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Florida healthcare provider pays $5.5M settlement over potential HIPAA violations

Posted by on Mar 14, 2017 | Comments Off on Florida healthcare provider pays $5.5M settlement over potential HIPAA violations

Florida healthcare provider pays $5.5M settlement over potential HIPAA violations

A Florida healthcare provider (Memorial Healthcare Systems) has paid the U.S. Department of Health and Human Services $5.5 million to settle potential HIPAA violations. The Health Insurance Portability and Accountability Act of 1996 (HIPAA), was enacted to publicize standards for the electronic exchange, privacy and security of health information. The reasoning behind this settlement was a security breach that occurred within the last several years. 115,143 patients’ information was accessed using a former employees’ login credentials. This security breach was reported by Memorial Healthcare Systems to the Department of Health and Human Services. At Hertzbach & Company, P.A., not only is protecting our clients’ information a top priority, but assisting our clients with protecting their clients’ information is a top priority as well. Here you can view the recent presentations given by our Healthcare Industry Services Group regarding industry-specific issues of fraud and cyber security. If you have any questions about how to protect your healthcare business or your clients, please do not hesitate to contact us at...

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The rising costs of skilled nursing care

Posted by on Mar 1, 2017 | Comments Off on The rising costs of skilled nursing care

The rising costs of skilled nursing care

Per recent study, national averages for long-term care expenses have risen. Lincoln Financial Group’s annual “What Care Costs” study provides an interactive website that includes more detail. For instance, the national average cost of a private room has increased from 99,000 in 2015 to $102,900 in 2016. The report also elaborates on how long-term care costs can vary drastically from state to state. In Maryland, a studio apartment in an assisted living facility averages at $61,152 per year. Whereas in Florida, the cost averages at $45,204. These cost differences can be attributed to the type of care needed, the availability of care, and where a person lives. As an accounting and consulting firm with many of our long-term care facility clients being in Maryland (9th highest cost for private room in a skilled nursing home), California (7th highest), Pennsylvania (14th highest), Virginia (29th highest), we find it important to keep them up to date on the rising costs of skilled nursing care and how it is affecting their facility and the industry in which they operate. For more information on how we can help you control costs, maximize reimbursement and prepare for change, contact a representative from our Healthcare Industry Services Group today at...

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Hertzbach sponsored HAND event: “Winning the QAP”

Posted by on Feb 21, 2017 | Comments Off on Hertzbach sponsored HAND event: “Winning the QAP”

Hertzbach sponsored HAND event: “Winning the QAP”

Winning the QAP Date: February 23, 2017  10:00 AM-1:00 PM Location: DC Housing Finance Agency (DCHFA) 815 Florida Avenue NW Washington, DC, 20001             Do you have a budget gap? Is your project in need of some tax credit equity? If the answers to these questions are “yes,” then you want to be sure to pay attention to your State’s Qualified Action Plan (QAP). Please join HAND for an engaging and informative session on how to put forth a competitive QAP application on February 23, 2017 from 10:00 AM – 1:00 PM at the DC Housing Finance Agency (DCHFA), 815 Florida Avenue NW, Washington, DC 20001. As part of this two-panel session, you will hear from senior officials from each jurisdiction’s (DC, MD, VA) allocating agency on recent policy changes and housing priorities in the QAPs. You will also hear from an experienced group of consultants and syndicators whose projects have scored successfully on the QAP. From common pitfalls to avoid, to positioning your project to be competitive, you will walk away with insider tips and tricks to help you in your effort. The panel discussions will also discuss changing needs and policy priorities of state and local jurisdictions, as well as how market conditions, cost constraints, and political considerations play out in the QAP process. Confirmed speakers are as follows: Panel 1:  JD Bondurant, Virginia Housing Development Authority Elaine Cornick, Maryland Department of Housing and Community Development Danilo Pelletiere, DC Department of Housing and Community Development Steve Smith, Sun Trust Bank Erik Hoffman, Klein Hornig (Moderator) Panel 2:  Jim Chandler, Astoria LLC Bryan Hollander, Enterprise Community Partners Brian Lopez, Osprey Property Companies Jordan Bishop, Audubon Enterprises Gerry Joseph, Joseph Development (Moderator) Click here to register. Registration Fees: This event is free for current HAND members and $75 for...

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Hertzbach moderates CREW Baltimore MD-PACE Financing Breakfast

Posted by on Jan 17, 2017 | Comments Off on Hertzbach moderates CREW Baltimore MD-PACE Financing Breakfast

Hertzbach manager, Nikkia N.A. Fitch, CPA will be moderating an upcoming panel for the Commercial Real Estate Women Baltimore Chapter (CREWBaltimore). Ms. Fitch will be part of an informative breakfast to help others learn more about the MD-Pace, or Property Assessed Clean Energy Financing, which allows the cost of improvements to be tied to the commercial building over an extended term for more advantageous financing. This event will take place at the office of Corporate Office Properties Trust (COPT) in Columbia, MD on February 2, 2017. To learn more please visit the CREW Baltimore...

