The Treasury Inspector General for Tax Administration recently released a report examining the Internal Revenue Services' planning efforts for new requirements around tax-exempt hospitals called for by the Patient Protection and Affordable Care Act.
The PPACA places additional reporting requirements on tax-exempt hospitals and requires the IRS to perform compliance reviews at least once every three years on these hospitals to ensure they report community benefit activities. The PPACA also requires the IRS, along with HHS, to present an annual report to Congress on the level of community benefit provided by tax-exempt and other hospitals along with the costs incurred for performing the community benefit activities.
The Treasury Inspector's audit found that the IRS' TE/GE Division had completed 570 (34 percent) of the 1,700 tax-exempt hospital compliance reviews it expects to finish before the end of the year. The Division also began gathering data on hospitals' financial assistance and community benefit activities through its new Form 990 Schedule H, which it will analyze, along with HHS, for the annual report to Congress.
AHA, HFMA Submit Comments on IRS' Schedule H Changes
IRS Releases Proposed Community Health Needs Assessment Guidance, Seeks Comment
The PPACA places additional reporting requirements on tax-exempt hospitals and requires the IRS to perform compliance reviews at least once every three years on these hospitals to ensure they report community benefit activities. The PPACA also requires the IRS, along with HHS, to present an annual report to Congress on the level of community benefit provided by tax-exempt and other hospitals along with the costs incurred for performing the community benefit activities.
The Treasury Inspector's audit found that the IRS' TE/GE Division had completed 570 (34 percent) of the 1,700 tax-exempt hospital compliance reviews it expects to finish before the end of the year. The Division also began gathering data on hospitals' financial assistance and community benefit activities through its new Form 990 Schedule H, which it will analyze, along with HHS, for the annual report to Congress.
Related Articles on Tax-Exempt Hospitals:
Hospital Tax-Exempt Status: Considerations Regarding Maintaining Exempt StatusAHA, HFMA Submit Comments on IRS' Schedule H Changes
IRS Releases Proposed Community Health Needs Assessment Guidance, Seeks Comment