Podcasts about bipartisan budget act

Superseded returns — essentially a replacement for an originally filed tax return — can be a useful tool, especially as it relates to partnership returns which operate in the centralized partnership audit regime (CPAR). Learn more about when these “do-over returns” should be considered and what implications they may have for statutes of limitations.  AICPA resources Superseding returns and statutes of limitations, July 1, 2021, The Tax Adviser BBA Partnership Audit and Adjustment Rules FAQ — Gain answers to frequently asked questions about the centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA). Other resources Amended and Superseding Corporate Returns — Information from the IRS on filing a superseded return electronically   For full transcript of the episode, visit Tax Section Odyssey on the AICPA &CIMA website.

Whistleblower program. In addition to the methods of proof the IRS has developed, the Tax Relief and Health Care Act of 2006 created the IRS Whistleblower Office, which allows anonymous whistle blowers to receive 15 to 30 percent of any recovery by the IRS which comes to at least $2 million including all penalties, interests and any other monies collected from the government. The whistleblower program seeks information based on evidence and analysis which can provide a solid basis for further investigation rather than speculation and hearsay. The program is designed to provide incentive to ordinary citizens to inform on tax cheats. The program provides far greater incentives for whistleblowers than previous programs because under prior programs the government was not required to compensate whistleblowers. Under this program, a taxpayer may file a lawsuit in court if he or she does not receive a deserved award. Whistleblower Office. Established by the Tax relief and Health Care Act of 2006, the IRS Whistleblower Offices processes tips received from eligible individuals who spot tax problems in their workplace, in their day-to-day personal business, or anywhere else. After determining the degree of credibility, an appropriate IRS office is assigned the case for further investigation. The IRS office assigned varies by the type of issue that the whistleblower alerted it to. Individuals must meet qualifications to be eligible to receive the reward and must submit Form 211 with supporting documentation to the Internal Revenue Service Office in Ogden, Utah. To claim eligibility the individual must not be an employee of the Department of Treasury or have been an employee there when they obtained the information, must not have obtained the information through the individual's official duties as an employee of the federal government, or who obtained the information based on a contract with the federal government. Whistleblower incidents happen in greater frequency in the private sector opposed to the government. The reward can be worth between 15 and 30 percent of the total proceeds that the IRS collects. To claim the reward, the IRS must move ahead based on the information provided and the amount identified, including taxes, penalties, and interests, must be worth more than $2 million. A gross income of $200,000 or more is required if the taxpayer in question is an individual. The Bipartisan Budget Act of 2018 added subsection 7623(c) which expanded the definition of proceeds for whistleblower awards and was applied to open whistleblower claims. The Taxpayer First Act was signed by President Trump on July 1, 2019. This law made changes surrounding the notification process to whistleblowers and increased protection against retaliation available to whistleblowers. The main goal of the legislation was to improve taxpayer service and to ensure that enforcement of the laws is done in a fair, impartial manner, ultimately supporting the continued success of the nation. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support

A 2015 law promised to streamline the Internal Revenue Service's method for auditing partnerships—a type of "pass-through" business where the partners report their share of the proceeds on their personal tax returns. The Bipartisan Budget Act of 2015 included provisions intended to make it easier for the IRS to scrutinize partnerships. But the law created new concerns and unintended consequences for those navigating the audit process, according to Rochelle Hodes, principal of the Washington National Tax office at Crowe LLP. "The simple has become complex," Hodes said on the latest episode of the Talking Tax podcast. She discusses the complexities of the BBA centralized partnership audit regime, who is eligible to opt out, and what partners undergoing an audit need to consider. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

“It's really important to have an annual conversation, discussion, with your tax advisor on what is the [] best, you know, route to proceed with [the BBA Rules] because it's not a one-size-fits-all. [] Businesses are complicated and, certainly, opting out may seem great, but there could be reasons why it doesn't make sense to do that.” The Bipartisan Budget Act of 2015 (BBA) changed the IRS's audit rules for partnerships for years beginning January 1, 2018. But with everything else going on in the world and in business, including the Tax Cuts & Jobs Act (TCJA) and other tax reform, these changes have flown a bit under the radar. And even though they may seem like subtle changes on the outside, the new BBA audit rules really have far reaching implications to members of partnerships. The IRS initiated the change in audit procedures for partnerships to streamline the audit and tax collect process. The new BBA rules create a default rule in which the IRS is going to come in and make an assessment, and the partnership is going to pay the tax at the highest marginal rate. The new procedure can be problematic for partnerships because taxes are paid at the highest marginal tax rate. And, when you get down to the individual returns, there are other income deductions and credits that could ultimately reduce that tax liability. One thing the IRS did when they passed these new BBA rules is provide some flexibility that allows partnerships to elect out of the new rules and continue to use the existing partnership audit rules. The election is made on an annual basis. In order to qualify to make the election you need to have fewer than 100 partners. Eligible partners include individuals, C corporations, S corporations, and tax exempt entities. So having partners that are other partnerships, LLCs, or trusts, even if you hold a trust as a revocable trust, disqualifies you from this election. If you do not opt out, it's equally essential to review and update your operating agreement accordingly. Under the old rules, the tax is collected by the partners of that tax year. So it allows the partners to use other tax attributes at their own personal level to potentially reduce the tax. On the other hand, the default BBA rule is very penalizing, as you could have potential issues where the partnership gets audited and you may have a different set of partners that are paying for the tax. It also restricts your ability to amend returns, kind of old school style, you know, amend the partnership returns issue amended K-1s because you have to go through this new procedure. In a pushout election, there is really no substantial tax savings. The reason you may want to do the pushout election is if you had a different ownership in the year that the audit covers versus the tax year the IRS is auditing. One downside to the pushout election is that, when the partner does pay the tax on their personal return, there is a 2% interest charge with it. Contact Albin, Randall & Bennett Partnerships need to understand the pros and cons of electing out, using the preexisting IRS audit rules, or the pushout provision. The best route to proceed is not a one-size-fits-all solution, but ARB's Business Tax Team is here to help. Contact John Hadwen for more information.

Our guest on the podcast today is Lori Lucas, the president and CEO of the Employee Benefits Research Institute, or EBRI. EBRI aims to provide unbiased research and data on retirement, healthcare, and other employee benefits. Prior to joining EBRI, Lori was an executive vice president and practice leader at Callan. She has also served as director of Retirement Research at Hewitt associates, vice president at Ibbotson associates, pension fund consultant at J.H. Ellwood & Associates, and as an analyst and product development leader at Morningstar. Lori received a Bachelor of Arts from Indiana University and earned a master's from the University of Illinois. Additionally, she is a Chartered Financial Analyst.BackgroundBioEmployee Benefits Research InstituteRetirement Confidence and Financial WellnessEBRI's Retirement Confidence Survey“2021 Retirement Confidence Survey: A Closer Look at Black and Hispanic Americans,” by Craig Copeland and Lisa Greenwald, ebri.org, June 10, 2021. EBRI 2021 Workplace Wellness Survey“Why Do People Spend the Way They Do in Retirement? Findings From EBRI's Spending in Retirement Survey,” by Lori Lucas, ebri.org, Jan. 14, 2021.“These Retirees Are More Likely to Be ‘Comfortable' or ‘Affluent,' Study Finds,” by Kate Dore, cnbc.com, Aug. 4, 2021.“Retirement Confidence Survey Highlights Overwhelming Participant Support for Auto Portability,” Retirement Clearinghouse, prnewswire.com, April 22, 2021.“Racial Inequities and Retirement Income: Contributing Factors and Possible Solutions,” by Lori Lucas, lifeandretirement.aig.com, December 2021.The Financial Alliance for Racial Equity “FARE” Coalition“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,'” The Long View podcast, Morningstar.com, April 22, 2020.“Emergency-Fund-Focused-Employers: Goals, Motivations, and Challenges,” by Lori Lucas, ebri.org, Feb. 13, 2020.“Talking About My Generation: Comparing the Financial Wellness of Baby Boomers, Gen Xers and Millennials,” by Lori Lucas, ebri.org, Jan. 13, 2022. The Retirement System“Senators Look at Ways to Make Retirement Saving Easier,” by Susan Rupe, insurancenews.net, May 13, 2021.“The Rising Retirement Perils of 401(k) ‘Leakage',” by Anne Tergesen, wjs.com, April 2, 2017.“401(k) Plan Leakage and the Bipartisan Budget Act of 2018,” by Lori Lucas, lifehealth.com, Feb. 26, 2018.“Participants Still Support Automatic Portability of 401(k)s: Survey,” by Alan Goforth, benefitspro.com, April 27, 2021.“Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, Morningstar.com, May 25, 2021.Illinois Secure ChoiceOregonSavesCalSaversHealthcare“What Leads to Greater Satisfaction With High-Deductible Health Plan Coverage?” ebri.org, Feb. 17, 2022.2021 Consumer Engagement in Health Care Survey“Projected Savings Medicare Beneficiaries Need for Health Expenses Spike in 2021,” by Paul Fronstin and Jack VanDerhei, ebri.org, Jan. 20, 2022.“Why Patients Aren't Cost-Conscious Consumers of Health Care,” by Lori Lucas, ebri.org, Sept. 9, 2021.

The IRS recently released long-awaited guidance related to PPP forgiveness with three revenue procedures — Rev. Procs. 2021-48, 2021-49 and 2021-50. Earlier in the year, the AICPA submitted a letter to the IRS requesting guidance for a range of issues which are addressed in the revenue procedures. These include: The timing for tax purposes of when PPP loan forgiveness is received or accrued How partners and partnerships may allocate PPP forgiveness as exempt income and allocate deductions resulting from expenditures attributable to the use of forgiven PPP loan proceeds How eligible partnerships subject to audit procedures under the Bipartisan Budget Act of 2015, P.L. 114-74, (BBA partnerships) may file amended returns. Consequently, amended returns remain an area of confusion for many professionals. On today's Tax Section Odyssey episode, Jan Lewis, CPA, Tax Partner — Haddox Reid Eubank Betts PLLC, discusses some nuanced issues with amended returns, and when they can be used and when they should be used. What you'll learn in this episode Jan's overall perspective on the newly released guidance (2.00) Reflections around when an amended return is needed and how to broach the subject with a client (5.12) Timing issues with the employee retention credit and the Form 941X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund (10.12) Billing considerations with amended returns (13.37) Final thoughts from Jan (18.00) A page from Jan's travel journal (18.48) AICPA resources AICPA Town Hall Series— Bi-monthly, high-impact news broadcast series that delivers the latest news, analysis, insights and practical guidance to accounting and finance professionals and responds to pressing issues facing the profession. Employee retention credit guidance and resources— The ERC is an important of the COVID-19 relief legislation for small businesses. This library provides the ins and outs of calculating this credit. SBA PPP resources for CPAs— Tools and resources on the ever-evolving PPP Other resources IRS Operations During COVID-19: Mission-critical functions continue — COVID-19 continues to cause delays in IRS services. The page is kept up to date to inform taxpayers and practitioners of the status of IRS functions. Note: If your podcast app does not hyperlink to resources, visit https://taxodyssey.libsyn.com to access show notes with direct links. This episode is brought to you by the AICPA's Tax Section, your home base to maintain your professional edge. To learn more about the Tax Section, check out aicpa.org/tax or sign up for a free web tour.

