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Those answers on that 5500, you may hear from the government | Ary Rosenbaum

To embed, copy and paste the code into your website or blog: The purpose of an audit of Form 5500 is to make sure that plan sponsors voluntarily comply with the Internal Revenue Code and ERISA. Sometimes, an Internal Revenue Service (IRS) or Department of Labor (DOL) audit is done randomly and you get the unlucky pick when you’re chosen. However, a good deal of the time, it’s because of an answer you made on Form 5500, a tax form where you answered under penalties of perjury. If you answered that you made late deferrals, don’t have the necessary bond, or committed a prohibited transaction, you may expect that letter within the next 1-3 years. Even if you don’t get audited, a late deferral deposit may get a notice from the DOL that they don’t have an application from you for their Voluntary Fiduciary Compliance Program.

Tips for Durable Medical Equipment Company Compliance

Thursday, July 1, 2021 Durable medical equipment (“DME”) companies have faced unique challenges over the past several months and years relating to billing, medical necessity, telemedicine, third party marketers, healthcare program fraud, false claims, etc.  DME companies face numerous obligations under federal statutes and Medicare, the violation of which subjects them to substantial fines and penalties.  Both the Centers for Medicare and Medicaid Services (“CMS”) and the Department of Health and Human Services’ Office of Inspector General (“OIG”) have been especially vigilant of instances of noncompliance with federal laws, regulations, and guidance.  This fact has been exacerbated by the consequences of the novel coronavirus.

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