Well, you had better. It is the Patient-Centered Outcomes Research Institute, and it is a new fee under the Affordable Care Act.
And it is a nit-picking little fee filed on IRS Form 720 for any employer with a self-funded plan. Form 720 is a 6-page form that was originally intended to be an excise tax on gasoline and other gasoline type products. It is filed quarterly, but for PCORI it is filed annually in the second quarter.
You need to count up the number of covered persons (including dependents), and if your plan year ended on or before 10/1/13 you owe $1.00 per person, and $2.00 per person for years ending on or before 10/1/14. However, a plan ending March 31, 2015 does not have to file until July 2016. Yes, 16 months later. And the definition in the official instructions does not easily interpret this. We had to get it in writing from the insurance company. Continue reading
During May 2014, I was asked to give a presentation about Business Development to networking group, IBO.
In order to keep everyone’s attention I decided to go off-beat. The first thing I produced was a piece of wood, 9 inches by 12 inches and asked them to guess as to what its primary use was. And inside of one minute, someone called out that it looked like a board one breaks with their fist. The right answer.
I then asked what the correlation could be between this board and business development. That answer is quite abstract, as well as practical.
Hopefully, most of you are aware that I write a blog, and that one of my favorite topics is how scams operate.
Recently, I have written about scams that involve the Internal Revenue Service.
Well, recently they tried it on my office. When I got back after a breakfast meeting, there was a message that a Mr. DM had called from the IRS and left his phone number. He was a “Case Consulting Officer” and needed to discuss discrepancies in my own tax return. The individual who called demanded that I return the call immediately. Continue reading
Posted in Consumer Protection, Howard Lipset, IRS, Protect Your Personal Data
Tagged Avoiding Being Scammed, consumer protection, Fraud, Howard Lipset, Internal Revenue Service Scam, IRS, IRS Impersonation Scam, Progressive Management
There are few who will disagree with the fact that, in recent years, the governmental bureaucracy has grown dramatically while its efficiency has deteriorated in an equally dramatic manner.
From 1952 to 1972, the cost of the public payroll multiplied more than fourfold, from $35 billion to $150 billion. The 330% increase over that period exceeds the 247% growth of employee compensation in private industries ($161 billion to $557 billion). In 1952, the average worker in private employment earned 5% more than his counterpart in government. By 1972, he had fallen 10% behind. Continue reading
Posted in Career, Howard Lipset, IRS, taxes
Tagged financial education, government bureaucracy, government jobs, governmental bureaucracy, Howard Lipset, inefficient government bureaucracy, IRS, Progressive Management
What you do not understand can make you poorer.
I have a client who delivered to me a series of transactions and documents in one email.
The first concerned the deposit of a cashier’s check on a bank in Ohio. The second, an email from the agent who sent the check, requesting their commission payment by wire transfer immediately. The agent explained to my client that since the cashier’s check would be available immediately, that there was no problem sending the wire immediately, as well.
The Affordable Care Act (ACA) calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment (this is the penalty tax) when filing his or her federal income tax return.
You may be exempt from the requirement to maintain qualifying health insurance coverage, called minimum essential coverage, and may not have to make a shared responsibility payment when you file your next federal income tax return.
Posted in Howard Lipset, IRS, Loan
Tagged Health Insurance Coverage Exemption, Healthcare Mandate, HealthMinimum Essential Coverage Exemption, Howard Lipset, Individual Shared Responsibility Provision, IRS, Marketplace, Minimum Essential Coverage, Obamacare, Progressive Management, The Affordable Care Act (ACA)
The Federal Trade Commission (FTC) announced a new email scam targeting small businesses.
The FTC is warning small businesses not to open emails with the subject line “Pending consumer complaint” claiming to be from the government agency. The email falsely states that a complaint has been filed with the FTC.
The FTC does not contact anyone via email.
The difference between a small business simply getting by or forging forward may be that they should be increasing their overhead in the right places.
If a business owner is spending more than five hours a month on any particular function, they must consider outsourcing the work. In today’s world, many functions performed by specialized departments in large corporations are available to small business from small companies. Continue reading
Posted in Cost, Howard Lipset, Small business
Tagged business, finances, Howard Lipset, Increase Profits, Outsourcing Banking and Mortgages, Outsourcing Bookkeeping, Outsourcing Financial Adminstration, Outsourcing Financial Advisor, Outsourcing Human Resources, Outsourcing Payroll, Outsourcing Taxes, Progressive Management, Small business, Small Businesses Outsourcing
And it is doing it in ways you never imagined.
Yes, we want to be able to use our GPS functions and get directions, but are you aware that some of your apps are tracking you as well?
Apps like Evernote and Dictation are logged into your GPS. Why do you need that? Every bank app I have is logged into my GPS. I don’t need to know where the nearest ATM is. I can search by zip code if I have to.