There have been numerous changes to the Social Security program since it was created in 1935. Just think: in 1937, life expectancy was age 63—but you had to be 65 to collect Social Security benefits. Two bills have passed since then that have dramatically changed things for the 77 million Baby Boomers that will be retiring. What are they? What impacts did they have? What do I foresee happening with the future of Social Security? Listen to this episode of Retirement Made Easy to learn more!  You will want to hear this episode if you are interested in... [1:38] Social Security: What's Next? [2:35] The Senior Citizens' Freedom to Work Act [4:19] The Bipartisan Budget Act of 2015 [6:04] Calculate your full retirement age [7:30] When you should claim your benefits [11:20] What changes are going to happen? [14:47] Will my Social Security be taxed? [16:49] Survivor benefits: can you switch to your own? [18:06] Survivor benefits for divorced spouses [19:42] How and when do you claim your benefit?  The TWO acts passed by Congress that were game-changers The first bill that I'm going to reference is the Senior Citizens' Freedom to Work Act of 2000. This bill eliminated the retirement earnings test for someone who had reached full retirement age. What does that mean? You can collect your full social security benefit and still work as much as you want.  Your benefits will not be reduced because you're working. If you're working and NOT full retirement age but collecting social security, you can earn up to $18,240 per year without a reduction in your benefits. For every $2 you earn over that limit, Social Security will hold back $1 of your benefits.  Before 2015, we used creative strategies to maximize the lifetime social security benefit. When the Bipartisan Budget Act of 2015 was passed, they closed “unintended loopholes'' of social security—two of which were the strategies we used to maximize benefits. The biggest change was if you were born after 1953, you could not file a restricted application. What does that mean? The 2015 act cut down on your choices for claiming strategies when it came to social security.  To find out how to calculate your full retirement age—listen to the episode—and reference the resources below! When you should claim your Social Security benefits When should you claim your benefits? Everyone's situations are different. No Social Security benefits are alike. Why? Because the benefits you receive are based on your best 35 working years. Let's say we have a couple with children. The husband has a higher social security benefit than the wife because she took some years off of work to care for their family. Generally speaking, his benefit is going to be higher. When I'm advising clients when to claim their Social Security benefits, I make sure they keep in mind the survivor benefit. Whenever there is a death, the higher benefit continues and the lower benefit drops off—that's the survivor benefit. So if the husband's benefit is greater, it might make sense to delay the higher of the two benefits when and if possible.  NOTE: Many variables dictate when you should claim social security (age difference, health, plans to work, the dollar amount of differences, spousal benefit, and much, much more). Social Security: Changes that WILL be coming Recently, the Social Security Administration completed some research where they determined, by 2035, that the Social Security Trust fund will be bankrupt. Benefits won't stop, but they'll all be reduced by 21%—If Congress makes NO changes between now and 2035. But Congress will come up with some solutions to continue benefits for ongoing generations. The bottom line is that Congress is going to have to increase the amount of money being paid into Social Security. The working generation is already paying 6.2% of their pay into FICA taxes (with the employer contributing the same amount). That is 12.4% of what they make. 77 million baby boomers are going to depend on that money.  In 1935, you had 40 workers paying in for every 1 recipient. In 2020, we have 2.8 workers paying in for every 1 recipient. By 2035, 2 workers will be paying in for every 1 receiving benefits. Major changes to social security will be coming to keep it solvent and running smoothly. These changes are inevitable. So don't panic and be afraid that your money won't be there.  Will your Social Security be taxed? How do the survivor benefits work? How do you claim your Social Security benefit? I answer some of my most popular Social Security questions in the rest of the episode—don't miss it! Resources & People Mentioned Senior Citizens' Freedom to Work Act of 2000 The Bipartisan Budget Act of 2015 Calculate Your Retirement Age Get Your Social Security Statement Will Your Social Security be Taxed? The Future of the Social Security Program Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

In this week's episode of Podcast from Washington, Eli Briggs and Ian Goldstein discuss the passage of the Bipartisan Budget Act of 2019 and how that will affect appropriations bills for FY2020. They also discuss the final “public charge” rule from the Trump Administration. Finally, they discuss August recess and how you can get involved in public health advocacy.   Later in the program, Ian Goldstein sat down with Public Health Director for Kentucky River District Health Department Scott Lockard. They discuss the implementation of the department's needle exchange program and how other health departments can replicate positive health outcomes. They also discuss the challenges and community buy-in for the project. 

https://www.libertyroundtable.com/ Liberty Roundtable Radio Show Hour 1 – 7/26/2019 * Rush Limbaugh: Mueller Just A 'Figurehead'. 'You watch, in a couple of years, we're gonna learn I'm right about this'. * Trump says Democrats have 'gone crazy.' Is he right? - WND.com. * Trump: House Republicans should support the TWO YEAR BUDGET AGREEMENT which greatly helps our Military and our Vets. I am totally with you! * Trump: I am pleased to announce the House has passed our budget deal 284-149. Great for our Military and our Vets. A big thank you! * Rand Paul: The proposed budget deal violates every principle of conservatism. The deal allows unlimited borrowing until after the next election and eliminates the spending caps. Every conservative in America should respond in outrage: “Why did we even bother to elect Republicans?” * FreedomWorks Statement in Response to House’s Passage of the “Bipartisan Budget Act of 2019,” H.R. 3877. * FreedomWorks Applauds Rep. Thomas Massie for His Amendment to Rename the “Bipartisan Budget Act of 2019” to “A Bill to Kick the Can Down the Road and for Other Purposes,”. * US City With Highest Min Wage Signals a ‘Tipping Point,’ Businesses Uncertain on How They’ll ‘Survive It’ - Thomas White Reuters. * The city of Emeryville, CA, the highest minimum wage city in the US when the city saw a minimum wage hike from $15 to $16.30, according to The WSJ. * Jeffrey Epstein Found Injured and in a Fetal Position in NYC Prison Cell. * My Wife Asked Me Why I Spoke So Softly In The House? I Said I Was Afraid Mark Zuckerberg Was Listening! She Laughed. I Laughed. Alexa Laughed. Siri Laughed. * Brave New Schools It's Official: The Purpose Of Teaching Is Political - Michael Brown Strips Blinders Off Those Who Think Schools Are For Education. * Amazon Dumps Documentary Critical Of Islam - Hosted program for 2 years but now has QA concerns. --- Support this podcast: https://anchor.fm/loving-liberty/support

On this week's episode of Podcast from Washington, Ian Goldstein and Eli Briggs discuss the Bipartisan Budget Act of 2019 agreement that would raise cap levels for non-defense discretionary spending in FY2020 and FY2021. They also discuss the Administration's new Supplemental Nutrition Assistance Program (SNAP) rules, and the Food and Drug Administration's anti-smoking campaign aimed at youth.  Later in the program, Ian Goldstein sat down with Public Health Director for Bell County, KY Teresa Hunter. The discussed overprescribing rates in Bell County and how that contributed to the opioid epidemic. They discussed activities the county health department has done with support of NACCHO to curb the opioid epidemic.  

Liberty Roundtable Radio Show Hour 2 – 7/25/2019 * FNC’s Ingraham: Trump ‘Has Once Again Beaten the Elites at Their Own Game’. * Nolte: Robert Mueller Isn’t Senile; He Was a Dirty Cop Forced to Take the Witness Stand. * Jeffrey Epstein visited the White House during Clinton's administration at least four times, the Daily Beast reported. Epstein and Ghislaine Maxwell, attended a Bill and Hillary Clinton-hosted donors' reception in the White House in September 1993 after he donated $10,000 to the White House Historical Association, according to documents from the Clinton Presidential Library. * Puerto Rico Gov. Ricardo A. Rossello Resigns. * US restaurant delays opening due to vicious threats from Arab-Americans. * Klein: Robert Mueller’s Most Misleading Claim Was Ignorance of Fusion GPS. * Guest: Pete Sepp - President of National Tax Payers Union - NTU.org. * NTU Urges Members of Congress to Vote Against the Bipartisan Budget Act of 2019! * FreedomWorks: This #BudgetDeal actually forks over more money for LIBERAL non-defense discretionary spending than for defense - House Republicans will vote NO if they care anything about being fiscally responsible. * Can We Take Back the Internet? --- Support this podcast: https://anchor.fm/loving-liberty/support

If you were born before January 2, 1954 you are the LAST cohort to ever be able to file a Restricted Application. This means you could literally receive tens of thousands of dollars more in Social Security benefits than someone born January 2, 1954 or later. When President Obama signed the Bipartisan Budget Act of 2015, many "loopholes" of Social Security were eliminated. Mainly the ability to file a restricted application and receive Spousal benefits all the while allowing your own benefit to increase with Delayed Earnings Credits. Here's the language directly from the Social Security Administration: The loophole allowed some married individuals to start receiving spousal benefits at full retirement age, while letting their own retirement benefit grow by delaying it. Those days are over now..unless you were born before January 2, 1954. You can STILL apply for your Spousal benefits once you hit Full Retirement Age (66) and allow your benefits to increase each and every year until you reach 70. In this video, I use our fictitious couple, Bob and Jane, to show you EXACTLY how this works, Folks, if you qualify for this "loophole" you'd be crazy not to consider how you could benefit. Talk to the Social Security Administration...Now. Or talk to a professional advisor. Or better yet, talk to both! --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

  Medicare Open Enrollment 2019 is now! Learn why you should get your free quote and learn how you can do it. Get started with your Annual Enrollment with Keith Armbrecht who shows you everything. Important information about the 2019 Medicare Open Enrollment period also called the Annual Election Period : This is the time of year to review your Medicare choices.. Last day for Open Enrollment is December 15, 2018. People want to know how the Bipartisan Budget Act of 2018 will impact Medicare Part D in 2019 and beyond. Important Medicare 2019 enrollment considerations .The best Medicare Supplemental Insurance Plan and You: You should get insurance quotes from different companies. Know when to Sign Up for Medicare Insurance Services. Watch our other videos and learn when to apply for Medicare for the first time. Now you know how to change Medicare insurance plans. Medicare On Video allows you to compare competitive quotes from multiple resources so you can choose the best Medicare supplemental insurance plan for you. See 2019 Open Enrollment overview for Medicare members’ video. Want to know what is the best Medicare Supplemental Insurance plan? This video outlines what you can do and the changes you can make during the 2019 Medicare Annual enrollment period regardless of the type of Medicare coverage you have. When it comes to Medicare enrollment there are certain times when you can sign up and it’s very important to know it before you miss it or make mistakes. No matter your situation, knowing when to sign up for Medicare is important, as failing to sign up on time could leave you with late enrollment penalties. Watch important information about the Medicare Open Enrollment period. Medicare open enrollment 2019 - Annual Enrollment period is where you can sign up or change your plans. Pre existing condition Medicare supplement insurance is available. • Medicare drug plans comparison • Enrollment period for Medicare • Threshold for additional Medicare tax Do you have additional questions about the differences between Medicare Supplement Plans and what they cover? We can help you through this. An overview of the different Medicare Supplement plans and what they cover could be of help to you. Medicare On Video makes it easy for you to find out when to apply for Medicare and if you're eligible to apply for Medicare insurance plans. Be sure to amend your cover during the 2018 Medicare enrollment period. During the open enrollment period for Medicare all registered members are provided the chance to change their healthcare plan. Supplemental health insurance can be a smart choice for many people. In this video, we go over how to sign up for Medicare and when to sign up for Medicare.

