FASB issues update No. 2010-20 and offers related webinar
July 23, 2010
Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, was issued recently. The standard will help investors assess the credit risk of a company's receivables portfolio and the adequacy of its allowance for credit losses held against the portfolios by expanding credit risk disclosures. Full Story
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Basic FDIC Insurance Coverage Permanently Increased to $250,000 Per Depositor
July 23, 2010
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Full Story
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Healthcare Reform Legislation
July 19, 2010
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act, representing a sweeping overhaul of the U.S. health care system. The Act expands individuals' access to health coverage and includes tax provisions affecting individuals and businesses. Please plan to join us and our co-sponsors for a FREE breakfast seminar on healthcare reform legislation and its immediate imapact on your business. Full Story
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Axis Accounting Systems, LLC changes name
July 9, 2010
We are pleased to announce that our affiliate, Axis Accounting Systems, LLC, is changing their name to Kraft Enterprise Systems, LLC. Full Story
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Congress extends homebuyer credit — for some
July 7, 2010
Just before an important deadline for the homebuyer credit was set to expire July 1, Congress extended it. But the extension will benefit taxpayers only in limited circumstances. Previously, the credit was available to eligible taxpayers for qualifying purchases made before May 1, 2010 — or July 1 if a binding contract was in place before May 1. Congress has now extended the July 1 deadline to Oct. 1, 2010. This article provides an overview of this important tax law change, along with information on other eligibility requirements and limitations. Full Story
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Avoid the added cost of top-heavy retirement plans
July 6, 2010
The economy has had an impact on compensation for employees in many industries; and subsequently, benefit plan sponsors must be aware of the potential impact on their 401(k) plans. Decreases in the deferral rates of non-owner, non-officer, and lower paid employees, plus distributions of account assets to departing employees, can create a perfect equation for making some 401(k) plans "top heavy." Below, we review the top-heavy rules and some steps employers may be able to take to avoid having their plans become top heavy. Full Story
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New approach to jobs tax credit means big tax break for many businesses
July 6, 2010
While the Tennessee job tax credit was originally conceived for businesses relocating from another state, many other Tennessee businesses have recently been successful in qualifying for this potentially large credit. If the company qualifies, a credit of $4,500 is available for each new, full-time employee in existence at the end of the fiscal year for which the credit is applied. Full Story
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Tennessee sales tax refund available for qualified flood victims
July 6, 2010
The Tennessee Department of Revenue is offering individuals affected by the flooding and severe storms in Tennessee an opportunity to receive a refund of up to $2,500 for sales tax paid on eligible major appliances and residential furniture purchased to replace items damaged or destroyed by the flood, and for sales tax paid on the purchase of certain building supplies used to restore, repair, replace or rebuild the individual's primary residence due to damage caused by the May 2010 disaster. Full Story
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Attention manufacturers, wholesalers and distributors: 2010 U.S. survey results
June 16, 2010
New research released in June by McGladrey reports larger manufacturers and distributors convey higher optimism than other manufacturers and distributors regarding business conditions and the economic recover. This optimism is due in part to their ability to strengthen their competitive advantage through global engagement and international trade. However, small and mid-sized manufacturers and distributors express tempered optimism as they move into the recovery, stemming in part from concern over credit availability and potential raw material and energy cost increases. Full Story
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IRS releases guidance on the new small-employer tax credit for health insurance expenses
June 16, 2010
The Patient Protection and Affordable Care Act (PPACA), signed into law in March, offers a valuable new tax credit to eligible small businesses and nonprofits that provide health coverage to their employees. A tax credit is more powerful than the normal deduction for such expenses because it provides dollar-for-dollar tax savings, rather than just reducing the amount of income that's taxed. Best of all, the new credit is available starting this year. Full Story
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Disaster recovery: What are you overlooking?
