This section includes all KraftCPAs news. For service or industy-specific articles please see left sidebar links.
IRS reverses stance on OREO carrying costs
May 22, 2013
For a number of years, the IRS has maintained that expenses related to carrying Other Real Estate Owned (OREO) that was acquired by the bank originating the underlying loan through foreclosure or by deed-in-lieu of foreclosure must be capitalized (added to the basis of the OREO property) for tax purposes even though these same costs have been treated as expenses for book purposes. Examples of these carrying costs include repairs and maintenance, insurance, utilities and real estate taxes.
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QuickBooks' tools may help deter financial fraud
April 22, 2013
Small and medium size business owners work hard for their money. Making use of basic software tools may help to prevent theft or fraud.
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IRS warns donors about charity scams following recent tragedies in Boston and Texas
April 22, 2013
It's sad but true. Following major disasters and tragedies, scam artists impersonate charities to steal money or get private information from well-intentioned taxpayers. Fraudulent schemes involve solicitations by phone, social media, email or in-person.
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IRS audited more business tax returns, fewer individual returns, in 2012
April 19, 2013
In 2012, the IRS audited 12 percent more businesses, as compared to the prior year.
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Get family involved in succession planning
April 19, 2013
Ownership transition is a difficult task for any business, but it's particularly prickly for a family business. Despite the fact that family businesses make up about 80 to 90 percent of all U.S. businesses, only 30 percent of family businesses in America will be passing the reins to the next generation. By the third generation, only 13 percent of family businesses in the U.S. are typically still viable. By the fourth generation and beyond, only 3 percent of family businesses continue to exist.
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IRS extends WOTC filing deadline to April 29, 2013
April 17, 2013
On Friday, March 8, 2013, the IRS issued Notice 2013-14, announcing transitional relief to employers claiming the section 51 Work Opportunity Tax Credit (WOTC) under provisions that were retroactively extended by the American Taxpayer Relief Act of 2012. The IRS has now waived the 28-day deadline for submitting Form 8850 to claim the WOTC for qualified veterans and members of targeted disadvantaged groups hired between Jan. 1, 2012, and March 31, 2013.
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FASB proposes to change the accounting for purchased credit-impaired financial assets
April 5, 2013
On Dec. 20, 2012, the Financial Accounting Standards Board (FASB) exposed for comments a project called Financial Instruments – Credit Losses (Subtopic 825-15). The proposal is designed to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions and other public and private organizations. The FASB's proposed model would utilize a single "expected credit Loss" measurement objective for the recognition of credit losses, replacing the multiple existing impairment models in U.S. generally accepted accounting principles (GAAP). Last week, FASB extended the comment deadline to May 31, 2013.
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How safe is your critical business information?
March 29, 2013
Most companies are highly dependent on technology for critical aspects of their business including finance, operations, procurement, distribution and sales. Unfortunately, few businesses have the resources for effective information systems (IS) risk assessment to ensure their data is accurate, available, secure and un-compromised. Even large companies with internal IS audit departments struggle to keep their staff trained on all current and emerging technologies.
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Charitable taxpayers need to observe the letter of the law
March 29, 2013
A Texas couple, David and Veronda Durden, contributed $25,171 to their church several years ago, taking the itemized tax deduction. The IRS challenged their deduction on a technicality, and the Tax Court sided with the IRS in 2012.
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Congress permanently extends IC-DISC tax savings
March 29, 2013
If your closely held company earns significant income from exporting — or from engineering or architectural services on foreign construction projects — consider forming an interest charge domestic international sales corporation (IC-DISC). An IC-DISC is relatively inexpensive to set up and operate, and it can reduce your tax rate on qualifying sales by up to approximately 20 percentage points.
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Identifying and protecting brand value in the digital age
March 25, 2013
To many businesses, their brand is a critical business asset. Of course, the value of this asset may not be identified on the balance sheet since many of the brand-building investments made by companies are expensed over time. However, when one company acquires another company, brand-related value may be recognized on the balance sheet of the acquiring company.
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FASB issues guidance to exempt private companies from a fair value measurement disclosure
March 15, 2013
The Financial Accounting Standards Board (FASB) recently issued guidance that exempts private companies from a fair value measurement disclosure. Accounting Standards Update (ASU) No. 2013-03, Financial Instruments (Topic 825): Clarifying the Scope and Applicability of a Particular Disclosure to Nonpublic Entities, impacts private companies that have total assets of $100 million or more or one or more derivative instruments. This guidance takes effect immediately and will affect the preparation of 2012 financial statements for private companies.