The 2019 Part D drug plans have been released and there have been a few changes made. In order to better understand these changes, you need to understand how drug plans work. Most drug plans have 4 levels of coverage: Deductible Level, Copay Level, Coverage Gap and Catastrophic Level. The updates made to the Part D drug plans are as follows: 1. The standard deductible is $415. Keep in mind that a lot of carriers are offering a “Tiered Deductible”, meaning that the deductible does not apply to Tier 1 and Tier 2 medications. So, one would pay a small amount for Tiers 1 and 2 from the start. 2. The copay level, the plan pays 75% of their negotiated cost and the client pays 25% as their copay. Different plans get certain medications for lower and higher costs (formulary). This is one reason it is important to shop your Medicare Part D plan every year. 3. Coverage Gap (Donut Hole): Once the client and the Medicare Part D Plan have paid $3.820 for the medication costs, the client enters the Donut Hole. Great news! The Bipartisan Budget Act of 2018 moved up the date for closing the Donut Hole for brand name medications to 2019. This means, that for brand name medications, even when you enter into the Donut Hole, your copay will stay 25%. This should save many people a lot of money. Clients will still pay 37% of the costs for generic medications, but this is usually still a relatively small amount because most generic medications are affordable. 4. Once the client enters the Catastrophic level, when both the client and the Medicare Part D plan have paid $5,100, the plan will pay 95% of the cost and the client will be responsible for only the remaining 5%.

Lynn Nichols Federal Tax Update Podcast October 02, 2018, edition Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. This week’s topics include: New Loss Limitation Hard to Calculate, Interpret With Other Rules The main focus of discussions on the Tax Cuts and Jobs Act has been the Section 199A passthrough deduction, but less talked about is a loss limitation that could have consequences for start-ups and real estate projects. [Tax Notes Today; 8/27/2018; Article by Eris Yauch]   Combat-Zone Contractors Qualify for Foreign Earned Income Exclusion Contract support for the military in designated combat zones may now qualify for the foreign earned income exclusion because of a change in the tax home requirement under the Bipartisan Budget Act of 2018. [IR-2018-173; 8/24/2018]   Stock Transfer Under Divorce Decree Won’t Affect S Corp Tax Status An S corporation won’t be considered to have a second class of stock in violation of federal tax rules solely because shares of its stock will be transferred to a trust under a divorce decree. [LTR 201834007; 5/18/2018; rel. 8/24/2018]   Remaining Value Prevents Worthless Investment Deduction An individual's investments in a dozen special purpose entities holding real estate ventures were not worthless on December 31, 2008, and thus not deductible for 2008, because of evidence of value that would be lost in the event of foreclosure and because the entities successfully renegotiated their construction loans through 2011. [Forlizzo, Robert et ux.; T.C. Memo. 2018-137; 8/27/2018]   Guidance Clarifies Definition of Qualifying Relative, Exemption Amount IRS and Treasury will issue proposed regulations clarifying the definition of “qualifying relative” under section 152(d) for purposes of various tax code provisions, including the new $500 credit for other dependents and head of household filing status for tax years in which the section 151(d) exemption amount is zero. [Notice 2018-70; 2018-38 IRB 441; 8/28/2018]   Tax Court Says Individual’s Debt Cancellation Income Is Taxable An individual failed to provide evidence that his cancellation of debt income was not taxable because of insolvency or because the loan related to the debt was secured by his principal residence. The Tax Court upheld additions to tax and penalties for failure to timely file. [Smethers, Daniel; T.C. Memo 2018-140; 8/29/2018]

Listen NowIn the recent past the federal government has made several efforts to expand the use of telehealth and Remote Patient Monitoring (RPM) services.  Related provisions can be found, for example, in the 2017 CONNECT Act, the Bipartisan Budget Act of 2018 and in federal regulatory rule making, for example, the current 2019 proposed Medicare Physician Fee Schedule (PFS) rule, and in payment waivers for certain Medicare pay for performance models, for example, ACOs, where telehealth "originating site" and service area use restrictions are waived.  Even with these reforms telehealth/RPM spending in, for example, the Medicare program still amounts to approximately $30 million annually, or an almost immeasurable fraction of the program's $700 plus billion in annual spending.   Increased spending under Medicare (and Medicaid) aside, few are convinced adoption of these technologies should occur at the so called speed of government, where old or current IT solutions are largely validated, is adequate.   During this 24 minute conversation Mr. Shankman briefly describes AMC Health's work, what explains the lag in telehealth/ RPM adoption and why now or what circumstances today hold promise for far more rapid adoption or use of telehealth/RPM.  He provides several examples or telehealth/RPM use and what outcomes are or can be achieved. Jonathan Shankman is currently Senior Vice President of Clinical Innovation at AMC Health, a New York-based remote and real time healthcare monitoring company.  Mr. Shankman has more than 25 years of experience as a research gerontologist, developing and analyzing new paradigms of chronic care delivery for the elderly and disabled across all segments of the care continuum.  At AMC Health, Mr. Shankman is responsible for development of products that weave technology and clinical best practices into virtual care solutions that address a broad array of chronic and acute illness challenges.  He also focuses on the application of analytics that support the development of clinical decision support tools.  Previously, at the Metropolitan Jewish Health System, Mr. Shankman held progressive leadership positions with the nonprofit, geriatric services organization serving the New York metropolitan area.  Mr. Shankman was graduated from Columbia University with a Masters of Public Health in gerontology, an MBA and a BA.  For more on AMC Health go to: www.amchealth.com.  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.thehealthcarepolicypodcast.com

In this episode of the Taxing Subjects Podcast, I am joined in the studio by Drake Software’s Olena Romanchuk, CPA to talk about how the Tax Cuts and Jobs Act and Bipartisan Budget Act of 2018 affect S corporations and partnerships. (Originally aired July 26, 2018 on DrakeSoftware.com/Blog/Categories/Podcasts.)

Dr. Julie Donohue is a professor in the Department of Health Policy and Management at the University of Pittsburgh Graduate School of Public Health. Stephen Morrissey, the interviewer, is the Managing Editor of the Journal. J.M. Donohue and H.A. Huskamp. Doughnuts and Discounts - Changes to Medicare Part D under the Bipartisan Budget Act of 2018. N Engl J Med 2018;378:1957-60.

The law that funded the government for 2018 is 2,232 pages and Jen has finished reading a quarter of it. In this episode, learn about the most interesting provisions she found in the Department of Defense and environmental sections of the quickly passed funding law. Please Support Congressional Dish Click here to contribute using credit card, debit card, PayPal, or Bitcoin Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! The 2018 Government Funding Law Read the latest 2018 Omnibus Provisions Recommended Congressional Dish Episodes CD171: 2,232 Pages CD168: Nuclear Desperation CD167: Combating Russia (NDAA 2018) LIVE CD145: Price of Health Care CD131: Bombing Libya Additional Reading Report: DOE recommends pit production at SRS and Los Alamos; plan kills, repurposes MOX facility by Colin Demarest, Aiken Standard, May 11, 2018. Statement: Joint statement from Ellen M. Lord and Lisa E. Gordon-Hagerty on recapitalization of plutonium pit production, National Nuclear Security Administration, May 10, 2018. Report: Israel launches massive military strike agains Iranian targest in Syria by Loveday Morris, Ruth Eglash, and Louisa Loveluck, The Washington Post, May 10, 2018. Article: Calls for restraint after Israel raids on 'Iranians' in Syria by Laurent Lozano, Yahoo News, May 10, 2018. Report: Israel and Iran, newly emboldened, exchange blows in Syria face-off by Isabel Kershner and David M. Halbfinger, New York Times, May 10, 2018. Article: Will scrapping atomic fuel plant actually bring jobs to SC? by Sammy Fretwell, The State, May 10, 2018. Report: SRS, Los Alamos recommended for pit production; MOX facility would be repurposed by Staff Reporst, The Augusta Chronicle, May 10, 2018. Article: Syria blames Israel for missile strike near Damascus, BBC News, May 9, 2018. Report: Israel strikes Iranian targest in Syria after rocket fire by Dan Williams and Angus McDowall, Reuters, May 9, 2018. Report: Israeli preemptive strike thwarts Iranian attack by Yochanan Visser, Israel Today, May 9, 2018. Article: Sage Grouse once again land at heart of public lands dispute by Rachel Christiansen, Nevada Public Radio, May 9, 2018. Report: Israel attacked Syria an hour after the Iran deal was ended, says report by Zeina Karam, Time, May 8, 2018. Article: For Netanyahu, vindication and new risk after Trump's Iran decision by David M. Halbfinger, New York Times, May 8, 2018. Analysis: In first meeting, Pompeo thrills Netanyahu with hawkish talk on Iran - and what he doesn't say about Palestinians by Allison Kaplan Sommer, Haaretz, April 29, 2018. Report: Iran-Israel conflict escalates in shadow of Syrian civil war by Ben Hubbard and David M. Halbfinger, New York Times, April 9, 2018. Article: Aiken leaders met with NNSA's chief, discussed pit production at SRS by Colin Demarest, Aiken Standard, March 14, 2018. Report: DOE announces notice of sale of crude oil from the strategic petroleum reserve, Office of Fossil Energy, March 8, 2018. Article: US takes steps to resume plutonium pit production for nukes, Aljazeera, February 23, 2018. Article: Israel air force says seized Iranian drone is a knockoff of US Sentinel by Barbara Opall-Rome, Defense News, February 12, 2018. Report: Minister: Iran will need 'time to digest' how Israel hit covert military sites by TOI Staff and Agencies, The Times of Israel, February 11, 2018. Report: Israeli jet shot down after bombing Iranian site in Syria by Maayan Lubell and Lisa Barrington, Reuters, February 10, 2018. Report: Israel hits back at Iran and Syria as border region boils by Donna Abu-Nasr and Gwen Ackerman, Bloomberg, February 10, 2018. Article: U.S. oil reserve would fall nearly in half under budget deal by Ari Natter and Catherine Traywick, Bloomberg, February 8, 2018. Opinion: What we owe the innocent victims of America's wars by Patrick Leahy, The New York Times, November 22, 2017. Article: The uncounted by Azmat Khan and Anand Gopal, New York Times, November 16, 2017. Analysis: Israel's new missile defense system is a clear message to Iran, but it isn't perfect by Amos Harel, Haaretz, April 3, 2017. Article: Israeli army probing whether unprecedented use of arrow missile system was justified by Gili Cohen and Almog Ben Zikri, Haaretz, March 19, 2017. Article: Iran to stop using US dollar in response to Donald Trump's 'Muslim ban' by Bethan McKernan, Independent, February 1, 2017. Article: Measuring methane emissions from cows is elusive, but we're getting closer by Robert Parkhurst, Environmental Defense Fund, December 13, 2016. Article: Half-built fuel plant in South Carolina faces test on its future, The New York Times, February 9, 2016. Report: Iran, India to settle outstanding crude oil dues in rupees by Amitav Ranjan, The Indian Express, January 5, 2016. Article: Oil backers, conservationists battle over fate of greater sage-grouse by Sandra Fish, Aljazeera, December 13, 2013. Article: Only one currency is still backed by gold by Simon Black, Business Insider, March 29, 2012. Report: Iran ends oil transactions in U.S. dollars, CBS News, April 30, 2008. Report: Iran stops selling oil in U.S. dollars - report by Reuters Staff, Reuters, December 8, 2007. Report: SYRIA dollar dropped as primary hard currency by Items copiled from Tribune news services, Chicago Tribune, February 15, 2006. Report: Iraq nets handsom profit by dumping dollar for euro by Faisal Islam, The Guardian, February 15, 2003. Resources Bill: H.R. 1314 (114th): Bipartisan Budget Act of 2015 Bill: H.R. 22 (114th): FAST Act Bill: H.R. 34 (114th): 21st Century Cures Act Bill: H.R. 1892: Further Extension Continuing Appropriations Act, 2018... International Atomic Energy Agency: Verification and Monitoring in Iran National Nuclear Security Administration: Plutonium Pit Production Mission Office of Fossil Energy: Strategic Petroleum Reserve Open Secrets: Boeing Co Profile for 2018 Election Cycle Open Secrets: Chicago Bridge & Iron Open Secrets: Orano Group Open Secrets: Raytheon Co Profile for 2018 Election Cycle Open Secrets: Steve Cohen Press Release: We are now Orano! Visual Resources Sound Clip Sources Hearing: Authorization for Use of Military Forces; Senate Foreign Relations Committee; October 30, 2017. 8:00 Chairman Bob Corker (TN): In his last War Powers Resolution letter to Congress, the president identified the following 19 countries where U.S. military personnel were deployed and equipped for combat: Afghanistan, Iraq, Syria, Yemen, Somalia, Libya, Kenya, Niger, Cameroon, Uganda, South Sudan, Democratic Republic of Congo, Central African Republic, Djibouti, Jordan, Turkey, Egypt, Cuba, and Kosovo. Cover Art Design by Only Child Imaginations Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)  

