida Juiciary” revised 2009. He can be reached at aisaiah@kaufmanrossin.com.
Category Value For Your Business, Value For Yourself, Value for our community | Tags: association fees,community association,condo,delinquency
(1 votes, average: 5.00 out of 5) Loading ...Quick! Don’t miss out on tax breaks!
If you run a small business, you’ve probably noticed it’s almost year-end! Now is the time to focus on last-minute moves you can make to save taxes on your 2009 business return. These moves could be especially productive before year-end because there are tax breaks that are not likely to continue much longer unless Congress acts to extend them. Read more
Category Value For Your Business | Tags: 2009,small business,Tax breaks,year-end
(No Ratings Yet) Loading ...Teach more, learn more, add more value.
Just read Bill Taylor’s HBR blog post The Rise of the Teaching Organization and I couldn’t agree more.
He writes:
“Executives have come to understand that for their companies to stay ahead of the competition, their people, at every level, have to learn more (and more quickly) than the competition: new skills, new takes on emerging technologies, new ways to do old things, from manufacturing to marketing to R&D….
But one thing I’ve learned over the last few years, as I’ve traveled the world in search of organizations unleashing big change in difficult circumstances, is that the most determined innovators — the organizations with the most original ideas about how to compete and win — aren’t just committed to learning. They are just as committed to teaching.”
Organizations that look beyond their own walls to find new ideas, or venture out to share the innovations they have created, can benefit in so many ways! Building awareness of their business is an obvious one — but sharing ideas that help others comes back in so many more valuable ways.
Don’t miss this post! I’d love to hear what you think.
Category Value For Your Business, Value For Your Clients, Value For Your Employees, Value For Yourself | Tags: learning organization,teaching organization
(No Ratings Yet) Loading ...New Tax Act can benefit individuals and businesses
Congress passed the Worker, Homeownership, and Business Assistance Act of 2009 on November 5, 2009. The President signed the Act into law on November 6. The Act extended unemployment compensation an extra 14 weeks and includes numerous tax law changes. Here are some of the tax highlights.
Are you looking to buy a home? Even if it isn’t your first you may now be eligible for a tax credit!
The $8,000 home buyer tax credit for first-time buyers is extended through April 2010. The Act also provides for a $6,500 “first-time homebuyer” credit for individuals that have lived in a principal residence for 5 consecutive years out of the last 8 years prior to purchasing a new principal residence. The Act increased the Adjusted Gross Income level of qualifying purchasers to $245,000 for joint return taxpayers ($125,000 for single taxpayers). Finally, the maximum purchase price of a qualifying residence has been increased to $800,000.
Do you own a business? These changes may have a sizeable impact on your company.
The .2% FUTA (Federal Unemployment Tax Act) surtax has been extended into 2011. This surtax was scheduled to expire in 2009.
The extended net operating loss carryback period of 5 years has been expanded to include NOLs of all businesses (not just “small businesses”) from either 2008 or 2009. Losses from “Small Businesses” may use the extended carryback period for both 2008 and 2009. The amount of loss available for the 5th preceding tax year is limited to 50% of the taxable income of that preceding year.
Additionally, the penalties for failure to timely file a partnership or S corporation tax return will be $195 per K-1 beginning with the 2010 tax year.
How do you prepare for these changes?
With Congress taking additional measures to help provide relief, this new legislation may have a significant effect on your business’s operations along with your personal finances. As always, consult with your accountant to organize a customized strategy based on your own unique circumstances to take advantage or help offset these recent changes.
Learn more about the legislation from one of our trusted sources, CCH.
Category Value For Your Business, Value For Yourself | Tags: home buyers credit,tax benefits
(1 votes, average: 5.00 out of 5) Loading ...What’s your game plan?
Join Marcus & Millichap and Kaufman, Rossin & Co. for a lively roundtable discussion about your game plan for commercial real estate now and into the future.
- We’ll discuss defensive plays related to foreclosures, short sales and loan modifications, including tax implications you may not know about.
- We’ll share some ideas for offensive strategies you may not have considered, including tax credits you might be eligible for.
Most valuable will be the coaching you get from your peers as you share a cup of coffee and participate in the discussion.
Get your game plan in order!
October 29
7:30 – 9:15 a.m.
Kaufman, Rossin & Co.
2699 South Bayshore Drive, 3rd Floor
Coconut Grove
Space is limited, so please RSVP here.
Category Value For Your Business | Tags: commercial real estate,tax strategies
(1 votes, average: 5.00 out of 5) Loading ...The world has changed. Do you still need the Big Four brand?
I began my career at a Big Eight accounting firm (yes, I know I’m dating myself), and so did many of my partners. We each decided, a number of years ago, that we didn’t need the Big Firm name anymore. Since then, many Big Four clients have decided they no longer need the Big Brand either.
Do you still need the Big Four brand on your audit?
Some things have changed.
We used to think that companies with global reach needed a Big Four firm. That’s not so true anymore. Unless you have extensive, ongoing operations all over the globe, you can be well-served by a strong regional firm that’s close to your headquarters. Many firms belong to international networks, and have affiliates worldwide.
We used to think that complex organizations or those subject to substantial regulation needed a Big Four firm. But top-tier regional firms are just as likely to stay on top of the newest standards and the more obscure regulations. There’s more data at our fingertips than ever before, and firms that commit to their people and invest in training and development are just as capable as the Big firms today.
We used to think that companies with big institutional investors, or in the process of raising capital needed the prestige of the Big Four brand. Today, 100% clean PCAOB inspections and decades of clean peer reviews may be just as compelling.