June 9, 2010
As the recent flooding in Middle Tennessee has illustrated, no business is immune to a disaster that prevents it from continuing normal operations. And while structural damage can be repaired, loss of data is often irrecoverable and can erase months of hard work. Planning for such scenarios can reduce your company's risk as well as limit the impact should the worst occur. Here are three of the most often overlooked areas of disaster recovery planning: Full Story
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Hospitals are missing opportunities with the Post-Acute Care Transfer Policy
June 7, 2010
Inpatient Prospective Pay (IPPS) hospitals are ordinarily entitled to a full Diagnosis Related Group (DRG) payment when Medicare patients are discharged to their home following a covered inpatient Part A stay. However, under the Medicare post-acute transfer policy, these hospitals may receive less than the full DRG payment when patients are discharged to certain post-acute care settings, rather than to their homes. Full Story
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Scott Mertie travels to England and Scotland for health care study mission
June 7, 2010
Scott Mertie, member-in-charge of Kraft Healthcare Consulting, LLC, recently traveled to London, England and Edinburgh, Scotland as part of a UK trade mission. Full Story
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Change of ownership has myriad of payment implications for healthcare providers
June 7, 2010
With the capital markets finally loosening slightly, the healthcare market is starting to see more activity in regard to hospital acquisitions. According to media reports, local companies such as LifePoint, Vanguard, Essent, and Community Health Systems, have been recently exploring hospital purchases. Full Story
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IRS Offers Details on New Small Business Health Care Tax Credit
May 19, 2010
The Internal Revenue Service announced on May 17 new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage. Full Story
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Don't ignore that 401(k) survey from IRS
May 19, 2010
During the week of May 17, the IRS Employee Plans Compliance Unit will send a letter and instructions to 1,200 employers that sponsor 401(k) plans, asking them to complete the 401(k) compliance check questionnaire via their Web site. According to Retirement News for Employers, a publication of the IRS, "Failure to respond or provide complete information will result in further action or examination of the plan." Full Story
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Myles MacDonald named shareholder in KraftCPAs Turnaround & Restructuring Group
May 14, 2010
We are pleased to announce that Myles MacDonald has become a shareholder in KraftCPAs Turnaround & Restructuring Group, PLLC (KTRG). Full Story
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IRS issues guidance on tax treatment of health coverage for adult children
May 12, 2010
A little more than a month after President Obama signed the Patient Protection and Affordable Care Act into law, the IRS has issued guidance on health care coverage for children under age 27 (Notice 2010-38). This article details what the guidance covers and how it affects both employers and employees. Full Story
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Disaster Losses - IRS Offers Tax Relief to Qualifying Victims
May 12, 2010
It's hard to even think about taxes after the recent devastation many Tennesseans suffered due to the severe storms and flooding. But thankfully, a number of tax laws allow the IRS to grant relief to taxpayers who are victims of a Presidentially-declared disaster. Full Story
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Important flood information and resources from FEMA
May 12, 2010
The President declared a major disaster for Tennessee on May 4. Those affected by the disaster can register online at www.DisasterAssistance.gov or by calling 1-800-621-FEMA(3362) or 1-800-462-7585 (TTY) for the hearing and speech impaired. The toll-free telephone numbers operate from 7 a.m. to 10 p.m. (local time) seven days a week until further notice. Full Story
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Is a Roth IRA conversion right for you?
April 28, 2010
The Roth IRA is a smart way to save for retirement — or to build wealth for heirs — because qualified withdrawals (including withdrawals of earnings) are tax free. But most higher-income taxpayers have been ineligible to benefit from this savings vehicle. Beginning this year, however, anyone, regardless of income, can convert a traditional IRA into a Roth IRA. Whether this is the right move depends on a person’s specific circumstances. This article explains both potential benefits and income tax implications that should be considered before converting a traditional IRA to a Roth IRA. Full Story
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COBRA Subsidy Eligibility Period Extended to May 31
April 28, 2010
Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs as a result of the recession maintain their employer sponsored health insurance. Full Story
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Mergers and acquisitions: will 2010 be the right time?
