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Congress Considers Medicare Legislation
Medicare and Medicaid legislation has seen considerable debate this legislative session. The Medicare, Medicaid and SCHIP Extension Act of 2007 (S. 2499) delayed scheduled cuts in physician reimbursements for six months, reauthorized the State Children’s Health Insurance Program (SCHIP) for 18 months and required employer-provided health plans to provide enrollment data to the secretary of Health and Human Services. |
IRS Clarifies 162(m) Ruling Position — Finance Departments Breathe Sigh of Relief
In January, the IRS released a private letter ruling (PLR) calling into question the tax deductibility of pay-for-performance plans that pay out at target at “not for cause” or “good reason” terminations or at retirement. Had that ruling been the last word, many companies would have had to scramble to change their financial statements and their plans. Thankfully, the IRS subsequently issued a revenue ruling that ratchets down the urgency. Executive Pay: A Proposal to Protect Core Pay-for-Performance Programs
The U.S. executive pay-for-performance model is not only viable, it is essential to the continued success of corporations and the U.S. economy. U.K. Recommendations Could Have Significant Effects on Pension Accounting Worldwide
Recent recommendations by the U.K. Accounting Standards Board (ASB) could have significant effects on pension accounting worldwide if the International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) follow the same line of reasoning. The ASB’s recommendations would substantially increase the reported pension liabilities that appear on the balance sheet. President Bush Releases Fiscal 2009 Budget Proposal
President Bush has proposed a budget for fiscal year 2009. Many of the budget’s health care and retirement proposals appeared in earlier budget submissions, such as replacing the tax exclusion for employer-provided health insurance with a standard tax deduction, and establishing a new retirement savings plan to replace existing defined contribution plans. These proposals failed to gain legislative traction in earlier years and are unlikely to do so this year either.
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