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KraftCPAs' Alexander named to Nashville Post's 2013
March 11, 2013
KraftCPAs Chief Manager Vic Alexander was named in February to Nashville Post's 2013 "In Charge" list of influential Nashville business leaders.
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Sequester cuts take effect
March 11, 2013
On Friday, March 1, President Obama signed an order required by law to set into motion the automatic federal government spending cuts known as the "sequester." The cuts, affecting both defense and nondefense programs, could have sweeping effects across a variety of government services, although several key programs are exempt.
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IRS expands relief program for employers with misclassified workers
March 8, 2013
The IRS has modified the Voluntary Classification Settlement Program (VCSP) to, among other things, allow employers under IRS audit (other than an employment tax audit) to participate. It also temporarily further expands eligibility — through June 30, 2013. But while the expansions may seem like a win-win option for employers, participating isn't without risk. This article reviews VCSP eligibility, processes and terms, and details the recent changes.
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In 2012, the IRS audited 12 percent more businesses, compared to the prior year
March 6, 2013
According to a recent IRS press release, this figure includes all business types (S corporations, C corporations and partnerships) and all revenue categories. Among companies with assets exceeding $10 million, audits were up over 20 percent.
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Participation requested in McGladrey Manufacturing & Distribution Monitor survey
March 6, 2013
KraftCPAs, as an independently owned member of the McGladrey Alliance, has agreed to support the 2013 McGladrey Manufacturing & Distribution Monitor survey and we're asking for your participation. The survey will launch on March 5 and submissions will be accepted until March 22.
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Confusion continues over Chapter 7 bankruptcy and TDRs
Feb. 27, 2013
In the June 2012 publication of the Bank Accounting Advisory Series, the Office of the Comptroller of the Currency (OCC) published several Q&A's related to the determination of troubled debt restructurings (TDRs). The guidance up until now has been murky at best, and this communication may muddy the water even more.
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Senior citizens and other federal benefit recipients must sign up for electronic payments by March 1
Feb. 25, 2013
The Treasury Department published a final rule in 2010 to gradually phase out paper checks for federal benefit payments.
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Energy, Treasury Departments announce availability of $150 million in tax credits for clean energy manufacturers
Feb. 22, 2013
The U. S. Departments of Energy and the Treasury announced in February the availability of $150 million in Advanced Energy Manufacturing Tax Credits for clean energy and energy efficient manufacturing projects across the United States. This tax program is focused on strengthening America's global competitiveness in clean energy manufacturing, increasing our energy security and creating new jobs and opportunities for American workers.
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Managed security service providers require stepped-up oversight beyond traditional vendor management
Feb. 22, 2013
In April 2012, the Federal Financial Institutions Examination Council (FFIEC) added a new section to the Outsourcing Technology Services IT Examination Handbook. This new section, "Appendix D: Managed Security Service Providers," emphasizes that financial institutions must address additional risk considerations beyond their normal vendor management responsibilities when outsourcing security management.
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Not reviewing transfer pricing policies can lead to costly tax penalties
Feb. 22, 2013
Before you sell equipment or patent rights to a company affiliate, think twice about the price. With revenue-hungry governments worldwide looking to keep their tax bases strong, many are stepping up enforcement on transfer pricing.
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Businesses now able to electronically verify resale and exemption certificates
Feb. 20, 2013
Tennessee businesses often have customers who wish to make purchases free from sales tax, either because they intend to resell the items they are purchasing or because they are making purchases for non-profit organizations or for agricultural purposes. These businesses now have a new tool to help determine the validity of exemption certificates presented to them by their customers.
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IRS announces simplified option for home office deduction starting this year
Feb. 20, 2013
The Internal Revenue Service has announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.
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Fiscal cliff deal affects your financial statements
Feb. 20, 2013
The American Taxpayer Relief Act of 2012 (ATRA) was signed into law on Jan. 2, 2013. In addition to preserving lower income tax rates for most individual taxpayers and making many other income and estate tax law changes, the act extended a number of business tax breaks, in some cases retroactively to the beginning of 2012.