April 21, 2010
Many U.S. business owners, investors, and managers were pleased to see 2009 draw to a close. However, for those with strong balance sheets, access to capital, and a desire to expand through acquisitions, 2009 was a very good year indeed. Full Story
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Community banks facing escrow woes
April 14, 2010
As banks gear up for the new Truth in Lending Requirements under the Mortgage Disclosure Improvement Act (MDIA), there are many factors to consider -- not the least of which is what to do about escrowing. MDIA, which was passed in 2008, requires escrowing of loans identified as higher priced loans (APR exceeds 1.5 percent first lien and 3 percent subordinate lien greater than the Average Prime Offer Rate) when the loan is secured by the consumer's principal dwelling. Full Story
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New Disclosure Requirements for Fair Value Measurements
April 14, 2010
This past January the Financial Accounting Standards Board ("FASB") issued Update No. 2010-06 (Improving Disclosures about Fair Value Measurements) (the "Update") to the FASB Accounting Standards Codification Topic 820 (Fair Value Measurements and Disclosures). This update effects most banks and will require enhanced disclosures in their financial statements. While this article is not an all encompassing summary of the update, the following highlights some of the significant matters that will readily affect financial institutions. Full Story
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Don't shrug off a business valuation: Appraisals can help during tough times
April 7, 2010
During tough economic times, it's understandable that many business owners look to cut any nonessential activities from their operations. And, assuming no specific circumstance warrants it, taking the time to assemble the financial documents and engage a qualified appraiser may not seem particularly essential. Yet, in truth, business valuations shouldn't be shrugged off quite so quickly. When dark economic clouds threaten, an appraisal can provide just the information you need to find shelter from the storm. Full Story
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International Accounting Standards Convergence: What this change in accounting practice means for small and mid-sized businesses
April 7, 2010
Change is in the air. Everywhere. Even with accounting standards. Whether you're a professional accounting practitioner or not, chances are good you've heard about the forthcoming convergence of U.S. Generally Accepted Accounting Procedures (US GAAP) with International Financial Reporting Standards (IFRS). Full Story
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How health care reform will affect your tax bill
March 24, 2010
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act, representing a sweeping overhaul of the U.S. health care system. The Act expands individuals' access to health coverage and includes tax provisions affecting individuals and businesses. This article provides an overview of the Act and its major tax-related provisions. Full Story
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Will the HIRE Act benefit your business?
March 22, 2010
On March 18, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act. The act provides tax incentives that will help many companies hire more workers and purchase more equipment — and, ultimately, grow their businesses as the economy recovers. Here's an overview of the act that will help you determine whether your business might benefit. Full Story
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Limit on deductibility of executive compensation lowered for TARP participants
Feb. 26, 2010
New executive compensation rules apply to entities participating in the troubled asset purchase programs established under the Emergency Economic Stabilization Act (EESA) of 2008. The Treasury has established the Troubled Assets Relief program (TARP). If your institution is a TARP participant, the deductibility of salaries and severance payments made to your "senior executive officers" (SEOs) may be limited. Full Story
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February 28 is last day to donate to Haiti relief efforts and get 2009 deduction
Feb. 24, 2010
(but 2009 deduction is not best for everyone)
Individuals and corporations wishing to claim their Haiti relief donations on their 2009 tax returns must make those cash donations by midnight on Sunday, February 28. The deduction may be claimed on the 2009 or 2010 tax return, but not both. For some taxpayers, deferring the deduction until 2010 may be more beneficial. Full Story
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The current state of the estate tax causing confusion for many
Feb. 19, 2010
The temporary nature of the current estate tax repeal, together with uncertainty over what Congress will do next, has created an estate planning quagmire. In addition to calling for the repeal itself, the 2001 tax act made several significant changes — for 2010 only — that make long-term planning a challenge. These include a new tax code provision, Section 2511(c), which imposes gift tax on transfers to certain trusts that previously wouldn't have been taxable. This article details the current state of the estate tax, the confusion surrounding Section 2511(c) and how IRS Notice 2010-19 attempts to clarify the confusion, only to create some more. Full Story
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Don't miss the May 1 deadline to report unclaimed property
Feb. 19, 2010
The State of Tennessee, along with other states, and their agents may contact entities that have not reported unclaimed property to make them aware of their obligation to report and remit.Anyone who owes money to an individual or business in Tennessee is required to report and remit any unclaimed property to the state by May 1 for property abandoned as of December 31st of the prior year. Full Story
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KraftCPAs named one of Nashville's Best Places to Work
Feb. 12, 2010
KraftCPAs has been named one of "Nashville's Best Places to Work" in 2009 by the Nashville Business Journal. This year is the fourth, consecutive year our firm has received this award. Full Story
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Death benefits from employer-owned life insurance may now be taxed. New filing required for policy owners
Feb. 10, 2010
New guidance from the IRS, effective June 15, 2009, stipulates that for employer-owned life insurance contracts issued after August 17, 2006, the excess of the death benefit over the cost of the policy (i.e. premiums paid) is included in income. Employer-owned life insurance contracts: Full Story
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Mike Ingram receives Distinguished Alumnus Award from Tennessee Tech University
Feb. 10, 2010
Mike Ingram, CPA, CFSA, member in charge of the firm's assurance services department, has been awarded the 2010 College of Business Distinguished Alumnus Award from Tennessee Technological University. This prestigious award is given annually by Alumni Affairs to graduates in each of the TTU Colleges. Full Story
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IRS issues updated notice requirement models for safe harbor protection
Feb. 5, 2010
The IRS has issued two updated safe harbor models that plan sponsors can use to satisfy the Section 402(f) notice requirements. The new notices reflect changes to the federal tax code made by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Pension Protection Act of 2006 (PPA), and the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART). Beginning January 1, 2010, only the explanations contained in these notices will provide safe harbor protection under Section 402(f). Full Story
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Is filing an extension right for you?
