Day: February 5, 2015

The Internal Revenue Service (IRS) has issued guidance indicating that health reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties. The IRS issued Notice 2013-54 (http://www.irs.gov/irb/2013-40_IRB/ar11.html), offering guidance on the effect of the ACA on certain health care arrangements. Although the guidance also addresses flexible spending … Read more

Since the time this Alert was written, the AICPA has announced that the IRS and Treasury are considering the AICPA’s recommendations to provide relief from the reporting requirements related to the repair regulations. The AICPA stated that it is “hopeful” that the IRS and Treasury “will release some form of relief for small businesses in … Read more

As you may know, SSARS No. 21 is effective for engagements on financial statements for periods ending on or after December 15, 2015, but early implementation is permitted. CAMICO offers its policyholders SSARS No. 21-compliant engagement letters that are available on the Members-Only Site under the Engagement Letter Resource Center. In addition, CAMICO has made … Read more