Marcum LLP and Marcum Financial Services LLC have formed a joint Healthcare Reform Task Force to assist clients in understanding and complying with the provisions of the Patient Protection & Affordable Care Act (PPACA). The task force joins the expertise and experience of leaders from both Marcum companies, to provide consulting services and educational programs tailored to the specific needs of employers and healthcare organizations, as well as individuals.
"Although the 'play or pay' penalties have been extended until 2015, certain compliance deadlines, including research fees, are already coming due. Clients are on the front end of the learning curve regarding implementation of the Act and how it applies to them, including how the new fees will impact their insurance costs, their obligations based on size classification, the relative merits of traditional coverage versus healthcare exchanges, and a whole host of other complex questions. Regardless of size, clients will need to analyze their plan designs, employee populations and employee eligibility under the exchange system, and identify compliance issues," said Martin A. Haitz, III, vice president, Corporate Benefits, Marcum Financial Services, and co-manager of the Healthcare Reform Task Force.
"We expect to see formal guidance on the transition and proposed rules for information reporting very shortly. The proliferation of electronic data has made patient records extremely difficult to manage. The potential claims are very severe financially, so healthcare providers have become increasingly proactive, with zero tolerance internally. Self-reporting can reduce some penalties, so internal audits are critical to identifying potential exposure. New Medicare initiatives to recapture substantial dollars present further challenges for the provider community," said Michael F. D'Addio, Tax & Business Services principal in Marcum LLPs New Haven office and co-manager of the Healthcare Reform Task Force.
"There also continues to be much discussion about repealing various portions of the Affordable Care Act, including the Medical Device Excise Tax. Unless and until the excise tax is repealed, compliance is mandatory. Yet manufacturers, producers and importers may still be unaware that they are subject to the 2.3 percent tax on the sale of medical devices and fail to file the Quarterly Federal Excise Tax Return. These and other complex aspects of the Act make client education essential for compliance," Mr. D'Addio said.
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Michael D. Feinstein, an assurance partner in the Los Angeles office of Marcum LLP, has been appointed chair of the Accounting Principles & Auditing Standards Committee of the California Society of Certified Public Accountants (CalCPA), the largest statewide professional association of CPAs in the U.S. He will serve a two-year term.
The committee reviews proposed U.S. and international accounting and auditing standards and provides comments to industry regulators. Among several emerging projects, the Committee is monitoring the development of a less complex set of accounting and disclosure standards for non-public companies by the Financial Accounting Standards Board.
Mr. Feinstein specializes in all aspects of SEC and non-SEC accounting matters with a focus on the implementation of Sarbanes-Oxley Act requirements. Working closely with public and privately held businesses he has assisted clients with strategic planning mergers and acquisitions joint ventures capital access operations audits special investigations and litigation consulting activities.