Feb. 5, 2010
Many taxpayers who would like to file an extension are concerned that doing so might "raise a red flag" and increase the likelihood of an IRS audit. Not so, according to Jerry Moss, tax member with KraftCPAs. Jerry explains, "Requesting an extension is definitely not a red flag as far as the IRS is concerned." In fact, he says approximately 10 percent of KraftCPAs' clients request extensions. Full Story
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COBRA subsidy eligibility period extended through February
Jan. 25, 2010
Workers who lose their jobs during January and February may qualify for a 65-percent subsidy on their COBRA health insurance premiums, and these newly-eligible individuals, along with those already receiving the subsidy, can now receive it for up to 15 months, according to the Internal Revenue Service. Full Story
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Lee Kraft to receive Father of the Year award
Jan. 25, 2010
Lee Kraft, along with three other prominent Nashville businessmen, will be honored at the eighth annual "Father of the Year" awards dinner on Saturday, June 19, at 6:00 p.m. at the Hilton Hotel- Downtown Nashville to benefit the American Diabetes Association. Full Story
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It's not too late to reduce 2009 taxes through retirement plan contributions
Jan. 19, 2010
You can still reduce your 2009 tax liability through retirement plan contributions in IRAs, SEPs, Keogh plans and Roth IRAs. Full Story
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Don't forget February 1 tax deadlines
Jan. 6, 2010
Employers have several tax forms to submit by February 1, 2010. Below are a few items you'll want to be sure you have prepared and submitted by that date. Full Story
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Estate tax upheaval creates planning challenges
Jan. 6, 2010
We begin the new year with no Federal estate tax in place. The last time this occurred was 1915. A law passed in 2001 repealed Federal estate taxes for the year 2010. That same law provides for the estate tax to reappear in the year 2011 with a $1 million exemption amount and a top rate of 55 percent. Full Story
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Tax Extenders Act of 2009 to affect carried interest
Dec. 15, 2009
Attention fund managers and real estate syndicators: The Tax Extenders Act of 2009, which was approved by the House on December 14, would prevent investment fund managers from paying taxes at capital gains rates on investment management services income received as carried interest in an investment fund. Full Story
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CMS announces limits on RAC medical record requests
Dec. 11, 2009
The Centers for Medicare & Medicaid Services this week announced limits on the number of medical records that may be requested by recovery audit contractors. RACs will use these records to validate diagnosis related groups, coding, and the medical necessity of care provided by hospitals. Full Story
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IRS Offers Tips for Year-End Donations
Dec. 9, 2009
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Full Story
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Is your business susceptible to fraud?
Dec. 9, 2009
A Nashville woman was indicted earlier this year on 40 counts of embezzlement from her employer. The indictment alleged that the bookkeeper had issued herself checks over three years – checks ranging from about $15,000 to more than $60,000. Most business owners might think they would notice embezzlement immediately, but occupational fraud schemes frequently continue for years before they are detected, according to a study by the Association of Certified Fraud Examiners (ACFE). Full Story
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IRS Announces 2010 Standard Mileage Rates
Dec. 4, 2009
The Internal Revenue Service has issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Full Story
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KraftCPAs affiliates, Mertie and Crumbo, accompany Governor on China and Japan trade missions
Nov. 20, 2009
Scott Mertie, member-in charge of Kraft Healthcare Consulting, LLC, and Kevin Crumbo, member-in-charge of KraftCPAs Turnaround & Restructuring Group, PLLC, recently accompanied Governor Bredesen and Economic Community Development Commissioner Matt Kisber on individual trade missions to China and Japan. Full Story
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Assistance Act extends and expands first-time homebuyer credit
Nov. 18, 2009
On November 6, 2009, President Obama signed into law the "Worker, Homeownership, and Business Assistance Act of 2009" (the 2009 Assistance Act). In addition to providing an extension of unemployment benefits for the long-time jobless, the 2009 Assistance Act includes tax changes for individuals, namely changes extending and generally liberalizing the first-time homebuyer tax credit. Full Story
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2009-2010 Tax Planning Guide
Nov. 16, 2009
Full Story
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KraftCPAs PLLC admits Chris Hight to membership in the firm
Nov. 4, 2009
Chris Hight, CPA, who has been with KraftCPAs since 2004, has been admitted to membership (ownership) in the firm, effective November 1, 2009. Full Story
