< Back to Thought Leadership

CMS to Begin Enforcing Accounting Classification Rule for Crossover Bad Debts

On April 4, CMS announced that for cost reporting periods beginning on or after October 1, 2019, providers must comply with a “longstanding” rule to claim reimbursement for crossover bad debts from the Medicare program. After this point, providers will be denied reimbursement for their crossover bad debts unless the underlying balances are logged to a bad debt expense account in their financial accounting records.

For more details, please review the announcement from CMS here.

If you have questions about how this affects your organization or how to ensure you are compliant by the October 1 deadline, please contact Dan Rice at drice@blueandco.com.

Proposed Accounting Standards Update (ASU) “Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets”

Proposed Accounting Standards Update (ASU) “Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets”

On February 10, 2020, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update (ASU) “Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets” designed to improve transparency in how not-for-profit organizations present and disclose contributed nonfinancial assets. Also known as gifts-in-kind, contributed nonfinancial assets include fixed assets such as land, buildings, and […]

Learn More
Do your rental activities qualify you as a real estate professional for tax purposes?

Do your rental activities qualify you as a real estate professional for tax purposes?

By Alan Zgoda For Real Estate Professionals (REPs), two of the most important questions asked for tax purposes are, “Did I materially participate?” and “Is this a rental activity or not?” For better or worse, the answers to these questions can completely change how you are treated for tax purposes. In 2019, two court cases […]

Learn More
PARTNERSHIP CAPITAL ACCOUNTS_ 2018 CHANGES AND NOTICE 2019-66 (1)

Partnership Capital Accounts: 2018 Changes and Notice 2019-66

By Miranda Aavatsmark Who has not frantically awoken from a bad dream in the middle of the night and been relieved to realize that it was not real? I have a reoccurring dream (nightmare) that I either have to go back to college and retake classes or sit for the CPA exam again. I used […]

Learn More