TAX ALERT: ACA Reminders for 501(c) (3) Hospital Facilities with June 30th Fiscal Year Ends

Health Care

June 08, 2016
by Terri Rexrode, CPA

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Terri Rexrode Terri Rexrode, CPA
Director - Health Care

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The Affordable Care Act (ACA) added new requirements that hospital organizations must satisfy in order to be described in section 501(c) (3). On December 29, 2014, the IRS released its final 501(r) regulations (the “Final Regulations”) for tax-exempt hospital organizations which apply to a hospital facility’s taxable years beginning after December 29, 2015. Failure to meet these requirements may result in revocation of the hospital’s 501(c) (3) tax-exempt status; as well as a $50,000 excise tax for failure to comply with community health needs assessment (CHNA) requirements.
 
In the attached article are a few time sensitive reminders for hospital organizations with June 30th fiscal year-ends.

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