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Tennessee tax law impacts contractors
Nov. 4, 2009
Several amendments to the Tennessee Business Tax Act of 2009 have implications for contractors. Full Story
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Attributing a value to software-related IP infringement is a complex business
Nov. 2, 2009
Glenn Perdue unravels the process by which damages are calculated in the US. Full Story
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Retirement plan limits remain unchanged for 2010
Oct. 30, 2009
On October 15, 2009, the Internal Revenue Service (IRS) announced the cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2010. Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Full Story
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Participant notices due before year-end
Oct. 30, 2009
As we move into the final months of the year, employers should be aware of various notices they may have to provide to their 401(k) plan participants before year-end. To help, here's a review of the notices most likely to be required. Full Story
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It's time to consider your 2009 individual, income-tax liability
Oct. 30, 2009
It's that time again. The end of the 2009 individual, income-tax year is rapidly approaching, and there are several last minute tax-planning issues to consider. While this exercise probably isn't your favorite, there are several steps you can still take this year to make the 2009 income tax liability more manageable. Full Story
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KraftCPAs makes national list of top employers
Oct. 19, 2009
Nashville-based KraftCPAs PLLC has been named as one of the Best Accounting Firms to Work for in 2009. The annual list of "Best Accounting Firms" was created by Accounting Today magazine and Best Companies Group. KraftCPAs is one of only two Tennessee-based firms and the only middle Tennessee firm on the list. Full Story
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Maximize retirement plans options to reduce taxes
Oct. 9, 2009
Retirement plans continue to be one of the best income tax deferral techniques available. Maximum contributions to these plans continue to increase, so the joint benefits of a current tax deduction and deferred tax on investment income in the plan becomes more valuable. Full Story
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Economy straining your resources?
Oct. 7, 2009
The fourth quarter is the time business owners should be preparing for 2010 – preparing budgets, forecasts and projections. Especially during challenging economic times, planning and budgeting are even more critical – to business owners and to their bankers. Many businesses owners have had to cut back on personnel, making the present workload challenging, and leaving little time for proactive planning. In addition, more companies are facing an audit requirement from lenders and are unprepared for the time and costs associated with the audit process. Full Story
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FDIC Board Approves Proposed Rule to Seek Prepayment of Assessments
Oct. 2, 2009
Accounting for warrants issued in conjunction with the United States Treasury Department's Capital Purchase Program (CPP) Full Story
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Don't miss Dec. 31 deadline for Tennessee business tax voluntary disclosure agreement
Oct. 1, 2009
In the past, Tennessee's local governments administered the Tennessee business tax (gross receipts tax); however, under the new 2009 tax law changes, the Tennessee Department of Revenue (TDOR) will now administer this tax. The TDOR anticipates that the change will increase the amount of tax collected because of the state's opportunity to look for delinquent and non-filing businesses by cross-referencing sales tax collections and other state administered taxes. Full Story
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New credentials added to KraftCPAs' IS Security Team
June 22, 2009
Steve Lineberry, CISA, NSA-IAM, IEM, the director of information systems assurance and consulting services, has been awarded the Certified Information Security Manager® (CISM®) designation. The CISM certification is a unique management focused certification developed for the individual who manages, designs, oversees and/or assesses an enterprise's information security program. Full Story
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KraftCPAs launches new healthcare consulting affiliate
June 7, 2009
Nashville-based KraftCPAs PLLC has formed a new affiliate company, Kraft Healthcare Consulting LLC, which is being led by Member-in-Charge Scott R. Mertie. Full Story
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KraftCPAs members make list of Tennessee's finest accountants
March 11, 2009
KraftCPAs Members Vic Alexander and Wynne Baker were among the elite group of CPAs named to the list of Accounting's Finest, published in the March/April issue of BusinessTN magazine. The list, which this year included 50 professionals from across Tennessee, is published annually. Full Story
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To boost information security, train employees, test controls
Feb. 25, 2009
With dependence on technology increasing and security threats escalating, healthcare companies must take added measures to protect their patients' and employees' private information from falling into the wrong hands. Full Story