In the second segment of this two-part series discussing recent program changes introduced by the Bipartisan Budget Act of 2018 for Accountable Care Organizations (ACOs) participating in the Medicare Shared Savings Program (MSSP), Kathy Barger discusses new improvements in telehealth coverage for certain ACOs and new beneficiary incentive opportunities for qualifying primary care services. Presenter: Kathy G. Barger Download Presentation Materials

The Bipartisan Budget Act of 2018 recently introduced three noteworthy program improvements for Accountable Care Organizations (ACOs) participating in the Medicare Shared Savings Program (MSSP) aimed at increasing program flexibility. In the first segment of this two-part series discussing these changes to the MSSP, Steve Pine discusses modifications to beneficiary assignment and how ACOs may benefit from the new rules. Presenter: Steven G. Pine Download Presentation Materials

Guest Rebekuh Eley explains key provisions of the Tax Cuts and Jobs Act (TCJA) for exempt organizations in the latest installment of our TCJA series. After a brief overview of the changes affecting exempt organizations—starting at 1:04—Rebekuh addresses the following questions: What's the new excise tax on executive compensation? @ 4:31 Are organizations changing their approaches to compensation agreements? @ 7:43 Does this new excise tax apply to state colleges and universities? @ 9:16 How does the new excise tax on executive compensation work with related parties? @ 11:07 What do exempt organizations need to know about the changes to fringe benefits? @ 13:41 How might the changes under the TCJA for individuals affect exempt organizations? @ 19:36 How are organizations reacting to the changes of the new tax law? @ 23:51 Did the Bipartisan Budget Act of 2018 include changes for exempt organizations? @ 25:38 What's the top question Rebekuh's been receiving? @ 27:54 What are the key takeaways for exempt organizations after tax reform? @ 30:48 BIO FOR GUEST Rebekuh Eley is a leader in the not-for-profit practice of BKD's Chicago office and part of the tax-exempt team. She has focused her career as a consultant on tax-exempt organizations, and has a broad tax background encompassing corporate, partnership and individual tax technical knowledge and experience. Connect with Rebekuh on LinkedIn Follow Rebekuh on Twitter ADDITIONAL RESOURCES Impact of Tax Reform on Not-for-Profits Webinar: Annual Tax Update & 2017 Form 990 Changes 

Guest Rebekuh Eley explains key provisions of the Tax Cuts and Jobs Act (TCJA) for exempt organizations in the latest installment of our TCJA series. After a brief overview of the changes affecting exempt organizations—starting at 1:04—Rebekuh addresses the following questions: What’s the new excise tax on executive compensation? @ 4:31 Are organizations changing their approaches to compensation agreements? @ 7:43 Does this new excise tax apply to state colleges and universities? @ 9:16 How does the new excise tax on executive compensation work with related parties? @ 11:07 What do exempt organizations need to know about the changes to fringe benefits? @ 13:41 How might the changes under the TCJA for individuals affect exempt organizations? @ 19:36 How are organizations reacting to the changes of the new tax law? @ 23:51 Did the Bipartisan Budget Act of 2018 include changes for exempt organizations? @ 25:38 What’s the top question Rebekuh’s been receiving? @ 27:54 What are the key takeaways for exempt organizations after tax reform? @ 30:48 BIO FOR GUEST Rebekuh Eley is a leader in the not-for-profit practice of BKD's Chicago office and part of the tax-exempt team. She has focused her career as a consultant on tax-exempt organizations, and has a broad tax background encompassing corporate, partnership and individual tax technical knowledge and experience. Connect with Rebekuh on LinkedIn Follow Rebekuh on Twitter ADDITIONAL RESOURCES Impact of Tax Reform on Not-for-Profits Webinar: Annual Tax Update & 2017 Form 990 Changes 

Buried in the Bipartisan Budget Act of 2018, signed by President Trump, is one standout change pertaining to cases with a Medicaid lien that repeals Medicaid’s expanded third-party recovery rights. On Ringler Radio, host Larry Cohen joins co-host Cindy Chanley and returning guest, Eric Vaughn, Executive Director of National Structured Settlements Trade Association, (NSSTA) to discuss this huge development and what it means for Medicaid recipients in a structured settlement, plaintiff and defense attorneys, and settlement consultants.

Buried in the Bipartisan Budget Act of 2018, signed by President Trump, is one standout change pertaining to cases with a Medicaid lien that repeals Medicaid's expanded third-party recovery rights. On Ringler Radio, host Larry Cohen joins co-host Cindy Chanley and returning guest, Eric Vaughn, Executive Director of National Structured Settlements Trade Association, (NSSTA) to discuss this huge development and what it means for Medicaid recipients in a structured settlement, plaintiff and defense attorneys, and settlement consultants.

  What does the Bipartisan Budget Act of 2018 mean for insurance agents? We cover the biggest changes coming to Medicare in this installment of the ASG Podcast. Read the text version. Mentioned in this Episode: Budget deal includes long-sought Medicare reforms for chronically ill patientsCongressional Budget Office: Estimated Direct Spending and Revenue Effects of Division E of Senate Amendment 1930, the Bipartisan Budget Act of 2018Congress Lifts Medicare Limits on TherapyMedicare.gov: Part B costsMedicare Advantage 2017 Spotlight: Enrollment Market UpdateSenate budget deal puts drug makers on the hook for more costsTop 5 Ways Telehealth Will Change Under the New Federal Funding Bill Related: Do's and Don'ts of Medicare ComplianceExciting Changes to the 48-Hour Scope of Appointment RuleWhat You Need to Know About New Medicare Cards Subscribe Here: Apple PodcastsGoogle PodcastsOvercastPodbeanSpotifyStitcher Connect With Us: FacebookTwitterYouTubeLinkedIn

