2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
In April 2020, The Department of Health and Human Services (HHS) began distributing nearly $26 billion of its Coronavirus Aid, Relief and Economic Security (CARES) Act Provider Relief Fund (PRF) to health care facilities and providers receiving Medicaid reimbursements to help with the impact of the COVID-19 pandemic. Today, more than 90% of these funds have been paid out to health care practices who experienced revenue losses and expenses related to the pandemic.
Funds should only be used to reimburse health care practices for COVID-19 related expenses and for lost revenue. Health care practices must keep track of eligible expenses and owners are required to certify to their adherence to the regulations related to the funds and cannot claim expenses otherwise covered by the Paycheck Protection Program or Economic Injury Disaster Loan.
Examples of qualified health care related expenses include:
If PRF funds aren’t fully utilized through expenses, providers will need to report lost revenues on a quarter-by-quarter basis. There are three methods available to report lost revenues, including:
During any period, if a health care practice doesn’t have allowable expenses and lost revenues to demonstrate full utilization of the funds, the unused amount should be returned. This can be initiated through the Return Unused PRF Funds Portal. Recipients then have 30 days after the end of each reporting period to return unused funds.
Any health care providers that received at least $10,000 in aggregate during any given payment period are required to report on the use of those funds related to eligible expenses and lost revenue via the Provider Relief Funding Portal.
Reporting time periods were established depending on the receipt date of PRF payments, as outlined below:
|Period||Funding Period||Deadline to Use Funds||Reporting Period|
|1||April 10 to June 30, 2020||June 30, 2021||July 1 to Nov. 30, 2021|
|2||July 1 to Dec. 31, 2020||Dec. 31, 2021||Jan. 1 to March 31, 2022|
|3||Jan. 1 to June 30, 2021||June 30, 2022||July 1 to Sept. 30, 2022|
|4||July 1 to Dec. 31, 2021||Dec. 31, 2022||Jan. 1 to March 31, 2023|
Leverage guidance from the HHS on how to use the reporting portal.
Doeren Mayhew’s dental CPAs are here to help. Contact us today for assistance understanding your PRF distributions, financial impacts and reporting requirements.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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