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IRS releases guidance on healthcare act's play or pay provisions
Feb. 20, 2013
The Internal Revenue Service (IRS) has issued extensive proposed regulations implementing the employer-shared responsibility provisions (also known as the "play or pay" provisions) of the Patient Protection and Affordable Care Act of 2010. The regulations address numerous topics, including which employers must provide affordable health coverage, the requirements for such coverage and the penalties for failing to provide it.
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10 reasons why the cloud is changing the finance world
Feb. 4, 2013
Business management systems are a critical success factor for growing enterprises. A business can plateau without scalable systems in place. Or, even worse, it can suffer a loss of existing customers due to mismanagement. The effective deployment and use of enterprise resource planning (ERP) software (or some kind of business management system) can provide a model for managing an entire business.
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RAC myths busted
Feb. 1, 2013
On Dec. 17, 2012, the Centers for Medicare & Medicaid Services (CMS) released Medicare Fee-For-Service Recovery Audit Program Myths. In this article, CMS works to debunk industry-wide myths to help facilities better understand the role the Recovery Auditor Contactors (RACs) play in ensuring proper payment for medically necessary services rendered to Medicare patients.
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For some taxpayers, it's not too late to reduce 2012 taxes with retirement plan contributions
Feb. 1, 2013
Retirement plans continue to be one of the best income tax deferral techniques available. The joint benefits of a current tax deduction and deferred tax on investment income in the plan make retirement plan contributions doubly attractive.
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Annual changes to the Outpatient Prospective Payment System (OPPS)
Jan. 30, 2013
It's the first of the year and with that comes the annual changes to the Outpatient Prospective Payment System (OPPS). These annual regulation updates, released by the Centers for Medicare and Medicaid Services (CMS), were published Nov. 15, 2012, in the Federal Register, and generally the majority of the items in this update became effective Jan. 1, 2013.
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Kraft Enterprise Systems, LLC admits Hans Stabell to membership in the firm
Jan. 28, 2013
Kraft Enterprise Systems, LLC is pleased to announce that Hans Stabell became a member in the firm, effective Nov. 30, 2012.
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Secretary Hargett warns businesses of statewide corporate scam
Jan. 28, 2013
Tennessee Secretary of State Tre Hargett's office has received inquiries about an official-looking notice from Corporate Records Service. It appears that these notices began arriving in mailboxes around January 22, 2013. Corporate Records Service is not registered, affiliated, or associated with the Tennessee Secretary of State.
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2013 tax law changes warrant a review of your estate plan
Jan. 14, 2013
The American Taxpayer Relief Act of 2012 (ATRA), signed into law Jan. 2, provides substantial estate tax relief compared to the changes that otherwise would have gone into effect in 2013. In addition, it provides more estate tax law certainty. Nevertheless, the ATRA changes aren't all positive; it also increases the estate tax rate compared to the 2012 regime.
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Despite some legislative relief, many individuals will see higher taxes in 2013
Jan. 14, 2013
The American Taxpayer Relief Act of 2012 (ATRA) does, as its name implies, provide substantial tax relief to many taxpayers. But while higher-income taxpayers will enjoy some benefits, they'll also see some tax increases. Here's a closer look at ATRA's most important changes for individuals, along with the tax planning implications.
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IRS plans Jan. 30 tax season opening for 1040 filers
Jan. 11, 2013
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced this week that it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.
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American Taxpayer Relief Act will save taxes for many businesses
Jan. 11, 2013
The American Taxpayer Relief Act of 2012 (ATRA) extends and enhances many breaks for businesses. In particular, it provides incentives for businesses to invest in assets, research and people. Here's an overview of ATRA's most important changes for businesses, along with the implications for 2012 tax returns and tax planning for 2013 and beyond.
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Proposed accounting standard may increase allowance for loan losses
Jan. 7, 2013
Performance in the banking industry improved in 2012 due to a variety of factors, among which was the reduction in credit losses from prior years. Correspondingly, many banks' balance sheets have shown a surplus in the allowance for loan losses, and provision expenses have been nominal or possibly even negative, increasing earnings. However, this trend may be premature as the Financial Accounting Standards Board (FASB) attempts to address what it perceives as a weakness in the current methodology for estimating credit losses.