Another shutdown, another dingleberry-filled temporary funding law! In this episode, learn about the new law that reopened the government after the 6 hour shutdown by providing funding until March 23 and be one of the few people in the country who will know about the random goodies that hitchhiked their way into law. Miranda Hannah joins Jen for the thank yous. Please Support Congressional Dish Click here to contribute using credit card, debit card, PayPal, or Bitcoin Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Recommended Congressional Dish Episodes CD147: Controlling Puerto Rico CD128: Crisis in Puerto Rico Additional Reading Article: Get ready: Here comes another bs* budget commission by Stan Collender, Forbes, March 4, 2018. Report: Let Pentagon carry over FY18 budget boost so money isn't wasted, key lawmaker says by Joe Goud, Defense News, February 22, 2018. Report: Key health care provisions of bipartisan Budget Act of 2018 by Baker Donelson Bearman Caldwell & Berkowitz PC, Lexology, February 22, 2018. Article: Can updated tax credits bring carbon capture into the mainstream? by Emma Foehringer Merchant, Green Tech Media, February 22, 2018. Article: The shutdown clock is still ticking and that causes chaos throughout the government by Deirdre Shesgreen, USA Today, February 19, 2018. Report: Congress passes legislation to help foster children weather opioid epidemic by Lizzy Francis, Fatherly, February 13, 2018. Report: USA extends nuclear tax credit deadline, World Nuclear News, February 12, 2018. Report: House passes stopgap spending bill to end government shutdown by Lindsey McPherson, Roll Call, February 9, 2018. Report: The health 202: Republicans kill Obamacare's controversial "death panel" by Paige Winfield Cunningham, The Washington Post, February 9, 2018. Article: Why this tax bill may accidentally give huge leverage to the Freedom Caucus next year by Catherine Rampell, The Washington Post, December 20, 2017. Report: CMS announces big expansion to Medicare Advantage value-based insurance design model by Leslie Small, Fierce Healthcare, November 22, 2017. Report: House votes to repeal ObamaCare's Medicare cost-cutting board by Nathaniel Weixel, The Hill, November 2, 2017. Article: The pros and cons of switching to a Medicare Advantage Plan by John Bulliner, Medicare.com, January 24, 2017. Article: A single senator is blocking reform of the foster care system by Ryan Grim, Huffpost, December 6, 2016. Article: A sweeping reform of the foster care system is within reach but hanging by a thread by Ryan Grim, Jason Cherkis, and Laura Barron-Lopez, Huffington Post, December 2, 2016. Article: Congress to consider scaling down group homes for troubled children by Joaquin Sapien, ProPublica, May 20, 2015. Additional Viewing Hearing: A way back home: Preserving families and reducing the need for foster care, US Senate Committee on Finance, August 4, 2015. Hearing: No place to grow up: How to safely reduce reliance on foster care group homes, US Senate Committee on Finance, May 19, 2015. Bill Outline H.R. 1892: Bipartisan Budget Act of 2018   Division A: Honoring Hometown Heroes Act Sec. 10102: Allows the flag to be flown at half staff when a first responder dies at work. Division B: Supplemental Appropriations, Tax Relief, and Medicaid Changes Relating to Certain Disasters and further extension of continuing appropriations Title I: Gives $2.36 billion to the Department of Agriculture, available until the end of 2019, to pay for "expenses related to crops, trees, bushes, and vine losses" caused by Hurricanes Harvey, Irma, Maria, and other hurricanes and wildfires that took place in 2017. Companies who have crop insurance can have 85% of their losses covered by our tax money Companies who didn't buy crop insurance can have up to 65% of their losses covered by our money Title I: Gives $14 million to Puerto Rico's food program but says the money is for infrastructure grants for infrastructure damaged by Hurricanes Irma and Maria Sec. 20101: Changes the law to allow livestock producers to collect payments for cows they sold at reduced prices, instead of just dead ones, and eliminates the $20 million cap on total payouts for livestock producers. Sec. 20201: Orders the Secretary of Commerce to issue a waiver within 120 days of the provisions of the Marine Mammal Protection Act which prohibit the capture of marine mammals for three infrastructure projects designed to reduce land loss in Louisiana. It says the waiver for the projects "will remain in effect for the duration of the construction, operations and maintenance of the projects. No rule-making, permit, determination, or other condition or limitation shall be required when issuing a waiver pursuant to this section." Title IV: Gives $15 billion to the Army Corps of Engineers to repair damages caused by natural disasters $10 billion has to be spend in areas impacted by Hurricanes Harvey, Irma, and Maria Repairs made in Puerto Rico and the US Virgin Islands "shall be conducted at full Federal expense" Title V: Provides $1.652 billion for the "Disaster Loans Program Account" but $618 million of that can be spend on "administrative expenses to carry out the disaster loan program" Title VI: Adds $23.5 billion to FEMA's "Disaster Relief Fund" Sec. 20604: Adds religious institutions to the definition of a "Private Nonprofit Facility", which makes them eligible to receive tax money for disaster aid services. Sec. 20605: Says the Federal government will pay 90% of the costs for 2017 wildfire disasters. Title XI: Provides $1.374 billion for the Federal highway "Emergency Relief Program", with the Federal government paying 100% of the costs for Puerto Rico Title XI: Provides $28 billion in disaster relief for housing and infrastructure. $11 billion must be spent on areas hit by Hurricane Maria $2 billion of that will be spent on upgrades to electrical power systems Sec. 20102: Allows victims of wildfires in CA to borrow up to $100,000 from their own retirement accounts and pay it back within 3 years. Sec. 20103: Allows companies that had to close due to wildfires to get a credit for up to 40% of their employees' wages, up to $6,000 each. Sec. 20104: Suspends limitations on charitable contributions made before December 31, 2018 for relief efforts in the California wildfire disaster area Sec. 20301: Provides an extra $3.6 billion for Puerto Rico and $106 million for the US Virgin Islands for Medicaid Puerto Rico can get $1.2 billion more if Puerto Rico implements a new process for transmitting data to the Transformed Medicaid Statistical Information System (T-MSIS) and if it creates a Medicaid fraud control unit Subdivision 3: Extends 2017 government funding levels until March 23, 2018. Funds the census Forces the sale of $350 million worth of oil from the Strategic Petroleum Reserve Division C: Budgetary and other matters Sec. 30101: Sets the budget limits for 2018 and 2019 2018 $629 billion for defense $579 billion for non-defense 2019 $647 billion for defense $597 billion for non-defense Sec. 30102: Zeroes out the balances on the PAYGO budget scorecard. Sec. 30204: Requires the Secretary of Energy to sell 30 million barrels of oil from the Strategic Petroleum Reserve every year from 2022-2025 and 35 million per year in 2026 and 2027. Lowers the amount of oil we must have in reserves from 450 million barrels to 350 million barrels Sec. 30301: Suspends the debt ceiling entirely until March 1, 2019. Division D: Revenue Measures Subtitle A, Subtitle B, and Subtitle C: Extend 31 tax credits Sec. 40402: Extends until 2021 but then phases out tax credits for residential solar electricity, solar water heaters, small wind energy turbines, and geothermal heat pumps. Sec. 40411: Extends until 2022 and then phases out a 30% credit for fiber-optic solar, fuel cell, and small wind energy property, eliminating the credits entirely by 2024. Sec. 40501: Extends and expands tax credits for nuclear power facilities Sec. 41119: Extends an existing tax credit for carbon sequestration technology for 6 years and changes it so that more money is rewarded for each ton of carbon captured and eliminates a cap on how many tons were eligible for credits (it was 75 million tons). Division E: Health and Human Services Extenders Title I: Extends the authorization for the Children's Health Insurance Program through 2027 and adds $48 million per year for 2023-2027 for enrollment assistance. Title II: Extends Medicare programs Sec. 50302: Authorizes voluntary telehealth appointments for people receiving at-home dialysis treatments for end state renal disease, as long as they see a doctor in-person every 3 months. Sec. 50321: Expands a test program, which began in 2015 with 7 States, to all States. The program allows privately administered Medicare Advantage plans flexibility to design custom insurance plans for people with certain chronic diseases. Sec. 50322: Starting in 2020, privately administered Medicare Advantage plans will be able to offer extra benefits for people with chronic health conditions and uniformity requirements will be waived for those plans. Sec. 50323: Starting in 2020, privately administered Medicare Advantage plans can include "telehealth benefits" Sec. 50341: Starting sometime in 2019, some Medicare administrators will be allowed to offer incentives up to $20 to encourage seniors to encourage them to come to appointments with their primary care doctors. The money collected will not be considered taxable income. The Secretary of Health and Human Services can cancel this program at any time for any reason. Sec. 50412: Increased criminal and civil fines for Federal health care program fraud Sec. 50502: Updates the abstinence education program and increases funding from $50 million to $75 million in 2018 and 2019 Sec. 50711: Creates a program funding State efforts to provide mental health care, substance abuse treatment, and parenting counseling to parents in order to prevent their children from being placed in foster care. Sec. 50712: Allows foster care payments to be given to licensed residential treatment facilities if the facility welcomes the child to live with its parent as long as the facility provides parenting classes and family counseling. Sec. 50745: Requires States to require every child-care institution to run fingerprint-based checks of national crime information databases on any adult working in their facility. Sec. 50901: Funds Community Health Centers with $3.8 billion for 2018 and $4 billion for 2019 Sec. 52001: Repeals the Independent Payment Advisory Board Title XII: Offsets Sec. 53103: Requires Medicaid to count lottery winnings as income when determining Medicaid eligibility Sec. 53105: Rescinds $985 million from the Medicaid Improvement Fund, which is meant to improve oversight of Medicaid contracts and contractors. Sec. 53107: Reduces pay for outpatient physical and occupational therapists for care their assistant's provide to 85 percent of the rate that would have otherwise been paid. Sec. 53114: Increases the percentage that people who make over $500,000 per year pay for Medicare premiums from 80% to 85%. Sec. 53115: Empty's the Medicare Improvement Fund by eliminating all $220 million. Sec. 53116: Accelerates the closing of the prescription drug "donut hole" for seniors by moving up a decrease in out of pocket prescription costs to 25% by one year - it's now 2019 - and by increasing the percentage that drug manufacturers must discount their drugs from 50% to 70%. Sec. 53119: Cuts $1.35 billion from the Prevention and Public Health Fund over the next 10 years. Division G: Budgetary Effects Exempts the entire law from the PAYGO scorecard and the Senate PAYGO scorecards. Resources Bill Overview: H.J.Res. 45 Pay As You Go Act of 2010 Bill Summary: Pay-As-You-Go Act of 2010 Bill Scorecard: Pay-As-You-Go Act Scorecard August 4, 2017 Budget Notice: 2017 Statutory Pay-As-You-Go Act Annual Report Committee on Finance Report: An Examination of Foster Care in the United States and the Use of Privatization Government Debt Info: The Debt to the Penny and Who Holds It Government Debt Info: Interest Expense on the Debt Outstanding Louisiana State Government: Coastal Protection and Restoration Authority Infrastructure Projects Visual Resources 20 Years of Congress Budget Prograstination in One Chart Sound Clip Sources Senate Remarks: Senator Paul on Budget Cap Increases in Two-Year Budget, C-SPAN, February 8, 2018. Senator Rand Paul: The bill is nearly 700 pages. It was given to us at midnight last night, and I would venture to say no one has read the bill. No one can thoroughly digest a 700-page bill overnight, and I do think that it does things that we really, really ought to talk about and how we should pay for them. Senator Rand Paul: So the reason I’m here tonight is to put people on the spot. I want people to feel uncomfortable. I want them to have to answer people at home who said, how come you were against President Obama’s deficits, and then how come you’re for Republican deficits? Isn’t that the very definition of intellectual dishonesty? If you were against President Obama’s deficits and now you’re for the Republican deficits, isn’t that the very definition of hypocrisy? People need to be made aware. Your senators need to answer people from home, and they need to answer this debate. We should have a full-throated debate. Senator Rand Paul: You realize that this is the secret of Washington. The dirty little secret is the Republicans are loudly clamoring for more military spending, but they can’t get it unless they give the Democrats welfare spending, so they raise all the spending. It’s a compromise in the wrong direction. We should be compromising in the direction of going toward spending only what comes in. And yet this goes on and on and on. Senator Rand Paul: For the umpteenth time, Congress is going to exceed their budget caps. We had something passed back in 2010. It was called PAYGO. It was supposed to say, if you’re going to pay new money, you had to go find an offset somewhere else. You could only pay as you go. It was sort of like a family would think about it. If you’re going to spend some more money, you either got to raise your income or you’ve got to save some money. You know how many times we’ve evaded it since 2010? Thirty-some-odd times. Senator Rand Paul: So the bill’s going to exceed the budget caps by $296 billion. And that’s not counting the money they don’t count, all right? So these people are really, really clever. Imagine them running their fingers together and saying, how can we hide stuff from the American people? How can we evade the spending caps so we can be even more irresponsible than we appear? So, 296 is the official number; about $300 billion over two years that will be in excess of the budget caps. But there’s another $160 billion that’s stuck into something called an overseas contingency fund. The budget caps don’t apply there. So we’re $300 billion for two years over the budget caps; then we’re another 160 billion over the caps—they just don’t count it. They act as if it doesn’t matter; we’re just not going to count it. Senator Rand Paul: The spending bill’s 700 pages, and there will be no amendments. The debate, although it’s somewhat inside baseball that we’re having here, is over me having a 15-minute debate, and they say, woe is me; if you get one, everybody’ll want an amendment. Well, guess what? That would be called debate. That would be called an open process. That would be called concern for your country—enough to take a few minutes. And they’re like, but it’s Thursday, and we like to be on vacation on Fridays. And so they clamor. But we’ve been sitting around all day. It’s not like we’ve had 100 amendments today, we’re all worn out, we can’t do one more. We’re going to have zero amendments—zero, goose egg, no amendments. Senator Rand Paul: So over the past 40 years, four times have we actually done the right thing—passed 12 individual appropriation bills, bundled them together, have a budget, and try to do the right thing. You know, there’s no guarantee that everybody’ll be wise in their spending, but it’s got to be better; it can’t be worse. What do we do instead? It’s called a continuing resolution. We glom all the bills together in one bill, like we’ve done tonight—Republicans and Democrats clasping hands—and nobody’s going to look at it. Nobody’s going to reform the spending. As a consequence, wasteful spending is riddled throughout your government. Only four times in 40 years have we done the appropriation process the way we’re supposed to. Senator Rand Paul: The last thing I’ll get to is something called the debt ceiling. The debt ceiling is something that has been a limitation on how much we spend, and we have to vote on it, and it’s an unpleasant vote. And so they try to either do it for a long period of time or try to stretch it beyond elections. So this bill, the 700-page bill that no one read, that will continue all the spending and will not reform your government and is irresponsible—the one we will pass later tonight—that 700-page bill also allows the debt ceiling to go up. Historically, we would let the debt ceiling—our borrowing limit—we would let it go up a dollar amount. We’d say, well, we’ve got to borrow money, and it looks like we’re going to need a trillion dollars. But you know the way they do it now? It’s like everything else around here: We bend, break the rules, and then somehow there’s a little bit of deviousness to it. The debt ceiling will go up in an unspecified amount. So as much as you can borrow between now and November, go for it. So there is no limitation. The debt ceiling becomes not a limitation at all. Senator Rand Paul: And the media doesn’t even get it. The media does you such a disservice. They can’t even understand what’s going on sometimes. They’re like, bipartisanship has broken out. Hallelujah! Republicans and Democrats are getting along. And in reality, they should be telling you, look for your wallet; check your pants to make sure they haven’t taken your wallet, because when both parties are happy and both parties are getting together and doing stuff, guess what? They were usually looting the Treasury. And that’s what this bill does. It’s going to loot the Treasury. It spends money we don’t have. We will have a trillion-dollar deficit this year. Press Briefing: Presidential Remarks on Federal Spending, C-Span, June 9, 2009.   Community Suggestions Video: The Political Vigilante: Graham Learns About MMT Part 1  Video: The Political Vigilante: Graham Learns About MMT Part 2 See more community suggestions HERE.   Cover Art Design by Only Child Imaginations Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio)