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New changes to Maryland Section 529 investment plans

Posted by on Jan 4, 2017 | Comments Off on New changes to Maryland Section 529 investment plans

New changes to Maryland Section 529 investment plans

If saving for college is on your list of New Year’s resolutions, new laws in Maryland will make 2017 a great year to start. Two new changes to Maryland Section 529 investment plans will make them even more attractive vehicles to save for college expenses. A Section 529 plan is created by making contributions to the Maryland College Investment Plan (which is managed by T. Rowe Price) on behalf of a beneficiary. The beneficiary can be anyone who will be able to use the money towards qualified higher education expenses—a child, grandchild, friend, or even the account holder. Earnings on the contributions grow tax-deferred (at both federal and Maryland levels) and will also be free from federal and Maryland taxes on withdrawal, provided that the money is used for qualified education expenses. In addition, taxpayers can take a subtraction on their Maryland income tax returns of up to $2,500 in contributions per beneficiary ($5,000 for married filing jointly if each contributes $2,500). Amounts contributed in excess of that amount can be carried forward and used for up to 10 years. The first change affects who can take the subtraction for contributing to a plan. Until recently, only the account holder could take the subtraction. Beginning July 1, 2016, a subtraction is available for anyone making a contribution to plan, even if they are not the account holder of the plan. For example, parents could establish a plan for their child, and the subtraction would be available not only to them, but also to any other relatives and friends who would contribute. A second change affects the benefits available to account holders who make plan contributions. As an alternative to the Maryland income tax subtraction, the College Affordability Act of 2016 provides that the state will make a $250 “matching” contribution to for qualifying accounts. In order to qualify: The account must be established after December 31, 2016; the qualified beneficiary must be a Maryland resident; the account holder must have had Maryland taxable income in the previous tax year of no more than $112,500 ($175,000 for a married couple filing a joint return); the account holder must submit an application between January 1 and June 1 for each year that the matching contribution is requested; and an approved account holder must make a contribution between July 1 and November 1 of the year for which the contribution was approved. The amount of contribution ranges from $25-$250, depending on the applicant’s income. The funds available are limited, so matching contributions will be awarded on a first-come, first-serve basis each year. Note that because the matching contribution comes at the expense of the income tax subtraction, each individual’s personal financial and tax situation must be carefully considered to determine which alternative would be more beneficial. In addition, the use of a Section 529 Plan must be coordinated with any federal tax credits available for education expenses in order to obtain the maximum tax savings. To see if these new opportunities could help you and your family, contact your Hertzbach Tax Advisor at 410-363-3200 or 800-899-3633. We look forward to speaking with you....

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Hertzbach collects clothes and supplies for Giving Back Linda’s Legacy

Posted by on Dec 21, 2016 | Comments Off on Hertzbach collects clothes and supplies for Giving Back Linda’s Legacy

Hertzbach collects clothes and supplies for Giving Back Linda’s Legacy

As a part of the Hertzbach Volunteer Committee’s holiday season efforts, Hertzbach staff (spearheaded by partner, Nancy Buckley) collected a large donation of items for Giving Back Linda’s Legacy (GBLL.) GBLL is an all volunteer, non-profit based in Anne Arundel County, Maryland whose Christmas Drive to Help the Homeless delivers over 20 truck loads of clothing annually to homeless shelters in the Annapolis, Baltimore and Washington, DC on Christmas Eve. GBLL is dedicated to providing food, clothing, fellowship and programs aimed at encouraging self-respect and fostering self-empowerment. In addition to collecting clothing, Hertzbach Volunteers donated 30 toolboxes painted with inspirational messages to be given to Angels of Addiction. The toolboxes can be used so persons living in abandoned buildings will be able to make safety improvements to their food supply and keep insects out, etc. For more information about how to get involved with Giving Back Linda’s Legacy, please feel free to contact us at marketing@hertzbach.com or you can reach out to GBLL directly...

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Hertzbach eliminates mandatory Saturday hours during tax season

Posted by on Nov 30, 2016 | Comments Off on Hertzbach eliminates mandatory Saturday hours during tax season

Hertzbach eliminates mandatory Saturday hours during tax season

At Hertzbach, we are committed to helping our staff manage the competing demands of work, family, and life by offering a number of possible flexible work options. In a move to improve the quality of life during tax season and utilize technology to the fullest, Hertzbach will be launching a new flexible work program for the upcoming tax season that eliminates some or all in-office Saturday hours. We foster a work environment where our staff feel that they are part of a successful and supportive team. Our goal is to provide challenging and rewarding opportunities that will lead to greater career satisfaction. We regard our employees as the most valuable asset and resource to the success of our firm and we are committed to understanding their needs. Interested in joining the Hertzbach team? Here you can view our latest job openings or email us at...

