Jeffrey M. Rosenblum, P.C.
A Fresh Start

March 2014 Archives

Proposed measures address surprise medical billing in New York

It's no secret that health insurance, medical care and medical billing are a circuitous mess in the United States. One particularly burdensome problem is that many patients are billed for medical care that isn't covered by their insurance plans. Such care is called out-of-network care, and unfortunately patients don't always know when they are receiving out-of-network services.

U.S. SUPREME COURT RULES THAT SEVERANCE PAY CAN BE TAXABLE

"(Bloomberg) The U.S. Supreme Court decided in favor of the Obama administration in a dispute over taxes on severance compensation, overturning a lower court decision that could have forced the IRS to refund more than $1 billion.The court said payments to laid-off workers are subject to Social Security and Medicare taxes under the Federal Insurance Contributions Act, or FICA. It was a victory for the Internal Revenue Service, which has been fighting more than 2,400 refund claims from companies and their ex-employees.

IRS ISSUES GUIDANCE OF TAX PRINCIPALS THAT APPLY TO TRANSACTION USING VITUAL CURRENCY (BITCOIN)

The Internal Revenue Service announced today that it is aware that "virtual currency" may be used to pay for goods or services, or held for investment. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like "real" currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

IRS Has $760 Million for People Who Have Not Filed a 2010 Income Tax Return

The IRS announced today that refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014."The window is quickly closing for people who are owed refunds from 2010 who haven't filed a tax return," said IRS Commissioner John Koskinen. "We encourage students, part-time workers and others who haven't filed for 2010 to look into this before time runs out on April 15."

Outstanding medical bills could pave road to financial ruin

There are many ways in which New York residents could find themselves in a big financial hole. Spending on credit cards can quickly spiral out of control with interest charges and late fees, for example. Moving money around to pay credit card bills could leave you short on a mortgage payment; continual nonpayment of mortgage payments could send you down the road to foreclosure.

Reminder To Home-Based Businesses: Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500

The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home.The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.

Some important facts you should know about bankruptcy

Financial challenges are part of the daily lives of Nassau County, New York, residents. Some may be facing insurmountable debts stemming from student loans, unpaid credit card charges, personal loans or medical expenses. These debts weighing down New Yorkers may not have been the result of poor decision making. A sudden twist of fate or unexpected life changes can simply drive a person into huge debt. The only question left: Is there a way out of these financial challenges?