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W-2 reporting of group health insurance benefits takes effect
Jan. 4, 2013
A provision of the 2010 health care reform law requires employers to report the cost of employer-sponsored group health coverage on the W-2 forms they furnish to employees. For many employers, the reporting requirement is effective for the 2012 tax year -- that is, it will apply to W-2s furnished in January 2013. Qualifying small employers -- those required to file fewer than 250 W-2s for 2011 -- may not have to comply at all, or, at the earliest, starting with 2013 W-2s furnished in January 2014.
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A little help please! - physicians discovering benefits of outside ownership
Jan. 4, 2013
In the search for a place to hang their hats, physicians have more choices than ever. But changes in federal and technology healthcare standards mean fewer and fewer are taking the plunge toward self-employment. A Little Help, Please!
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2nd Generation Capital instrumental in sale of large physician practice to public company
Jan. 4, 2013
2nd Generation Capital, LLC, the merchant and investment banking firm affiliated with KraftCPAs PLLC, announced on Wednesday the successful acquisition of its Chattanooga-based client, Anesthesiologists Associated, P.C. (AA) by MEDNAX , Inc. (NYSE – MD). 2nd Generation represented Anesthesiologists Associated through its licensed broker-dealer subsidiary, 2nd Generation Financial, LLC. The transaction was closed and effective as of Dec. 31, 2012.
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What the fiscal cliff deal means for your taxes
Jan. 3, 2013
After much contention and negotiation, President Obama and Congress finally came to agreement on legislation to address the "fiscal cliff" — a combination of higher taxes and forced spending cuts scheduled to go into effect in 2013. While the American Tax Relief Act (ATRA) simply extends the deadline for the spending cuts, it does prevent income tax rate increases for all but approximately the top 2 percent of taxpayers.
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Kraft Healthcare Consulting presented with Leadership Health Care award
Dec. 21, 2012
Leadership Health Care (LHC), an initiative of the Nashville Health Care Council to nurture the talents of future health care leaders, has announced its 2012 award winners in the categories of Health Care Emerging Leader, Volunteer of the Year and Supporting Organization of the Year.
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IRS provides guidance for new 3.8% tax on net investment income
Dec. 17, 2012
Recently, the IRS issued proposed regulations regarding the new 3.8% net investment income tax (NIIT, also known as the Medicare contribution tax) that was created by the Health Care and Education Reconciliation Act of 2010 and takes effect Jan. 1, 2013. The IRS also released answers to frequently asked questions (FAQs) concerning the new tax. Taxpayers may rely on the proposed regulations until final regulations are published.
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Are you defining items in QuickBooks correctly?
Dec. 14, 2012
Create item records in QuickBooks carefully, and QuickBooks will return the favor by running useful, accurate reports.
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When donating appreciated property to charity, cross all the t's and dot all the i's
Dec. 14, 2012
The tax law imposes stringent requirements for deducting charitable gifts of property. The rules are especially tough when you donate appreciated property. If you don't observe all of them, your tax deduction might be reduced or even eliminated.
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TN launches new low-cost program to save for college
Dec. 14, 2012
Governor Bill Haslam and Tennessee Treasurer David H. Lillard, Jr, say Tennessee needs a highly educated workforce to continue to attract businesses that bring new jobs to the state.
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2013 standard mileage rates up 1 cent per mile for business, medical and moving
Dec. 14, 2012
The Internal Revenue Service has issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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IRS provides guidance on additional 0.9% Medicare tax
Dec. 14, 2012
On Nov. 30, the IRS issued proposed regulations regarding the 0.9% Additional Hospital Insurance Tax on High-Income Taxpayers (commonly referred to as the additional Medicare tax), which takes effect Jan. 1, 2013. This article details how the tax may affect individuals, employers and payroll service providers.
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2012/2013 payroll tax reminders
Dec. 12, 2012
Following are 2012/2013 payroll tax changes.
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Industry veteran joins Kraft Healthcare Consulting
Dec. 12, 2012
Kraft Healthcare Consulting, LLC, has added industry veteran, Jonathan Uttz, as a manager on its advisory services team. Kraft Healthcare, an affiliate of Nashville-based KraftCPAs PLLC, provides reimbursement, operations, coding and compliance services to healthcare providers across the U.S.
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Healthcare providers to be reimbursed for transitional care management (TCM) services
Dec. 12, 2012
Healthcare providers are justifiably worried about cuts in reimbursement, but some are finding other services they already perform that can add legitimate revenue to the business if they are coded properly. As the healthcare industry coding system evolves, it is critical to understand code changes along with the relative reimbursement value of each change.