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Protect your most valuable business asset
Feb. 25, 2009
High-profile incidents like these grab headlines. Other security issues, like virus infections, spyware-compromised workstations and open mail relays, may not grab headlines, but they result in costly downtime, service disruptions, and lost business for many companies. Full Story
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How to spot and stop spam email
Feb. 25, 2009
You open your inbox to find "Delivery information missing for your Amazon order" or "Important information enclosed" filling the subject line. With exasperation, you try to recall if you've ordered anything online lately and if these sender addresses are ones you recognize. In a business environment where time is money, it is important to identify quickly which emails are legitimate and which are unwanted spam. Full Story
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If your business is in trouble, bankruptcy is NOT the only road open
Feb. 20, 2009
Newspaper headlines are ominous these days. And while we wish it were hyperbole, the nearterm forecast for our economy is bleak. A down market and almost daily announcements of companies filing for bankruptcy protection are giving many business owners a run for their money, literally. It's no secret that a tight credit market and decreased consumer spending are impacting businesses all over the country. Full Story
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Protecting your business in a bad economy
Feb. 20, 2009
The sluggish economy is affecting almost every business sector, with some being hit harder than others. Business owners and managers are asking what they can do to protect their businesses in these tough times. We talked with Tom Boles, CPA, CSPM, to discuss the issue. In addition to being a member in the assurance services group in KraftCPAs, Tom is in charge of the firm's business growth services, and he is certified in strategic performance management. Tom gives the following advice for dealing with the troubled economy. Full Story
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American Recovery and Reinvestment Act of 2009 - ENERGY TAX INCENTIVES
Feb. 16, 2009
The recently enacted "American Recovery and Reinvestment Act of 2009" (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax incentives for business, relief for low and moderate-income wage earners and families with college expenses, and home and car purchasers. This article includes an overview of the more widely applicable tax changes. Please call our offices for details of how the new changes may affect your business and your family. Full Story
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American Recovery and Reinvestment Act of 2009 - INDIVIDUAL/FAMILY CHANGES
Feb. 16, 2009
The recently enacted "American Recovery and Reinvestment Act of 2009" (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax incentives for business, relief for low and moderate-income wage earners and families with college expenses, and home and car purchasers. This article includes an overview of the more widely applicable tax changes. Please call our offices for details of how the new changes may affect your business and your family. Full Story
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American Recovery and Reinvestment Act of 2009 - BUSINESS TAX CHANGES
Feb. 16, 2009
The recently enacted "American Recovery and Reinvestment Act of 2009" (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax incentives for business, relief for low and moderate-income wage earners and families with college expenses, and home and car purchasers. This article includes an overview of the more widely applicable tax changes. Please call our offices for details of how the new changes may affect your business and your family. Full Story
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New economic relief act benefits seniors and employers
Feb. 16, 2009
The economic downturn and mounting stock market losses are shrinking retirement accounts and impeding employers' ability to meet pension funding requirements. The Worker, Retiree and Employer Recovery Act of 2008 (WRERA) is designed to help seniors and ease employer pension funding requirements that could have forced businesses to make large pension fund contributions at a time when cash is in short supply. In addition, the act "corrects" several technical provisions of the Pension Protection Act of 2006 (PPA). Full Story
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Increased Capacity of Financial Institutions to Acquire 2009 and 2010 Bonds
Feb. 16, 2009
Of significance to many financial institutions, the American Recovery and Reinvestment Act of 2009, passed last week by Congress, expands the exceptions to the rules imposed on financial institutions which limit their ability to deduct the interest expense attributable to holding tax-exempt bonds. Full Story
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IRS regulations regarding disclosure of tax information by preparers of returns
Feb. 13, 2009
The New Year has brought in new Internal Revenue Service regulations regarding disclosure of tax information by preparers of returns. In an effort to better serve our mutual clients, we are giving you a "heads up" on what these regulations require.
