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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Vic Alexander named as one of Tennessee's finest accountants.
March 5, 2008
Vic Alexander has been recognized as one of Tennessee's finest accountants. The list of the top 25 appeared in the March issue of Business TN magazine. 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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New tax law enacted to spur U.S. economy
Feb. 25, 2008
The Economic Stimulus Package Act of 2008 is designed to boost the U.S. economy by providing tax rebates to individuals and tax incentives for businesses. Full Story
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KraftCPAs Selected as One of The 10 Most Dependable™ Accounting Professionals of the Southeast
Feb. 25, 2008
Goldline Research placed KraftCPAs on their list of 2008 Top 10 accounting professionals in the Southeast. The companies selected exceed the criteria of excellent client references, current state license, 15+ years of experience, 225+ clients, no unresolved lawsuits or grievances, 5+ staff members and advanced training. The list was published in Fortune Magazine. Full Story
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Manufacturers' risks and rewards accelerate in global supply chain, says new report
Feb. 15, 2008
A new study by the National Association of Manufacturers and RSM McGladrey, in which KraftCPAs is an independently owned member, shows that small and medium manufacturers must now seek new partners at every stage of the global supply chain, including research and development, manufacturing, packaging, shipment, service and support, in order to capitalize on new growth opportunities. Full Story
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It's not too late to reduce 2007 taxes through retirement plan contributions
Feb. 15, 2008
With the holidays and 2007 behind us, you may be wishing you had done more tax-planning and taken steps to reduce the amount of that check you'll have to write to Uncle Sam this spring. Don't despair; there are still some actions you can take in 2008 to reduce your 2007 tax liability. Full Story
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Is filing an extension right for you?
Feb. 15, 2008
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 Merwin Ullestad, tax member with KraftCPAs. Merwin 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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FIN 48, Accounting for Uncertainty in Income Taxes, extension
Feb. 15, 2008
The Financial Accounting Standards Board (FASB) has deferred the effective date of FIN 48, Accounting for Uncertainty in Income Taxes, for nonpublic enterprises that have not issued a full set of annual financial statements incorporating the recognition, measurement, and disclosure requirements of FIN 48. Full Story
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KraftCPAs Turnaround & Restructuring Group participates in China trade missions
Jan. 11, 2008
The booming economy of China is impacting businesses of all sizes around the world, including Tennessee and the surrounding states. Both Governor Bredesen and former Nashville Mayor Purcell have sponsored trade missions to China for the purpose of promoting trade between U.S. and Chinese companies. Full Story
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New "Tennessee Investment Services Act of 2007" provides protection for trust assets
Jan. 7, 2008
On May 10, 2007, Governor Bredesen signed the "Tennessee Investment Services Act of 2007," which allows asset protection trusts to now be formed in Tennessee. Prior to this legislation, an individual had to create a trust in a host of other states in order for it to be a true, asset-protection vehicle. Full Story
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New automatic enrollment offers safe harbor choices
Jan. 7, 2008
Employers that sponsor 401(k) plans have long had the opportunity to avoid the required annual nondiscrimination tests and top-heavy rules by adopting a safe harbor plan design. Now, starting in 2008, plans that have an automatic enrollment feature or are willing to add automatic enrollment have a choice of safe harbor designs. Full Story
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2007/2008 Payroll Tax Changes
Jan. 4, 2008
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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KraftCPAs named one of Nashville's Best Places to Work
Nov. 7, 2007
KraftCPAs has been named one of "Nashville's Best Places to Work" in 2007 by the Nashville Business Journal. This year is the second, consecutive year our firm has received this award. KraftCPAs is the only CPA firm of our size (101 to 500 employees) to receive this honor. Other CPA firms receiving this recognition were Deloitte & Touche (over 500 employees) and CPA Consulting Group (10 to 25 employees). 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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Mandatory electronic filing of Form 5500 delayed
Oct. 8, 2007
The Department of Labor (DOL) issued final regulations in mid-2006 requiring electronic filing of all Form 5500 reports for plan years beginning after 2007. Full Story
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Nelson Andrews selected to receive 2007 Joe Kraft Humanitarian Award
Oct. 8, 2007
One person can make a difference or, in the case of Nelson Andrews, dozens of them. That is why the committee which oversees the Joe Kraft Humanitarian Award at The Community Foundation of Middle Tennessee selected Nelson Andrews as its 2007 Recipient. Full Story
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Tennessee tax law changes encourage growth with expanded incentives for business
Oct. 8, 2007
The Tennessee legislature has had a busy 2007 session in which many tax laws were amended. Below is a brief summary of some changes to tax incentives and a few topics of general interest. Full Story
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New federal tax law effects immediate changes
Oct. 8, 2007
Signed into law on May 25, The Small Business and Work Opportunity Tax Act of 2007 includes numerous business tax incentives as well as an increase in the federal minimum wage. Full Story
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Modern Healthcare Magazine Names Kraft Search Associates, LLC Top 25 Healthcare Search Firms
July 9, 2007
KraftCPAs' affiliate, Kraft Search Associates, has been listed 23rd by Modern Healthcare magazine in its national ranking of healthcare executive search firms. Full Story
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New auditing standard may result in material weakness for many private companies
July 9, 2007
A new auditing standard may result in a high number of material weaknesses being reported on the financial statements of privately held companies. Statement on Auditing Standards (SAS) No. 112, Communication of Internal Control Related Matters Identified in an Audit, was issued in 2006 to amend SAS No. 60, Communication of Internal Control Related Matters Noted in an Audit. Full Story
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Attention audit clients: Big changes to audit standards will affect all audited entities
July 9, 2007
In March of 2006, the American Institute of Certified Public Accountants -- the body that establishes standards for audits of nonpublic entities -- passed a sweeping set of new audit standards (Nos. 104 to 111) that revise many fundamental auditing principles. 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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Attention Manufacturing, Wholesale, and Distribution Companies - Survey Results In
June 22, 2007
In addition to providing insight on the current state of manufacturing and wholesale distribution in the U.S., this second annual survey allows comparison of data from the past year — helping to tell a more complete story about the companies in this sector. Full Story
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Steve Lineberry earns new credentials
April 13, 2007
Steve Lineberry, an information systems audit manager with Nashville-based KraftCPAs, has earned the National Security Agency (NSA) INFOSEC Assessment Methodology (IAM) and INFOSEC Evaluation Methodology (IEM) certifications. Full Story
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Information security management remains chief business
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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