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Employers hiring veterans by year's end may get expanded tax credit
Nov. 19, 2012
Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year.
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Kraft Healthcare Consulting's Mandy Thompson earns CRCR credential
Nov. 16, 2012
The Healthcare Financial Management Association (HFMA) has awarded Mandy Thompson, a coding and compliance consultant with Kraft Healthcare Consulting, LLC, the certification of Certified Revenue Cycle Representative (CRCR).
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Planning for possible changes in your audit engagement
Nov. 16, 2012
As you plan for your next financial statements audit, there are changes in auditing standards that may impact your engagement.
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Six deduction tips for charitable taxpayers
Nov. 16, 2012
Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about the deductibility of donations.
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Proper planning can save you time and money on your year-end audit
Nov. 16, 2012
Nothing makes a CFO or controller happier than preparing for the year-end audit; right? Joking aside, the annual audit should provide a valuable opportunity for management to reflect on past performance and plan for the future. It should be a collaborative effort between management, the board of directors (as applicable) and the CPA firm.
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Cyber attack leads to security breach of Social Security numbers, credit cards
Nov. 7, 2012
The South Carolina Department of Revenue is providing affected taxpayers a year of credit monitoring after a hacker stole information including 3.6 million Social Security numbers and 387,000 credit and debit card numbers from its computer systems, according to an Oct. 31. press release from the agency. The report said that information from up to 657,000 businesses was also exposed.
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Election results leave much uncertainty about tax law changes
Nov. 7, 2012
President Barack Obama's reelection, combined with Senate and House election results leaving Congress at nearly the status quo, means continued uncertainty about tax law changes.
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CMS issues OPPS and ASC final rule for 2013
Nov. 7, 2012
While the rest of the country has been focused on the presidential election and the aftermath of Hurricane Sandy, the Centers for Medicare and Medicaid Services (CMS) has kept their promise to release the annual Medicare regulations outlining the 2013 final rules for the hospital Outpatient Prospective Payment System (OPPS) and Ambulatory Surgery Center (ASC). The Final Rule updates the hospital outpatient and ASC payment policies and rates, which become effective for services beginning on Jan. 1, 2013.
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Gina Bennett Pruitt named a KraftCPAs member
Oct. 31, 2012
KraftCPAs PLLC is pleased to announce that Gina Bennett Pruitt will become a member in the firm, effective Nov. 1, 2012.
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Consider business tax breaks available now
Oct. 25, 2012
Some valuable tax breaks for businesses expired at the end of 2011, and others are scheduled to expire at the end of this year. Flow-through businesses, which for federal purposes are subject to individual rather than corporate income tax rates, also face scheduled income tax rate hikes for 2013.
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Making year-end gifts to family and charity can reduce taxes
Oct. 24, 2012
When we discuss year-end gifts, we don't mean the tie you give to Uncle Al or the toys you give to your nephews and nieces as holiday presents. We're talking about significant gifts, such as helping a child put a down payment on a home or start a business, or paying a grandchild's college tuition or a relative's medical expenses. Under these circumstances, making gifts to family members can help save federal gift and estate taxes and, in some situations, overall family income taxes.
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2013 Retirement plan limits
Oct. 24, 2012
The Internal Revenue Service (IRS) announced the cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2013.
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Physician practice for sale - If it's just about the money, don't do it
Oct. 17, 2012
Read the Physician Practice For Sale article written by Mike Collins' Managing Director and CEO of 2nd Generation Capital and published in Nashville Medical News.
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Tommy Francis – firm leader, mentor, friend – retires Oct. 31
Oct. 17, 2012
Thomas T. (Tommy) Francis, who has been with KraftCPAs since 1986, will retire from the firm, effective Oct. 31. Tommy, a member in the assurance services department, has over 40 years of experience in public accounting. In addition to serving a diverse client base of corporate and individual clients, Tommy has served on the management committee at KraftCPAs and on the board of directors of Kraft Technology Group and Kraft Enterprise Systems – both affiliates of the firm. He has also served as a mentor to countless Kraft professionals and a friend to all.
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Kraft Enterprise Systems joins Netsuite Solution Provider Program
Oct. 17, 2012
Partnership with NetSuite allows Kraft Enterprise Systems to meet increasing mid-market demand for cloud solutions.
