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New law: You must report any payments to Medicare beneficiaries

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in Discrimination and Harassment,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

Failing to comply with a new law could wind up costing some employers lots of money—if they’re self-insured or pay deductibles on Employment Practices Liability Insurance coverage. As of Jan. 1, entities that pay Medicare-eligible individuals to resolve claims involving medical expenses must report those payments to Medicare. The penalty for noncompliance: $1,000 per day.

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