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Attention Banks - Accounting for Warrants
Feb. 11, 2009
Accounting for warrants issued in conjunction with the United States Treasury Department's Capital Purchase Program (CPP) Full Story
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Are you overlooking Tennessee franchise/excise tax credits
Feb. 4, 2009
Is your company missing out on Tennessee franchise/excise tax credits that could reduce your taxes? Many companies overlook these significant tax-saving credits -- particularly the Jobs Tax Credit (JTC) and the Industrial Machinery Credit (IMC). Full Story
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Managing Value in a Shrinking Economy: the IP Audit
Jan. 30, 2009
Glenn Perdue, MBA, AVA, CFFA, Member-In-Charge of Kraft Analytics, LLC, was interviewed in an article entitled Managing Value in a Shrinking Economy: the IP Audit. Full Story
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New credentials augment Kraft team's valuation and forensics niches
Dec. 17, 2008
Nashville accounting firm KraftCPAs is pleased to announce that Glenn Perdue and Kevin Crumbo have become among the first professionals in the country to receive specialty designations related to forensics and valuations. The new credentials enhance the firm's position as a leading provider of highly specialized litigation support work. Full Story
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Softened Economy Increases Lenders' Demand for Turnaround Consultants
Nov. 21, 2008
With the all of the recent softening in the economy and turmoil in the capital markets, lenders are seeking the help of turnaround consultants with increasing frequency. As often occurs in a downturn, what was once just the purview of bank workout departments is nowrelevant for all types of commercial lenders, often well before a loan has been deemed to be a "workout." Read the entire article: Softened Economy Increases Lenders' Demand for Turnaround Consultants
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Save Now For Children's College Tuition, Experts Say
June 6, 2008
The University of Tennessee system is requesting a six percent tuition increase for next fall. KraftCPAs' chief manager, Vic Alexander, provides valuable information on saving for your child's education in the attached News Channel 5 segment.VIDEO: Save Now For Children's College Tuition ARTICLE: Save Now For Children's College Tuition Full Story
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NCAA Men's Basketball Finals and Healthcare Executive Search: What Do They Have in Common?
May 16, 2008
By: Paul Frankenberg, Kraft Search Associates, LLC
I work in the healthcare executive search arena and have the opportunity to recruit outstanding executive leadership for the country's leading healthcare organizations. Outside of work, I am an avid sports fan, especially those big games when championships are on the line. Despite my best efforts to separate work and pleasure, my brain draws parallels that connect these two arenas, which is what happened on Monday night, April 7.
Click for PDF of the entire article
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Why Women are Better Investors Than Men
April 18, 2008
In the battle of the sexes, men will point out that they are physically stronger than women, and jokingly contend they're are smarter. But there are some things that women are much better at than men -- like investing in stocks. Full Story
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Ways to Weather an Economic Downturn
March 3, 2008
Reactivate Your Leads - While you might wait for customers to come to the door, consider contacting your existing leads with tailored product suggestions. A study by the Thomas Publishing Company found that 80 percent of sales to businesses were made after 5 sales calls, but only 10 percent of salespeople called prospects more than 3 times. Be persistent. Full Story
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The human element - the weakest link in information security
Nov. 9, 2007
Businesses spend a significant portion of their annual information technology budgets on high-tech computer security. But the firewalls, vaults, bunkers, locks and biometrics those dollars buy can be pierced by attackers targeting untrained, uninformed or unmonitored users. Full Story
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Crumbo elected to IBC board of directors
Oct. 17, 2007
Kevin Crumbo, member-in-charge of KraftCPAs' Turnaround and Restructuring Group, has been elected to the board of directors of The Nashville Area Chamber of Commerce's International Business Council (IBC) for 2007-2008. Full Story
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Turnaround/Restructuring Group sees forensic investigations increase at distressed companies
Oct. 17, 2007
"It's not a practice area I heard much about as an undergraduate accounting student 20 years ago, but forensic accounting tops the list of services requested by many of our clients today," says Kevin Crumbo, member-in-charge of KraftCPAs' Turnaround and Restructuring Group. Full Story
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Myles MacDonald joins KraftCPAs Turnaround & Restructuring Group
July 5, 2007
KraftCPAs Turnaround & Restructuring Group is expanding further with the addition of Myles MacDonald to the team. "Myles' turnaround and restructuring experience with operating companies and a large lending institution increases the resources available to all of our clients," says KraftCPAs Turnaround & Restructuring Group Member-in-Charge, Kevin Crumbo. Full Story
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Information security management remains chief business concern
May 28, 2007
Information security management is expected to have a powerful influence over business in 2007, according to the 18th Annual Top Technology Initiatives Survey of the American Institute of Certified Public Accountants (AICPA). According to a press release issued by the AICPA in February, information security was identified for the fifth consecutive year as the technology issue expected to have the greatest effect in the upcoming year. Full Story
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Act quickly to protect interests in bankruptcy
Jan. 31, 2007
