By Bob Cusack, The Hill – Dec 17, 2016

Donald Trump’s selection of Rep. Mick Mulvaney (R-S.C) to become his budget chief could represent a major shift for the incoming administration on tackling entitlement spending.

Conservatives are hailing the pick while the left is bracing for significant budget cuts while possibly preparing for a battle over his nomination.

Government spending and the debt wasn’t a top issue in the 2016 presidential race, something Mulvaney bemoaned on the House floor earlier this year. On his congressional website, Mulvaney states, “It’s disappointing that the discussion about our debt has faded away in the last few years.”

By Jacqueline Belliveau; RevCycleIntlligence ~ Dec 15, 2016

Inpatient rehabilitation facilities and long-term care hospitals will get their own Compare websites to improve healthcare transparency, CMS announced.

In effort to increase healthcare transparency, CMS recently added two new healthcare organization Compare websites and updated performance data for existing hospice care, hospital, and physician Compare websites.

By Maurie Backman, TMF; Fox Business ~ Dec 15, 2016

The IRS offers a number of tax deductions that can help workers shave thousands of dollars off their tax bills. But in order to take advantage of most deductions, you’ll need to itemize on your return — which can not only be time-consuming, but may not make financial sense when you consider your standard deduction. But thanks to above-the line tax deductions, you can benefit from certain tax breaks without having to go to the trouble of itemizing.

From Robin Gelburd; The Hill ~ Dec 15, 2016

If like millions of Americans, you have a health plan, you have probably received an Explanation of Benefits (EOB) from your insurer. Many people do not understand this form, and because it includes a notice that it is not a bill, they discard it. But if you do not pay attention to your EOBs, you may not get the maximum value of the health benefits you are entitled to receive.

By David Morgan; Reuters ~ Dec 14, 2016

WASHINGTON – Republicans in the U.S. House of Representatives are accelerating efforts to craft a sweeping tax reform bill for 2017 and looking at ways to smooth the transition to a new tax system for some businesses, the House Republican tax chief said on Wednesday.

Republicans on the House tax committee met in a special recess session to work on a reform bill based on an election campaign blueprint that would cut the corporate tax rate from 35 percent to 20 percent and end taxation of foreign profits for U.S. multinational corporations.

From Jeff Fosselman; Forbes ~ Dec 12, 2016

The dust is starting to settle from one of the most bitter and contentious presidential elections in memory. If you’re retired, potential Trump administration tax changes provide a good opportunity for you to review your long-term financial plans and uncover areas to implement new strategies.

By Joseph Lawler, Washington Examiner – Dec

Congressional Democrats raised the alarm over a new Republican Social Security plan Friday, accusing the incoming GOP majority of subjecting retirees’ benefits to cuts.

“As congressional Republicans prepare to dismantle Medicare and Medicaid, it now appears that Social Security has been added to the Republicans’ chopping block,” said Rep. Richard Neal, D-Mass., who will be the ranking Democrat on the committee with oversight over Social Security next year.

By Tierney Sneed; Talking Points Memo ~ Dec 09, 2016

A key House Republican on the issue of Social Security introduced a bill Thursday that would impose major cuts to the program. The bill, the Social Security Reform Act of 2016, was introduced by Rep. Sam Johnson (R-TX), the chair of the House Ways and Means subcommittee on Social Security.

It would, among other things, gradually raise the retirement age from 67 to 69 on Americans 49 or younger at the present. It would change the formula that determines the size of a retiree’s initial payments.

From Barry Glassman; Forbes ~ Dec 09, 2016

Guest post written by
Eric Dunner, J.D., CFP®
Financial advisor at Glassman Wealth with a passion for law, financial markets, and sharing with clients how global events affect them

Individual Retirement Accounts (IRAs) are great tax-deferred savings vehicles, but tax deferral isn’t the only benefit IRAs offer. One potential benefit is creditor protection in the event of a bankruptcy. But when you pass away, are your beneficiaries protected?

By Stephen P. Nash; The National Law Review ~ Dec 09, 2016

On December 6, 2016, the US District Court for the District of Columbia issued an order in American Hospital Association v. Burwell giving CMS a four-year runway to clear the enormous backlog of appeals at the administrative law judge (ALJ) level. The Medicare Act requires ALJs to hold a hearing and to render a decision within 90 days of a party’s filing of its appeal with the Office of Medicare Hearings and Appeals. However, CMS has been unable to comply with this statutory deadline, with a backlog of almost 1 million appeals at the ALJ level.