Home Forums Discussions General Discussion Accounting of the Incentive medicare money

How does one account for the 18K at the year's end ??

I have a C Corp for my solo practice. I get paid a W2 from my office, do I account these 18k under the practice or under my personal name ?.

I understand the money will be coming as a direct deposit into my office bank account, as other medicare moneys get deposited.

It probably gets accounted under the practice name, but I remember I had to sign as an individual(Individual SS #) during the attestation and that is what is raising the question in my mind.

I wonder how others are accounting for it, for a S corp it should not really matter as there is only one tax return which includes the accounting of personal & as well as the practice incomes. In case of C corps, we have 2 Tax Returns ..i.e.. one for the office and one personal.

Any opinions or info about how other C corps are doing it will be much appreciated.

Thanks & regards

I researched & found out the 18K needs to be accounted towards the practice and not towards individual SS#.

Hi Raj,
I am also C corp.
When you registered on the CMS website to participate in M.U., there was a section where you assigned the beneficiary. You would have listed the Tax I.D. Number for your business entity. They send the money to that TIN, not paid personally under your SSN, unless all of your payments are made this way (see below quote).

I researched this myself today, actually having the same question as you independently. When I was filling out the Attestation on the website, my SSN was listed next to my name. I thought this was somehow incorrectly assigned. So I went back into the registration module to confirm that indeed my practice TIN is listed.

Reading further on the CMS website, it stated clearly "Payments to Medicare EPs will be made to the taxpayer identification number (TIN) selected at the time of registration, through the same channels their claims payments are made. The form of payment (electronic funds transfer or check) will be the same as claims payments."