Lynn Nichols Federal Tax Update Podcast March 5, 2018, edition   Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. This week’s topics include:   Formula-Driven Tax Law Provisions Cause Havoc for Businesses Businesses are challenging the efficacy and burden of the formulaic approach that taxwriters adopted in structuring several provisions of the Tax Cuts and Jobs Act. [Tax Notes Today; 2/20/2018; Article by Emily Foster]   Second Circuit Upholds New York’s Donor Disclosure Requirement The Second Circuit, partially affirming a district court, held that a New York state requirement that registered charities disclose donor information doesn’t violate the First Amendment and is not preempted by federal tax law, finding that the requirement doesn’t impermissibly chill speech or act as a prior restraint on donation solicitation. [Citizens United et al. v. Eric T. Schneiderman; CA 2; No. 16‐3310; 2/15/2018  ]   No Debt Cancellation Reporting Required for Write-offs The IRS ruled that a taxpayer is not required to file Forms 1099-C, "Cancellation of Debt," to report discharge of indebtedness because none of the identifiable events listed in reg. section 1.6050P-1(b)(2) occurred. [Letter Ruling 201807008; 11/14/2017]   Interest Expense Deduction Notice Expected in Coming Weeks The Treasury Department plans to issue a notice in the coming weeks tackling some of the biggest issues with business interest expense deductions under the Tax Cuts and Jobs Act. [Tax Notes Today; 2/21/2018; Article by Emily Foster]   Unadjusted Basis Rule Raises Like-Kind Exchange Questions The Tax Cuts and Jobs Act has both raised questions about how the newly restricted like-kind exchange provision will interact with the other changes and placed pressure on definitions connected to the new restriction. [Tax Notes Today; 2/21/2018; Article by Nathan Richman]   Gauging the Height of the Specified Service Business Guardrail Daniel L. Mellor examines the limited guidance available on the key definitional element of the new 20 percent deduction for passthrough income under the Tax Cuts and Jobs Act, specifically, the incorporation of section 1202(e)(3)(A) in defining a “specified service business.” [Tax Notes Today; 2/21/2018; Article by Daniel L. Mellor, JD, LLM]       AICPA Seeks Guidance on Qualified Business Income of Passthroughs Annette Nellen of the American Institute of CPAs has asked for guidance on the section 199A deduction for qualified business income of passthrough entities, asserting that taxpayers and practitioners need clarity to comply with their 2018 tax obligations and to make informed decisions on tax planning issues. [Tax Notes Today; Letter from AICPA to Treasury Officials; 2/21/2018   IRS Set to Accept Returns Claiming Retroactively Renewed Tax Benefits The IRS has announced it is ready to process 2017 tax returns claiming three tax benefits that were renewed retroactively under the Bipartisan Budget Act, but taxpayers who filed earlier in the season and want to claim one of the benefits must use an amended return, which can’t be filed electronically and can take up to 16 weeks to process. [IR-2018-33; 2/22/2018]   IRA Distribution Wasn’t Excludable as Transfer Incident to Divorce The Tax Court held that distributions an individual received from his IRA to make payments to his estranged wife were not excludable from his gross income under section 408(d)(6) as transfers incident to divorce because he did not make a nontaxable transfer of the funds to an IRA in his wife’s name as he was ordered to do by a state court. [Kirkpatrick, John R; T.C. Memo. 2018-20; 2/22/2018   AICPA Offers TCJA Technical Corrections to Taxwriting Committees In a February 22 letter to Senate Finance Committee and House Ways and Means Committee leaders, the American Institute of CPAs suggested technical corrections for the Tax Cuts and Jobs Act, such as changes to the effective date of the net operating loss provision, to the property class life of qualified improvement property, and to the charitable deduction limitation. [Tax Notes Today; AICPA letter; 2/22/2018]

Lynn Nichols Federal Tax Update Podcast Feb. 19, 2018, edition   Listen as Lynn Nichols provides commentary on 10 Items pertaining to current developments in U.S. tax law. This week’s topics include:   Partnership Audit Push-Out Election Comes With Strict Timeline Partnerships pushing out adjustments to partners under the new centralized partnership audit regime must do so within 45 days of receiving a final partnership adjustment, even if they are seeking judicial review. [Tax Notes 2/5/2018, Article by Matthew Madara]     IRS Releases Practice Unit on S Corp Debt Basis Adjustments The IRS released a practice unit on adjustments to an S corporation shareholder’s debt basis in various circumstances, explaining why shareholders must track stock basis and debt basis separately. [SCO/C/53_4_2_2-05 (2016)]     S Corp Shareholder Cannot Skip Bona Fide Indebtedness Test The Tax Court rejected an S corporation shareholder’s argument that the section 1366 back-to-back loan rules eliminated the requirement to demonstrate an actual economic outlay, concluding that proving bona fide indebtedness is essential.   Back-to-Back Loan Regs Do Not Alter Bona Fide Indebtedness Test The Tax Court determined that the IRS properly reduced an S corporation owner’s allowable net operating loss carryback, finding that the controlling test still requires the basis in an S corporation’s debt to have “bona fide indebtedness . . . that runs directly to the shareholder”; the court held that the S corporation’s debt was not bona fide. [Meruelo, Homero F. v. Commissioner; No. 1795-13; T.C. Memo. 2018-16; 2/5/2018]     Corporation Can't Deduct Expenses for Purported Home Office Rental The Tax Court held that a corporation whose sole shareholder and employee was a physician can’t deduct expenses for the purported rental of part of the physician’s home, finding that the corporation failed to prove that it had a bona fide rental arrangement rather than an arrangement to make mortgage payments on the physician’s behalf for his home. [Christopher C.L. Ng MD Inc. APC v. Commissioner; No. 13696-16; T.C. Memo. 2018-14]       Rental Property Expenses Were Not Deductible as Business Expenses The Tax Court, in a summary opinion, sustained the IRS’s determination that a couple’s business expense deductions for expenses incurred to repair their commercial rental property were depreciable capital expenditures, finding that they failed to prove the disputed expenses were for deductible repairs. [Brown, Brandon et ux. v. Commissioner; No. 2809-16S; T.C. Summ Op. 2018-6, 2/5/2018]     Treasury Lists 18 New Priorities to Put Tax Law in Motion Treasury is prioritizing 18 guidance projects, including new rules on passthroughs and electing small business trusts, as part of its plans to implement the Tax Cuts and Jobs Act.  [Tax Notes 2/8/2018; Article by Matthew Madara and Fred Stokeld]     Government Says Reliance on CPA Doesn’t Negate Late-Filing Penalties In a brief for the Fifth Circuit, the government argued that a district court correctly followed the Supreme Court’s decision in United States v. Boyle, 469 U.S. 241 (1985), and held that a couple’s reliance on their CPA to timely e-file their return did not excuse them from late-filing penalties.   Couple Argues They Reasonably Relied on CPA to E-File Return A couple argued in a brief for the Fifth Circuit that they reasonably relied on their CPA to e-file their return so late-filing penalties shouldn’t apply and that the holding in United States v. Boyle, 469 U.S. 241 (1985), that a taxpayer can’t rely on an accountant to timely file a paper return should not be extended to e-filed returns. [Christopher A. Haynes et ux. v. United States; No. 17-50816; 2/18/2018]     W&M Committee Publishes Summary of Budget Bill’s Tax Provisions On February 8 the House Ways and Means Committee released a summary of the tax provisions in the Bipartisan Budget Act of 2018, which include tax relief for victims of hurricanes Harvey, Irma, and Maria and the California wildfires, and extensions of expiring tax provisions. [Summary of Tax Provisions in Bipartisan Budget Act of 2018; 2/9/2018]

The Bipartisan Budget Act of 2018, passed by Congress and signed by the President on February 9th, 2018, contains several noteworthy bright spots in the use of data and evidence-based policy. Those wins suggest there is continuing bipartisan support in Washington for using evidence, data and innovation to improve the results and cost-effectiveness of Federal […] The post Wins for data and evidence-based policy in the bipartisan budget deal: An interview with Nick Hart, Bipartisan Policy Center – Episode #165 appeared first on Gov Innovator podcast.

In this week's episode of Podcast from Washington, Eli Briggs and Ian Goldstein are back after a brief hiatus to discuss the Bipartisan Budget Act of 2018. Found out how much funding Congress will appropriate to public health programs in the FY2018 and FY2019 appropriations budget.  Next, Eli and Ian discuss the President's FY2019 budget proposal that Congress has said is "dead on arrival." Find out what's in the budget proposal along with the proposed cuts to the CDC and HHS.  Finally, Eli and Ian talk about NACCHO's Week of Congressional Action where you can find out how to get involved in public health advocacy without leaving your local health department!

Should we grade healthcare on the curve? What is the real reason that Allscripts on Azure is a big deal? Why are healthcare startup investors in New York getting antsy? and Stephen Klasko from Jefferson Health welcomes us to a brave new world of digital transformation.

In this week's Tax Credit Tuesday Podcast, Peter J. Lawrence begins with the general news section, where he talks about temporary regulations that the IRS released last week on electing into the partnership audit regime under the Bipartisan Budget Act of 2015. In the low-income housing tax credit section, he shares some stats from the “CDFA Annual Volume Cap Report: Analysis of 2015 Private Activity Bond & Volume Cap Trends.” He also has an update on national efforts to eliminate homelessness among veterans. And he discusses findings from the “Housing is a Foundation: 2016 PAHRC Report.” In new markets tax credit news, he talks about how listeners can provide the CDFI Fund with feedback on its allocation tracking system. In the historic tax credit section, he shares details on the National Park Service's call for comments on its certification application. And he closes out with renewable energy tax credit news, where he discusses a report on how extension of the investment tax credit shifted solar installation forecasts for 2016 and 2017.

In this week's Tax Credit Tuesday Podcast, Peter J. Lawrence begins with the general news section, where he talks about temporary regulations that the IRS released last week on electing into the partnership audit regime under the Bipartisan Budget Act of 2015. In the low-income housing tax credit section, he shares some stats from the "CDFA Annual Volume Cap Report: Analysis of 2015 Private Activity Bond & Volume Cap Trends." He also has an update on national efforts to eliminate homelessness among veterans. And he discusses findings from the "Housing is a Foundation: 2016 PAHRC Report." In new markets tax credit news, he talks about how listeners can provide the CDFI Fund with feedback on its allocation tracking system. In the historic tax credit section, he shares details on the National Park Service's call for comments on its certification application. And he closes out with renewable energy tax credit news, where he discusses a report on how extension of the investment tax credit shifted solar installation forecasts for 2016 and 2017.

