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The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
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Signed into law Friday, the 2010 Tax Relief Act extends the current $230 monthly limit for pretax transit benefits through 2011.
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Like you, we are awaiting developments on Capitol Hill regarding the transit and parking pre-tax funding maximums for 2011. You may recall that the February 2009 "stimulus" bill equalized the limits for parking and transit to $230 per month. However, under that same legislation, this is also scheduled to expire at the end of 2010.
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Effective immediately, employers are required to provide a reasonable space and time for nursing mothers for one year after their child’s birth. This space must be an enclosed location, other than a restroom, and protected from intrusion of the public and coworkers.
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The IRS has released inflation adjustments for 2010. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, will NOT be adjusted for 2010.
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Great News!! Today, the IRS released Notice 2008-104, which delays the need for all pharmacies and drug stores to implement an Inventory Information Approval System (IIAS) or certify that 90% of their gross receipts were derived from the purchase of eligible medical expenses in order for payment cards to be used at their locations.
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If you are eligible for Medicare or know someone who is, this news article from CMS is very important. CMS has issued a news alert to Medicare Beneficiaries on schemes aimed at the Medicare Drug Program. (Click Read More... to see the CMS News Alert)
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Representative Jim Ramstad (Minn.) has introduced the Time for Recovery and Equal Access to Treatment in America Act of 2005 (HR 1258), which would amend ERISA, the Internal Revenue Code, and the Public Health Service Act (PHSA) to provide parity for substance abuse treatment benefits under group health plans and health insurance coverage.
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When Congress passed the Medicare Prescription Drug Modernization Act in 2003, the January 1, 2006, implementation date seemed far away. With that date fast approaching, a huge cottage industry is developing, and our senior population is about to be overwhelmed by advertisements, articles, and solicitations.
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Brand-name pharmaceutical costs have escalated rapidly, while generic prices haven't moved much, revealing an opportunity for companies to cut medical bills by encouraging use of generics.
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