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Year-end tax planning moves for business owners
Oct. 17, 2012
Despite the uncertainty that exists about future tax rates, business owners can still do some year-end tax planning to get the benefit of available tax credits, bonus depreciation and other tax-saving strategies.
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Uncertainty makes year-end tax planning a challenge
Oct. 17, 2012
Year-end planning is a bigger challenge this year than in past years. Unless Congress acts, tax rates will go up next year, many more individuals will be subject to the alternative minimum tax (AMT), and various deductions and other tax breaks will be unavailable. To be more specific, as a result of expiring Bush-era tax cuts, individuals will face higher tax rates next year on their income, including capital gains and dividends, and estate tax rates will be higher as well.
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QuickBooks 2013 gives you a reason to upgrade
Oct. 15, 2012
You chose QuickBooks for a variety of reasons, a major one being its simplicity and usability. But the software is more than 20 years old now, and hundreds of features have been added over the years. QuickBooks looks old, tired and in need of a makeover.
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Alexander chosen as a finalist for 2012 Most Admired CEO's and Their Companies award
Oct. 15, 2012
Vic Alexander, chief manager of KraftCPAs PLLC, has been chosen as a finalist for the Nashville Business Journal's 2012 Most Admired CEO's and Their Companies Awards presented by Chase in the 101-500 Employee category.
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Partial code freeze for ICD-9-CM and ICD-10 finalized
Sep. 27, 2012
The implementation of ICD-10-CM has been moved to Oct. 1, 2014. Due to the yearlong extension of the implementation of ICD-10-CM, CMS has announced a revised timeline for the October ICD-9/ICD-10 updates.
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CMS approves RAC review of E/M services
Sep. 27, 2012
Despite opposition from the American Medical Association, the Medical Group Managers Association and numerous state specialty societies, The Centers for Medicare & Medicaid Services has approved RAC review of E/M services.
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Six tips for charitable taxpayers
Sep. 27, 2012
Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations.
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How Will Your Practice Transition Its Superbill to ICD-10?
Sep. 19, 2012
It's difficult enough today—in ICD-9-CM—to ensure that your superbill encompasses as many of the diagnosis and procedure codes you report on a regular basis. How will you ensure that it continues to do so once the volume of codes increases exponentially when ICD-10 takes effect in 2014?
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Take a Closer Look at Your Superbill to Ensure Accurate Billing
Sep. 19, 2012
Superbills aren't necessarily supposed include every code a physician might report. The superbill is typically a one-page reference of the most common codes used in a particular practice.
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KraftCPAs Named To National List of 'Best Accounting Firms to Work For'
Sep. 19, 2012
KraftCPAs PLLC has been named one of the 2012 Best Accounting Firms to Work for according to Accounting Today magazine and Best Companies Group.
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S corp status offers tax benefits, but some pitfalls
Sep. 7, 2012
Although S corporations can provide significant tax advantages over C corporations in the right circumstances, there are a number of potentially costly tax issues that you should assess before making a decision to convert your C corporation to an S corporation.
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CMS issues final rule on ICD-10-CM/PCS
Aug. 29, 2012
On Aug. 24, 2012, the Centers for Medicare and Medicaid Services (CMS) issued the final rule concerning ICD-10-CM/PCS and a standard for unique health plan adoption, as well as national provider numbers. The regulation is effective 60 days after publication in the Federal Register.
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Tennessee inheritance and gift tax change creates new opportunities to transfer wealth
Aug. 29, 2012
Under a phase-out schedule over the next four years, the Tennessee inheritance tax has been repealed. The phase-out is designed to raise the Tennessee inheritance tax exemption amount according to the schedule below with complete repeal set to take effect on Jan. 1, 2016. Estate planning over the next four years will require much communication between clients and their estate planning team to ensure that estate plans take these moving targets into account.
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How the new healthcare law might impact taxpayers, businesses
Aug. 24, 2012
As you've probably heard on the street, on June 28 the U.S. Supreme Court, in a muchanticipated ruling, generally upheld the Patient Protection and Affordable Care Act of 2010. This ruling puts an end to the two year hold-out, for thosewho might have believed the Act would be struck down by the Court. The decision has farreaching implications, many of which will financially impact businesses and individuals.