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Hertzbach & HFAM present “The Successful Nursing Facility of the Future”

Posted by on Nov 25, 2016 | Comments Off on Hertzbach & HFAM present “The Successful Nursing Facility of the Future”

Hertzbach & HFAM present “The Successful Nursing Facility of the Future”

Hertzbach & the Health Facilities Association of Maryland (HFAM) present “The Successful Nursing Facility of the Future”. There will be six presentations during an all-day summit and CPE at the Maritime Institute in Linthicum Heights, MD. Patrick V. Trotta, CPA, CHC, a partner at Hertzbach will be presenting on Maryland Medicaid updates and how they will effect the healthcare industry going forward, Susan P. Panek, Deputy Director for nursing homes & community long-term care at the Maryland Department of Health and Mental Hygiene will speak on “Surviving the Perfect Storm: How Nursing Homes Can Prepare for the Impact of Current and Impending Policy Initiatives”, Clif J. Porter, VP of Government Affairs at the American Healthcare Association will speak out on the impact the National Election Results will have on the industry, Scott Rifkin, MD, CEO, Mid-Atlantic Health Care, LLC will be sharing, “The Successful Skilled Nursing Home and Post-Acute Care Facility of the Future,” Mark A. Steinberg, CPA, CVA, a partner at Hertzbach will speak on Fraud in Long-Term Care and its effects, Michael W. Jackson, Director of Information Technology at Hertzbach will be presenting on Cyber Security and the ramifications of being unprepared. We are excited to collaborate with HFAM on this informative summit. For more information or to register please visit our event...

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Hertzbach at the 28th Annual GWSCPA Nonprofit Symposium

Posted by on Nov 22, 2016 | Comments Off on Hertzbach at the 28th Annual GWSCPA Nonprofit Symposium

Hertzbach at the 28th Annual GWSCPA Nonprofit Symposium

Hertzbach & Company, P.A. is a sponsor of the 28th Annual GWSCPA Nonprofit Symposium.  The GWSCPA Nonprofit Symposium is developed by the expert Nonprofit Member Section of the Greater Washington Society of CPAs. The Symposium is from Tuesday, November 29, 2016 – Thursday, December 01, 2016 Washington, DC at the Walter E. Washington Convention Center in DC. With hundreds of attendees expected, the objective of this years’ Symposium is to give attendees the opportunity to  learn about updates on the changing landscape from regulations to technology, obtain tools to help make transformational and strategic business decisions and gain unique networking opportunities through strong peer and professional resource communities. In addition to being a sponsor and exhibitor, Hertzbach will be represented by GWDC Office Partner, Mark Edward. Mark is also partner in Hertzbach’s Nonprofit Services Group and leads the Complete Financial Outsourcing Group. He will be moderating the first session of the conference. The session is titled “Nonprofit Controller Special Sessions: Nonprofit Turn-Arounds” It is intended for those in the CFO role only in order to facilitate peer to peer learning and connection. For more information regarding Hertzbach & Company, P.A. and our Nonprofit Services Group, please email...

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Robert Carter Speaks at SU Panel Series: Forensics Career Fair

Posted by on Nov 14, 2016 | Comments Off on Robert Carter Speaks at SU Panel Series: Forensics Career Fair

October 25, 2016 – Stevenson University Students and Alumni joined speakers at the SU Panel Series: Forensics Career Fair. This panel series was hosted by SU Career Services and the School of Graduate and Professional Studies.  Students and alumni had the opportunity to learn how to break into the forensics industry, gain advice on interviewing techniques specific to forensic positions, learn what education and credentials are required to succeed in a forensics career, ask the panel questions and network with the invited speakers, Stevenson’s Career & Industry Specialist, faculty, staff, and alumni. As a Stevenson graduate and a forensic accountant with extensive experience, Robert W. Carter, MS, CPA, CVA, CFE, CEPA, Senior Manager at Hertzbach & Company, P.A., was invited to speak on the panel. Robert Carter has managed several forensic accounting and fraud investigations involving misappropriation of assets/intellectual property and embezzlement claims. He also provides expert witness services for marital dissolutions, stockholder and partnership disputes, personal injury and lost profits claims, as well as other white collar criminal and civil matters. When asked about the Stevenson University Forensics Career Fair Panel Series, Rob stated “It is encouraging to see so many students that are interested in the forensics field and are actively learning what it takes to become a successful professional. Stevenson University has done an amazing job of engaging and preparing students for the first steps of their career as well as providing them with a pathway and the connections necessary to break into their chosen...

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