Transportation: We all need it, and Congress funded it. In this episode, we take a detailed look into the FAST Act, which funds our national transportation network for the next five years. Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin; click the PayPal "Make it Monthly" checkbox to create a monthly subscription Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! H.R. 22: FAST Act ("Fixing America's Surface Transportation Act) Bill Highlights Division A - Surface Transportation Title I - Federal-Aid Highways Funding level Highways will get an average of 41 billion per year. Private Freight Grants: $500 million can go to private rail freight companies to upgrade rail infrastructure; the Federal share of these projects is capped at 60%. Acceleration of Projects Creates a pilot program that will allow States to conduct environmental reviews, using their own State laws, instead of using the National Environmental Policy Act (NEPA). Capped at 5 States The State can only be approved if the Secretary of Transportation determines the laws of the State are at least as stringent as the Federal requirements. No lawsuits will be allowed, challenging the permit approval, after 2 years. The program will sunset in 12 years Miscellaneous The Department of Transportation will identify national corridors for installation of electric car charging stations and hydrogen, propane, and natural gas refueling stations by the end of 2016. The goal is to have the charging and refueling stations deployed by September 30, 2020. Allows the Department of Transportation to move swallows from under bridges that need fixing until the Interior Department issues final rules. The Secretary of the Interior can suspend the authorization to move the swallows. Title III - Public Transportation Funding level The Mass Transit Account will provide and caps expenditures at an average of $9.7 billion per year. $199 million for positive train control installation, which can be used to pay for up to 80% of the cost. Buy American Requires American steel, iron, or manufactured goods to be purchased, when possible. Title IV - Highway Traffic Safety Provides grants to States in return for their establishment of laws that prohibit texting and driving. Prohibits Federal grant money from funding for State & local programs for checking for motorcycle helmet usage or checkpoints for motorcycle monitoring. Impaired Driving Provides grants to States for implementation of drunk driving laws. Orders a study and report to Congress on marijuana-impaired driving by the end of 2016. Title V - Motor Carrier Safety Drug Test Expansion Allows companies to conduct preemployment and random tests of commercial drivers for alcohol and controlled substances using hair testing as an alternative to urine testing. Allows for religious exemptions Title VI - Innovation Highway User Fees Grants will be provided to States that create user-fee programs for funding the Highway Trust Fund. The goal is to test the design and public acceptance of two or more user fee systems. Private vendors can be used to operate the fee collection systems. The fees collected will not be considered "tolls" Public Access to Research A database of all Department of Transportation research projects will be available on a public website and updated once per year. Title VII - Hazardous Materials Transportation Special permits Speeds up the decision time for special permits for transporting hazardous material by 60 days The decisions will be available to the public "Wetlines" Requires the Secretary of Transportation to kill a proposed rule that would have prohibited the transportation of flammable liquids in the pipes underneath tankers Transportation of flammable liquids by rail Within a year, the Secretary of Transportation has to create regulations to require railroads to report accurate, real-time information about hazardous liquids being transported to the local fusion centers, who will share the information with State and local first responders. Tank cars that do not meet Federal standards can still be used to transport oil and ethanol until 2018 or May 2025, depending on the type of tank car. The Secretary of Transportation can extend the deadlines for up to 2 years The Secretary of Transportation will have 180 days to create regulations to make sure that tank cars modified to meet Federal standards be equipped with insulating blankets that have been approved by the Secretary. Title XI - Rail Funding Levels Amtrak, which owns the tracks and passenger cars operating in the Northeast, will get an average of $519 million per year. For Amtrak operations in the rest of the country, where private freight companies own our tracks, Amtrak will receive an average of $1 billion per year. Food and Beverage Reform Amtrak will have 90 days to develop a plan to eliminate the operating loss associated with offering food and beverages on Amtrak trains in a way that doesn't eliminate any Amtrak employee positions Amtrak will be cut off from Federal funds to cover food and beverage related operating losses in December 2021. Pets on Trains Amtrak will have one year to launch a pilot program allowing dogs and cats on trains Gulf Coast Rail A working group will be created and have nine months to develop a recommendation for the best option for restoring intercity rail passenger transportation between New Orleans, LA and Orlando, FL. Privatizing long distance routes The Secretary of Transportation will have to create a pilot program by mid-2017 that will allow non-Amtrak companies to operate up to 3 long distance passenger rail routes. The non-Amtrak operator will have control of the route for four years and it can be renewed once for an additional four year period. The operator will be given an operating subsidy for up to 90% of what the government is giving Amtrak. The non-Amtrak operator can be the private company that owns the tracks, another private company that has an agreement with the track owners or the States. The non-Amtrak operator will be given access to Amtrak's reservation system, stations, and operations facilities and will be required to give hiring preferences to the Amtrak employees laid off because of the transfer. Cameras on Trains By the end of 2017, the Secretary of Transportation must create regulations requiring inward and outward facing cameras in the control cabs on all passenger trains Liability Cap Amtrak can not be held liable for more than $295 million for the fatal accident that occurred on May 12, 2015. Title XXIV - Motor Vehicle Safety Recall Information The Secretary of Transportation will have until the end of 2017 to create a public website for easily accessible information on vehicle safety recalls. Information about recalls will have to be sent to consumers electronically in addition to first class mail. There will be a two year pilot program testing the idea of States informing customers of recalls when they register their vehicles. Doubles the amount of time consumers get to have their recalled tires replaced from 60 days to 180 days. Rental Car Safety Rental car companies with more than 35 cars can sell, lease, or rent out cars only after they have fixed whatever was recalled. They can continue to rent out the cars until the solution is available, if it is not immediately available at the time they are notified. Motor Safety Violation Penalties Increases the penalties from $5,000 per violation to $21,000 per violation, capped at $105 million. Driver Privacy Information from a car's event data recorder can only be accessed by someone other than the owner or lessee if it's authorized by a court, is provided willingly by the owner/lessee, is needed for emergency response purposes, or is for traffic safety research and the personally identifiable information is hidden. Tires The Secretary of Transportation will create regulations for tire fuel efficiency minimum performance standards, taking steps to ensure that wet traction functionality is not effected. Creates a publicly searchable electronic database for tire recall information Whistleblowers If a whistleblower gives credible and unique information about a safety problem to the Secretary of Transportation that results in sanctions, the whistleblower can get between 10 and 30 percent of the award. Title XXXII - Offsets Passport Denials for Tax Delinquencies If a person has a seriously delinquent tax debt over $50,000, the Secretary of State must deny new passports and can revoke, or limit existing passports. Privatize Tax Collection Forces the Treasury Secretary to issue at least one contract for tax collection services by April 2016. Customs Fees Increases a list of customs fees every year with inflation. Federal Reserve Funds Limits the amount of money that can be held by the Federal Reserve banks to $10 billion and transfers the remainder to the general fund of the Treasury. Adjusts dividends for Federal Reserve stockholders to the lower of the rate of the 10 year Treasury notes or 6 percent Strategic Petroleum Reserve Requires the Secretary of Energy to sell at least 66 million barrels of oil from the Strategic Petroleum Reserve and deposit the money into the general fund of the Treasury. The amount sold may be increased at the discretion of the Energy Secretary until the revenue totals $6.2 billion. Crop Insurance Profits Repeals a part of the Bipartisan Budget Act that caps the returns for crop insurance providers at 8.9% Oil & Gas Royalties Eliminates interest payments that oil and gas companies could accrue on overpayments. PAYGO Scorecard The effects of this law on the budget will not be counted Title LI - Taxpayer protection provisions and increased accountability Export-Import Bank Reauthorizes the Export-Import bank until September 30, 2019 and reduces the amount of loans, guarantees, and insurance the Export-Import bank can have outstanding to $135 billion (from $140 billion). Requires the Export-Import bank to hold 5% of it's funds in reserve to protect against losses. Requires independent audits of the Export-Import bank's portfolio Creates a pilot program that allows the Export-Import Bank to enter into contracts to "share risks". The amount of liability allowed to be transferred is capped at a total of $10 billion. Title LV - Other Matters Environmental Law Waivers In an emergency during which there is a sudden increase in energy demand - which includes during a war that the United States is involved in - "any party" that follows an order to generate electricity can not be sued for violating "any Federal, State, or local environmental law or regulation". The order that allows immunity for breaking environmental laws will expire in 90 days, but the order can be renewed as the Federal Energy Regulatory Commission "determines necessary to meet the emergency and serve the public interest." If the emergency order is set aside by a court, the immunity remains. Strategic Transformer Reserve The Secretary of Energy will have one year to create a plan to store spare large power transformers and substations that are critical infrastructure or support military installations. Title LXXI - Improving Access to Capital for Emerging Growth Companies Makes it easier and faster for a company that makes under $1 billion per year to offer stock to the public. Title LXXII - Disclosure Modernization and Simplification Reduces paperwork for companies that make under $1 billion per year and want to offer stock to the public. Title LXXIII - Bullion and Collectible Coin Production Efficiency and Cost Savings Removes the requirement that collectable coins be 10% copper Title LXXIV - SBIC Advisors Relief Investment advisors who solely advise small business investment companies will be able to be excluded from registration requirements even if they are managing assets over $150 million (current limit for exemption from registration requirements). Title LXXV - Eliminate Privacy Notice Confusion Banks will not have to mail privacy notices to their customers if they haven't changed their policies since the last disclosure was sent. Title LXXVI - Reforming Access for Investments in Startup Enterprises Allows privately held shares to be sold to "accredited investors" without registering the securities with the Securities and Exchange Commission. Title LXXXII - Capital Access for Small Community Financial Institutions Allows privately insured credit unions to become members of Federal Home Loan Banks if they are FDIC eligible or are certified by the State If the State doesn't get to it in under 6 months, the application is deemed approved. Title LXXXIII - Small Bank Exam Cycle Reform Doubles the size of a bank that counts as a "small bank" from banks that have less than $500 million to banks that have less than $1 billion for the purpose of allowing those banks to have on-site examinations by regulators every 18 months instead of every year. Sound Clip Sources Hearing: House Rules Committee Meeting on Highway Bill Amendments-Part 1, November 3, 2015. Hearing: House Rules Committee Meeting on Highway Bill Amendments, Part 2, November 3, 2015. Hearing: Federal Railroad Administration Confirmation Hearing, Senate Commerce, Science, and Transportation Committee, September 17, 2015 Hearing: Positive Train Control, House Transportation Subcommittee on Railroads, Pipelines, and Hazardous Materials, June 24, 2015. Hearing: Amtrak Derailment, House Transportation and Infrastructer Committee, June 2, 2015. Recommended Congressional Dish Episodes Congressional Dish Episode 99: April Takes a Turn By Jennifer Briney, June 27, 2015 Congressional Dish Episode 73: Amtrak, By Jennifer Briney, June 24, 2014 Congressional Dish Episode 62: The Farm Bill By Jennifer Briney, February 8, 2014. Reports Federal Public Transportation Program: In Brief By William J. Mallett, December 28, 2015. Congressional Budget Office: H.R. 22, the FAST Act, December 2, 2015. Additional Reading Article: Rental companies now have to repair recalled cars By Chris Isidore, CNN Money, June 1, 2016. Article: NTSB: Philly Amtrak crash engineer’s fault By Bill Cummings, CtPost, May 17, 2016. Article: With RAISE Act, Congress Paves Way For Private Secondary Markets By Shriram Bhashyam, TechCrunch, December 20, 2015. Article: Highway Bill Restores Crop Insurance Funding Cut in Budget Deal, Insurance Journal, December 4, 2015. Article: Fewer Taxpayer Giveaways Would Cut The Fat, Not ‘Cripple’ Crop Insurance By Shannon Van Hoesen, Environmental Working Group, December 3, 2015. Article: FAST Act (H.R. 22): Surface Transportation Conference Report Released By Robert S. Kirk, December 2, 2015. Article: $305B highway bill taps Fed, oil reserves By Keith Lang, The Hill, December 1, 2015. Article: Congress votes to delay rail safety mandate by 3 to 5 years, fund transportation programs By Joan Lowy, U.S. News and World Report, October 28, 2015. Article: Ag Committee Leaders Stand United Against Reopening Farm Bill to New Crop Insurance Cuts By Meghan Cline, United States Senate Committee on Agriculture, Nutrition, and Forestry, October 27, 2015. Article: 'Devastating' crop insurance cut sends lawmakers scrambling By Philip Brasher, Agri-Pulse, October 27, 2015. Article: Rail-safety deadline extension hitched to must-pass bill on transit funding By Ashley Halsey III and Michael Laris, The Washington Post, October 27, 2015. Article: Deadline for train safety technology undercut by industry lobbying By Ashley Halsey III and Michael Laris, The Washington Post, October 25, 2015. Article: Stop pretending you know what the Export-Import Bank is By Simone Pathe, PBS, September 15, 2014. Article: REUTERS SUMMIT-U.S. Ex-Im bank would back Airbus sales -Hochberg By Alwyn Scott and Tim Hepher, Reuters, September 10, 2014. Article: CARGO TANK TRUCKS: Improved Incident Data and Regulatory Analysis Would Better Inform Decisions about Safety Risks By Susan A. Fleming, U.S. Government Accountability Office, September 11, 2013. Article: How the cult of shareholder value wrecked American business By Steven Pearlstein, The Washington Post, September 9, 2013. Article: NTTC Asks LaHood to Halt Rulemaking On Wetlines Procedures, Tanker Design By Timothy Cama, Transport Topics, October 10, 2011. Article: Hazardous Materials: Safety Requirements for External Product Piping on Cargo Tanks Transporting Flammable Liquids By Pipeline and Hazardous Materials Safety Administration, January 27, 2011. Additional Information U.S. Department of Homeland Security Budget-in-Brief Fiscal Year 2016 U.S. Department of Transportation Federal Aviation Administration Budget Estimates, Fiscal Year 2016 Metra Website: Positive Train Control Joint Explanatory Statement explaining the FAST Act OpenSecrets: Profile of National Tank Truck Carriers Inc OpenSecrets: Top Contributors to Chairman of the House Transportation Committee, Bill Shuster OpenSecrets: Top Contributing Industries for Chairman of the House Transportation Committee, Bill Shuster OpenSecrets: Career Profile for Rep. Steve Stivers of Ohio's 15th district Website: Federal Energy Regulatory Commission Website: Export-Import Bank of the United States Website: Risk Management Agency/U.S. Department of Agriculture: Crop Insurance Providers List for 2016 Website: Department of Transportation Fact Sheet Website: United States Department of Transportation, Bureau of Transportation Statistics: Transportation Fatalities by Mode YouTube: 9/11 hijackers at Dulles Airport, October 3, 2008. Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Cover Art Design by Only Child Imaginations

