21st Annual Health Sciences Tax Conference

Transcription

1 21st Annual Health Sciences Tax Conference Tax update: Northeast roundtable discussions 6 December 2011

2 Disclaimer Any US tax advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. /1957/amazing-places-to-experiencearound-the-globe-part Page 2

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4 Roundtable moderators Matthew Warshaw Associate Director, Financial Accounting Memorial Sloan-Kettering Cancer Center New York, New York Felicia R. Tucker Senior Manager Ernst & Young LLP Exempt Organization Tax Services One Jericho Plaza Jericho, NY Christopher Boggs Senior Manager Ernst & Young LLP Exempt Organization Tax Services Chase Tower 111 Monument Circle Indianapolis, IN Page 4

5 Memorial Sloan-Kettering Cancer Center Memorial Hospital Sloan-Kettering Institute Page 5

6 Tax update agenda 2010 Form 990 lessons learned Schedule H what is community? what is benefit? Cell phone/blackberry update Tax-exempt bond update Form 8038 changes Federal Emergency Management Agency (FEMA) reimbursement Page 6

7 2010 Form 990 lessons learned 2010 Form 990 Various approaches Officer, director, trustee or key employee (ODTKE) current vs. former Schedule H hospital facility? Schedule R parent, brother/sister, cousin? Governance questions adopted policies can I check yes? Next year s preparation changes? Page 7

8 Schedule H What is community benefit versus advertisement? What is benefit? Page 8

9 Cell phones/blackberrys Removed from listed property Finally settled Working condition fringe benefit Employer/employee provided Page 9

10 Tax-exempt bond update IRS Bond Compliance Initiative Form 8038 changes Page 10

11 FEMA reimbursement Natural disasters Do you qualify? Page 11

12 Questions? Page 12