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ER at Westlake Holds

Ribbon Cutting; Officially Opens
DATEBOOK
For Patients on April 9 DATEBOOK

April 12 April 27
Healthcare Leader Joe DiMaggio Children’s
Development Case Competition Hospital Casino Night
Presented by South Florida An ‘80s-themed Joe DiMaggio
Healthcare Executive Forum, Inc. at Children’s Hospital Casino Night will
Holy Cross Hospital, Ft. Lauderdale. be held Saturday, April 27 from 8:00
For more information, visit to 11:00 pm at Calder Casino, 21001
www.sfhef.org. NW 27th Ave, Miami Gardens. The
fundraiser will raise money to fund
April 18 an MRI CinemaVision system at Joe
South Florida Healthcare DiMaggio Children’s Hospital. For
Networking Group Meeting more information or for tickets, visit
You are invited to the monthly www.jdchcasinonight.org, call (954)
meeting of the South Florida 265-6304, or email kcarbo@mhs.net.
Healthcare Networking Group
(SFHNG) hosted by Florida Medical April 28
Center on Thursday, April 18 from 5K Run/Walk to a Healthier
7:45 to 10 a.m. Download the reser- Future
Wellington Regional Medical Center, representatives from the Universal Health vation form at the website Cleveland Clinic Florida is proud
Services and Westlake city leadership held a ribbon-cutting this afternoon marking www.southfloridahospitalnews.com to host the 5th annual 5K Run/Walk
the completion of construction of the new ER at Westlake. The new ER, which will or call (561) 368-6950. to a Healthier Future on Sunday,
be the first emergency healthcare services available in the community of Westlake, April 28. The 5K will start and finish
will officially open for patients on Tuesday, April 9. April 18 at Cleveland Clinic Florida’s main
“We are excited to offer emergency healthcare services for the residents of Westlake SFHEF Education Event campus in Weston. Register online at
and the surrounding communities,” said Pam Tahan, CEO, Wellington Regional South Florida Healthcare www.clevelandclinicflorida.org/ccf5k
Medical Center. “Emergencies can happen at any time, day or night, and it is impor- Executive Forum, Inc. presents .
tant to have a facility available to quickly and professionally provide healthcare serv- Strategically Mapping Your Early
ices for those individuals.” Career Development in Healthcare May 10
The more than 10,000-square-foot facility includes eight exam rooms, one triage on April 18 from 5:30 – 8:15 pm at Tee Off for a Cause
room, three rapid medical exam bays, imaging capability and onsite lab services. The Memorial Regional Hospital, A Safe Haven for Newborns will
ER at Westlake will be staffed by experienced emergency medicine physicians and is Hollywood. For more information, hold their 3rd Annual Tee Off for a
the first Wellington Regional Medical Center ER located off the main hospital cam- visit www.sfhef.org. Cause golf tournament on May 10 at
pus. The ER will be capable of treating both major and minor medical conditions the Trump National Doral Resort’s
from cuts and bruises to broken bones, heart attacks and stroke. April 25-26 Red Tiger golf course with a 1 pm
For patient convenience, the new emergency room will also offer ER Reserve and Health Care Industry shotgun start. To register, visit
provide online ER Wait Times. ER Reserve allows patients who are in need of less Conference www.asafehavenfornewborns.com or
serious emergency care to request a time for their visit up to 12 hours in advance. FICPA presents the 2019 Health call (305) 882-1304 ext. 105.
This will allow patients to wait in the comfort of their home, instead of the ER. The Care Industry Conference on April
ER Wait Time is an average wait time for patients to see a registered nurse during the 25-26 at the Caribe Royale Resort
triage process and is updated every 30 minutes. After patients are triaged, they are Suites, Orlando. For more informa-
seen by qualified medical professionals in priority order, according to their medical tion, visit ficpa.org/hcc.
condition and reason for visit.

Cover Story: Excise Tax on Executive Compensation

and Excess Parachute Payments

Continued from page 1 Furthermore, §4960 states that remuner- Excess Parachute Payments ees for calendar year 2018. However,
regarding IRC §4960. The Notice provid- ation is considered paid only when there IRC §4960(a)(2) imposes an excise tax organizations with fiscal year-ends will
ed some clarity for tax-exempt organiza- is no substantial risk of forfeiture. Net on “any excess parachute payment.”, only be subject to the 21% excise tax on
tions, as further outlined below. earnings on previously paid remunera- which is further defined as an amount remuneration paid in excess of $1 mil-
tion is treated as paid at the close of the equal to the excess of any parachute pay- lion on covered employees for the period
Excess Remuneration calendar year in which they accrue. ment over the portion of the base included for their first able year begin-
In general, the excise tax imposed amount allocated to such payment. ning after 12/31/2017.
under §4960(a)(1) is based on the remu- Medical Services Parachute payments are payments made
neration paid (other than any excess IRC §4960(c)(3)(B) and (c)(5)(C)(iii) in the nature of compensation to a cov- Reporting the Liability
parachute payment) by an ATEO for the exclude from remuneration the portion ered employee contingent upon volun- Under §4960
taxable year with respect to employment of any compensation that is paid for the tary separation from the employer, in Employers are to report their liability
of any covered employee in excess of $1 performance of medical services by a which the aggregate present value of the and applicable payment by completing
million. The regulations indicates that licensed medical professional. The notice payments equals or exceeds three times Federal Form 4720, Return of Certain
excise tax imposed on excess remunera- defines “licensed medical professionals” the base amount. Excise Taxes by the 15th day of the 5th
tion and excess parachute payments is as an individual who is licensed under According to §280G(b)(3), the term month after the end of the taxpayer’s tax-
determined based on the remuneration state or local law to perform medical “base amount” refers to the average of an able year. An employer may file Form
paid and excess parachute payment services. individual’s annualized compensation 8868 to request an automatic extension
made in the calendar year ending with or When a covered employee is compen- over the previous five taxable periods (or of time to file the Form 4720.
within the taxable year of the employer. sated for both medical services and other less) prior to separation.
It is important to note that “remunera- services, the employer must allocate For more information, contact Johanna
tion” is defined as wages under §3401(a) remuneration paid. The Notice permits Effective Date Orellana, Senior, WithumSmith+Brown,
(wages subject to federal income tax taxpayers to use any reasonable, good IRC §4960 is effective for the first tax- CPAs, at jorellana@withum.com
withholding), but excluding designated faith method to allocate remuneration. able year beginning after 12/31/2017. or Hayley Shulman, CPA, Manager, at
Roth contributions under §402A(c) and Additionally, the Notice clarified that Therefore, calendar year entities will be hshulman@withum.com
including amounts required to be includ- medical services do not include adminis- subject to the 21% excise tax for excess or visit withum.com.
ed in gross income under §457(f). tration, teaching or research services. remuneration for their covered employ-

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