With the Bipartisan Budget Act of 2015, lawmakers closed the loophole that allowed a worker to file for social security benefits and then suspend payments—while his or her partner collected the spousal benefit. How might these changes impact your social security benefits? How can you maximize the amount you receive from the government? And how are social security benefits calculated in the first place? Gayle Lob is the President and CEO of Lob Planning Group. With 29 years of experience in financial planning, investment management and insurance, she is adept at helping people manage life transitions and plan for financial security and independence. Gayle is also an authority in the realm of social security benefits, and she has shared her expertise on CNBC, CNN and Fox 5 New York. Today, Gayle joins Katherine to explain the new rules around social security that came with the passage of the Bipartisan Budget Act, specifically focusing on the elimination of the file-and-suspend strategy. She offers insight into why it’s beneficial to wait as long as possible before you start collecting and why you should consider inflation in the process of retirement planning. Listen in to understand the rules of collecting the spousal share on an ex and learn how social security benefits are calculated—and where to go to verify your earnings record! Topics Covered Why Gayle recommends waiting as long as possible to collect social security • Start at 62, collect max of $2K/month • 25% increase if wait until age 66 • Additional 8% increase every year to 70 • Potential to double income The rules around collecting social security on an ex-spouse How the rules changed with the passage of the Bipartisan Budget Act Who is still eligible to employ the file-and-suspend strategy and who is not Why you should take inflation into consideration in retirement planning The generous rules around claiming early for widows and widowers The lack of formalized rules in social security for same sex marriages How social security benefits are calculated based on your highest 35 earning years Why it’s important to make sure your earnings record is accurate Connect with Gayle Lob Lob Planning Group: http://www.lobplanning.com/ Call (914) 428-6440 Resources Bipartisan Budget Act of 2015: https://www.ssa.gov/legislation/Bipartisan%20Budget%20Act%20Closes%20Social%20Security%20Loophole%20updated.pdf ‘Retiring After 65 May Help People Live Longer’ in the Wall Street Journal: https://www.wsj.com/articles/retiring-after-65-may-help-people-live-longer-1462202016 Social Security Website: https://www.ssa.gov/ Connect with Katherine Miller The Center for Understanding Conflict: http://understandinginconflict.org/ Miller Law Group: https://westchesterfamilylaw.com/ Katherine on LinkedIn: linkedin.com/in/kemiller1 The New Yorker’s Guide to Collaborative Divorce by Katherine Miller: https://www.amazon.com/New-Yorkers-Guide-Collaborative-Divorce/dp/0692496246 Email: katherine@westchesterfamilylaw.com Call (914) 738-7765

Summary: On this episode of the Prosperity Podcast, we're proud to welcome a new guest, Gina Wells, President of an Advanced Capital Group in Detroit. Gina Wells is an expert of financial planning and social security, so today we talked about new social security laws introduced in Congress's Bipartisan Budget Act. Understanding social security and planning for your retirement is a huge part of anyone's financial health, so make sure you don't miss this episode of the Prosperity Podcast! Also, make sure to call Gina Wells at 801-579-5808 to take receive a free, 6 page social security report for just for you. And of course, don't hesitate to reach out to us at welcome@partners4prosperity.com, with all your questions, comments, and concerns. We'd love to hear from you! Show notes: 0:00 Intro 0:31 Introducing Gina Wells, President of Advanced Capital Group 2:01 Understanding New Social Security Laws 3:02 Finding Your Social Security Earnings Record: Visit www.socialsecurity.gov/myaccount to understand your estimated benefits 3:45 Important New Dates to Know with Social Security 5:25 What Is a File and Suspend Rule? 11:03 How to Find Your Free 6 Page Customized Social Security Report Come prepared with your most recent social security report that you can find here Call Gina Wells at 810-579-5808 Be prepared to talk longevity, assets, family circumstances etc. Receive your free, completely customized, 6 page social security report! 12:51 The New Social Security: No Guarantees - What Does That Mean For You? 15:39 Outro  

Government shutdown ahead! On December 11th, the government is scheduled to run out of money. In this episode, hear the story of how we ended up on the brink of a shutdown (again) and what you can expect in the next few weeks (hint: A huge must-sign bill that includes lots of corporate favors). We also take a look at the Bipartisan Budget Act of 2015, signed into law in November, which raised the debt ceiling and set the overall budget amount for the giant government funding bill to come. Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin; click the PayPal "Make it Monthly" checkbox to create a monthly subscription Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Bipartisan Budget Act Outline H.R. 1314: The Bipartisan Budget Act of 2015 Budget Enforcement Cancelled the sequester for 2016 and 2017 Spending levels 2016: $548 billion for security, $518 billion for non-security 2017: $551 billion for security, $518 billion for non-security War spending levels ("Overseas Contingency Operations") 2016 & 2017 $59 billion for "National Defense" $15 billion for "International Affairs" Agriculture Caps the rate of return for private insurance providers at 8.9% of the premium through 2026. For context, please listen to CD062: The Farm Bill Commerce Allows robo-calls to cell phones for collecting US government debts Strategic Petroleum Reserve Orders the sale of oil from the Strategic Petroleum Reserve. 5 million barrels a year through 2022 8 million barrels in 2022 10 million barrels a year from 2023 through 2025 Pensions Increases pension fund premiums that employers must pay starting in 2017. Health Care Reduces 2016 premiums for Medicare Part B by adding a $3 surcharge for future years. Charges drug manufacturers a rebate if they increase their prices for generic drugs more than the rate of inflation. Starting on January 1, 2017, Medicare will pay the same rate for services provided in a hospital and services provided outside the hospital. Facilities that were billing as hosptitals before the enactment of this law are exempt. Repeals the automatic enrollment of employees in employer provided health insurance plans. Judicial Increases penalties for health care providers accused of fraud in the Medicare and Medicaid system. Permanently cancels $1.5 billion in the Crime Victims Fund Eliminated $746 million in civil forfeiture money from the Justice Department piggy bank. Social Security Expands "disability investigation units" with partner with local law enforcement to ensure they exist in all 50 states and all territories. Increases penalties for social security fraud Eliminates the "file and suspend" option for social security benefits Temporary extension of public debt limit Suspends the debt ceiling until March 16, 2017. Spectrum Pipeline Creates a plan for auctioning federal wireless spectrum to telecommunications corporations by January 2022. Revenue provisions related to tax compliance Changes the IRS audit rules for large corporations, hedge funds, and private equity funds. Audio Sources Hearing: Rules Committee Hearing Senate amendment to H.R. 1314, House Rules Committee, October 27, 2015. Additional Reading Article: Congress avoids government shutdown by Ted Barrett and Deirdre Walsh, CNN, September 30, 2015. Article: Budget Pact Raids Victims Fund by Devlin Barrett, The Wall Street Journal, November 1, 2016. Article: Federal budget clears crop insurance hurdle by Wes Wolfe, The Free Press, November 3, 2015. Article: Bipartisan Budget Act of 2015 changes audit rules for private equity and hedge funds by Karl Fryzel and Michael Conroy, Lock Lord LLP, November 3, 2015. Article: Budget Deal Gives Debt Collectors Authority to 'Robocall' Cellphones by John Schoen, CNBC, November 5, 2015. Article: Budget deal raises stakes for false claims, civil monetary penalties by Lisa Schencker, Modern Healthcare, November 9, 2015. Article: Social Security, Medicare changes are coming with new budget law by Robert Powell, USA Today, November 28, 2015. Article: Pelosi spurns Ryan's opening bid, mulls counteroffer by Jake Sherman and John Bresnahan, Politico, December 2, 2015. Sources Report: Estimate of the Budgetary Effects of H.R. 1314, the Bipartisan Budget Act of 2015, Congressional Budget Office, October 28, 2015. Report: How the Bipartisan Budget Act of 2015 Changes Social Security Claiming Strategies Social Security Solutions, November 5, 2015. Report: What's in Store for Medicare's Part B Premiums and Deductible in 2016, and Why? by Juliette Cubanski and Tricia Neuman, The Henry J. Kaiser Family Foundation, November 11, 2015. Newsletter: Congress Takes Step Toward Site-Neutral Medicare Payments in Bipartisan Budget Act of 2015, McDermott, Will & Emery, October 29, 2105. Webpage: Budget Functions Webpage: American Crossroads/Crossroads GPS by Zachary Paiker, FactCheck,org, February 7, 2014. Webpage: Priorties USA/Priorties USA Action by Rachel Finkel, FactCheck.org, March 3, 2014. Webpage: Telecom Services & Equipment: Long-Term Contribution Trends, Opensecrets.org Jen's Podcast Appearance Lions of Liberty Podcast: December 7, 2015 episode Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Cover Art Design by Only Child Imaginations

A RetireMentors column of mine from July 2014 regarding a Social Security loophole’s huge windfall opportunity, discussed a relatively unknown application of the file-and-suspend strategy whereby single individuals could, in effect, insure their retirement benefits. The file-and-suspend strategy was effectively eliminated by the Bipartisan Budget Act of 2015 that was signed by President Obama on […] The post Social Security loophole’s windfall opportunity repealed appeared first on Retirement Income Center.

A RetireMentors column of mine from July 2014 regarding a Social Security loophole’s huge windfall opportunity, discussed a relatively unknown application of the file-and-suspend strategy whereby single individuals could, in effect, insure their retirement benefits. The file-and-suspend strategy was effectively eliminated by the Bipartisan Budget Act of 2015 that was signed by President Obama on […]

The Bipartisan Budget Act of 2015 that was fast-tracked (think bullet train) and passed by Congress last week and signed by President Obama yesterday includes provisions that will permanently reduce Social Security benefits for millions of people. The bill comes on the heels of Social Security Administration’s October 15th announcement that there will be no […] The post Social Security Benefits Take Another Hit appeared first on Retirement Income Center.

The Bipartisan Budget Act of 2015 that was fast-tracked (think bullet train) and passed by Congress last week and signed by President Obama yesterday includes provisions that will permanently reduce Social Security benefits for millions of people. The bill comes on the heels of Social Security Administration’s October 15th announcement that there will be no […]

A review of the week's major US international tax-related news. In this edition: IRS releases final FACTA foreign financial institution agreement in Rev. Proc. 2014-10 -- President Obama signs Bipartisan Budget Act of 2013-- Finance Committee Chairman Max Baucus formally nominated to be next US ambassador to China.

A review of the week's major US international tax-related news. In this edition: Senate passes Bipartisan Budget Act of 2013-- W&M Chairman opposes increase in capital gains rate -- Finance Committee Chairman to be named next US ambassador to China -- No tax extenders legislation this year -- US signs 6 FATCA IGAs.