The Internal Revenue Service has announced it has made Part V, Section B of Schedule H on its 2010 Form 990 optional for hospitals for to 2010 tax year.
The announcement came following efforts by the Healthcare Financial Management Association and several other trade associations to reduce new reporting requirements under the revised Form 990, Return of Organization Exempt From Income Tax, because the requirements were "onerous and redundant," according to a report by HFMA.
"We voiced concerns particularly over the issues of billing and collections and the definition of reasonable effort and extraordinary collection and the types of patients that the law required a limitation on gross charges. We’ll continue to work with the IRS to clarify the language on the Form 990," said Richard Gundling, FHFMA, CMA, vice president of healthcare financial practices at HFMA.
View the IRS announcement on the 2010 Form 990 Schedule H.
Related Articles on Form 990 Schedule H:
Hospital Tax-Exempt Status: Considerations Regarding Maintaining Exempt Status
AHA Reopens Project Examining Schedule H
The announcement came following efforts by the Healthcare Financial Management Association and several other trade associations to reduce new reporting requirements under the revised Form 990, Return of Organization Exempt From Income Tax, because the requirements were "onerous and redundant," according to a report by HFMA.
"We voiced concerns particularly over the issues of billing and collections and the definition of reasonable effort and extraordinary collection and the types of patients that the law required a limitation on gross charges. We’ll continue to work with the IRS to clarify the language on the Form 990," said Richard Gundling, FHFMA, CMA, vice president of healthcare financial practices at HFMA.
View the IRS announcement on the 2010 Form 990 Schedule H.
Related Articles on Form 990 Schedule H:
Hospital Tax-Exempt Status: Considerations Regarding Maintaining Exempt Status
AHA Reopens Project Examining Schedule H