Posts from July 2019.

With the adoption by Congress of the 2018 Farm Bill, which decriminalized the cultivation and growing of industrial hemp and related products, states now, including South Carolina, have adopted and expanded programs authorizing the growing of industrial hemp and also the processing of products from the plant, most notably CBD oil.

The South Carolina Hemp Farming Act, adopted in March 2019, authorizes state residents to apply with the SC Department of Agriculture (SCDA) to grow and/or process industrial hemp in the state; however, under the present status of the law, only ...

On July 17, 2019, the Internal Revenue Service (the “IRS”) released Notice 2019-45 which expands the list of permissible preventive care benefits for high deductible health plan (“HDHP”) purposes.  Among other requirements, an individual must be covered by a HDHP in order to establish a Health Savings Account (“HSA”).

A HDHP is a health plan with certain minimum deductible and maximum out-of-pocket expense requirements.  Under a HDHP, the plan typically does not provide any benefits until the minimum deductible for the year is satisfied.  However, certain preventive ...

On June 13, the Departments of Labor, Treasury and Health and Human Services jointly released final regulations dealing with health reimbursement accounts (“HRAs”).  These regulations fulfill the Trump administration’s directive to “increase the usability of HRAs, to expand employers’ ability to offer HRAs to their employees, and to allow HRAs to be used in conjunction with nongroup coverage.”


HRAs are employer-funded account-based plans from which employees may be reimbursed for qualifying medical expenses.  HRAs, like other account-based plans ...

Insurance carriers and employer sponsors of health plans were not exactly thrilled with the passage of the Affordable Care Act in 2010.  You might say, the Affordable Care Act was viewed as the “wicked witch.”  Although the Affordable Care Act has managed to survive, the PCORI fee  ̶̶  a limited duration fee applicable to policy and plan years ending after October 1, 2012 and before October 1, 2019  ̶  is gasping its last breath.

The Patient-Centered Outcomes Research Institute (PCORI) is a nonprofit organization created by the Affordable Care Act to support clinical effectiveness ...

Posted in: Federal Tax

Under the 2017 Tax Cuts and Jobs Act, Congress enacted the new Section 199A 20% profit deduction for owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended to provide a deduction to owners of these pass-through business entities who do not otherwise benefit from the new 21% flat tax Congress has given to corporations under the new tax law.

The 20% pass-through deduction is not applicable generally to certain businesses that provide services, such as doctors, lawyers ...

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