When a customer files for bankruptcy, trade vendors often learn of the bankruptcy only when notified by the customer after the filing or perhaps by news media or rumor. If owed a significant amount, an unprepared vendor can quickly find itself in a difficult position of its own. While large companies often have financial officers and credit departments skilled at handling customer bankruptcies, smaller ones without such resources need to obtain specialized assistance and move quickly to protect their interests. Full Story
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Selling a distressed company requires skillful timing to maximize value
Jan. 31, 2007
While it can be emotionally and financially painful for the owner, selling a distressed, owner-operated company can be the best -- and sometimes only -- option. Making this decision within the "window of opportunity" is crucial to maximizing value. Full Story
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New healthcare company created to help cancer patients
Dec. 15, 2006
Just think for a moment how your patients must feel when they receive a cancer diagnosis…think how you would feel if you were the patient. As if receiving such a diagnosis isn't overwhelming enough, as a cancer patient you have to navigate the many disparate healthcare services and treatment alternatives required for effective care. Full Story
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Cost segregation saves clients thousands in taxes
Dec. 1, 2006
Want to maximize your real estate investments?Increase your cash flow?Lower your taxes?You can – with a KraftCPAs cost segregation study. Full Story
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Joe Kraft Humanitarian award to be presented November 30
Oct. 20, 2006
After decades of Martha Ingram's dedication to enhancing the quality of life in Middle Tennessee, The Community Foundation will honor her with The Joe Kraft Humanitarian Award. Full Story
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KraftCPAs PLLC receives Public Service Award from national professional organization
May 24, 2006
Nashville-based KraftCPAs PLLC received the prestigious 2005 Public Service Award from the American Institute of Certified Public Accountants, on Monday, May 22, at the Institute's governing Council meeting in Salt Lake City. Full Story
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KraftCPAs Turnaround & Restructuring Group recommends looking south for low expansion costs
April 12, 2006
For companies looking for expansion opportunities in the Southeast, substantial incentives are available in an area now known as the Gulf Opportunity Zone or "GO Zone," comprising the large areas of Alabama, Mississippi, and Louisiana shown on the attached map. Full Story
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Top 10 signs you have outgrown your accounting software
Feb. 21, 2006
Is your financial software inefficient? A lot of accounting specialists using software in their daily business processes may not realize that it is. There are some basic signs that will help determine the efficiency of the accounting technology a company is using, and the steps to take when it's time to evaluate a new solution. Full Story
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International resources are critical to Tennessee companies expanding abroad
Feb. 21, 2006
The emergence of several trends now requires many leading professional firms to provide international resources at all times. Gone are the days when clients only expected such resources from specialized firms. Trends such as Internet commerce and easing cross-border trade restrictions have opened opportunities for many companies to compete and grow globally. Full Story
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Every benefit plan needs a checkup
Feb. 21, 2006
Have you reviewed your retirement plan recently? All employee benefits, including retirement plans, should be reviewed periodically to determine if they still meet your company's and your employees' needs. Such reviews are particularly important for 401(k) plans because of the tax law's nondiscrimination rules. Here are some items to check and some current benchmarks you can use in your review. Full Story
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Attention multistate taxpayers: Avoid common mistakes in apportionment
Feb. 21, 2006
Multistate taxpayers are required to apportion a percentage of their business income to each state in which they do business, based on their activities within the state. While each state individually determines the specific apportionment formula, the standard state apportionment formula includes sales, payroll and property factors. Often, the sales factor is double-weighted. Full Story
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Add process mapping to your business insurance checklist
Dec. 12, 2005
Ever said to yourself, "I don't know what we'd do without Bob, or Shirley, or Max"? Particularly in a small business, it's easy for a business owner to become reliant on a top-notch employee to the point that business operations could be interrupted in the case of an accident or illness. Full Story
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Axis Accounting Systems, LLC becomes Kraft affiliate
Nov. 2, 2005
KraftCPAs PLLC, through its related entity, KRE Trust, has purchased a 40% interest in Axis Accounting Systems, LLC, announced KraftCPAs Chief Manager Vic Alexander and Axis CEO Dallas H. Wilt. Full Story
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Fraud in the workplace: Don't let your business become a statistic
April 5, 2005
Fraud in the workplace can be a business owner's worst nightmare. Statistics show that fraud is widespread and affects almost every organization, regardless of size, location, or industry in some form or another, whether it be pilfering office supplies, embezzlement of cash, or stealing inventory. Full Story
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New KraftCPAs unit assists client with turnaround & restructuring services
May 1, 2004
KraftCPAs, PLLC has launched KraftCPAs Turnaround & Restructuring Group, a unit dedicated to meet a rising demand from clients encountering troubled situations. Aside from traditional turn-around management services, clients now seek assistance with fraud investigations, corporate governance reviews, and litigation support. Full Story
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