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Goodwill impairment revisited
Aug. 22, 2012
Goodwill impairment continues to be a significant issue for financial institutions across the globe. Recent estimates indicate that goodwill and other intangibles represent approximately 30 to 40 percent of book value for the top 100 publicly rated financial institutions. While the amount of goodwill may not be as large at smaller institutions, the effect of impairment can be just as significant. A cursory glance of news articles indicates this issue continues to be an important discussion among an entity's management, regulators, auditors and shareholders. This time of year is the perfect time to make sure you understand the revised accounting standards and have documented your conclusion on whether goodwill impairment exists.
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Agencies extend comment period on regulatory capital proposals
Aug. 10, 2012
The federal banking regulators announced on Aug. 8 that they have extended the comment period until October 22, 2012, on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules. The proposals have been available on the Federal Deposit Insurance Corporation's website since June 12, 2012.
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KraftCPAs' Gina Pruitt earns Certified Information Technology Professional (CITP) credential
Aug. 2, 2012
Gina Pruitt, managing director of KraftCPAs' information systems assurance and consulting practice, has earned the Certified Information Technology Professional (CITP) credential.
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Financial experts can play a valuable role in coping with bankruptcy
Aug. 1, 2012
Should a company find itself in severe financial distress, assembling the right team of advisors may help mitigate the situation. A financial expert can play an integral role on such a team, providing an objective eye regarding valuation, finance, accounting and expert witness issues.
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CMS begins meaningful use audits
Aug. 1, 2012
The Electronic Health Record Initiative program established by the Centers for Medicare and Medicaid Services (CMS), for eligible healthcare professional and facilities, is currently being implemented, and CMS is preparing to begin compliance audits related to the "meaningful use" reporting rules.
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Kraft has five among Nashville's accounting industry Power Leaders
Aug. 1, 2012
The Nashville Business Journal recently announced its 2012 list of the accounting industry's Power Leaders, and KraftCPAs has five members on the list. Vic Alexander, Wynne E. Baker, Kevin Crumbo, Lee Kraft and Becky Harrell are on the list of 40 area accountants considered the "key leaders driving the profession in Music City." Vic, Kevin and Becky also achieved the impressive " Top 10" designation.
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Chain emails drive real estate transaction tax rumors
Aug. 1, 2012
A potential downside of tax-deferred saving through a traditional retirement plan is that you'll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don't reduce your current-year taxable income.
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Opening the back door to a Roth IRA
Aug. 1, 2012
A potential downside of tax-deferred saving through a traditional retirement plan is that you'll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don't reduce your current-year taxable income.
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Kraft Healthcare Consulting's Scott Mertie earns Certified Healthcare Financial Professional credential
July 27, 2012
Scott Mertie, president of Kraft Healthcare Consulting, LLC, has earned the Certified Healthcare Financial Professional (CHFP) credential administered by the Healthcare Financial Management Association (HFMA).
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IT forecast: partly to mostly cloudy
July 27, 2012
The world of IT is never lacking for new acronyms and buzz words. One of the newer buzz words is the "CLOUD". The term "CLOUD" originated from the old symbol used in network diagrams where a picture of a cloud represented the Internet or other types of data communications media. While different people have different definitions for the CLOUD, most believe, "If it's on the Internet, it's 'in the CLOUD'."
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CMS issues three proposed rules for 2013
July 11, 2012
Last week the Centers for Medicare & Medicaid Services (CMS) issued the calendar year 2013 proposed physician fee schedule, the proposed rules for the hospital outpatient prospective payment system and ambulatory surgical centers and the proposed rules for the home health prospective payment system.
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Individual tax planning in the aftermath of the Supreme Court's decision
July 11, 2012
Since the U.S. Supreme Court issued its healthcare law ruling on June 28, most of the attention has focused on the impact on businesses, but the Patient Protection and Affordable Care Act of 2010 includes some significant tax-related provisions affecting individuals. Many of these provisions are scheduled to take effect in 2013 and 2014, unless Congress repeals them or takes other action. Now is the time to start planning so you can minimize any negative tax consequences to the extent possible.
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Supreme Court upholds healthcare law: What do businesses need to do now?
July 11, 2012
The U.S. Supreme Court ruling on June 28 has drawn attention to the far-reaching provisions of the Patient Protection and Affordable Care Act of 2010. Since 2010, various provisions have trickled into effect, but several particularly significant provisions are scheduled to take effect over the next 18 months, barring Congressional action.
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Are your information assets secure?
July 10, 2012
LinkedIn, the owner of the world's largest professional networking site, recently had approximately 6.5 million passwords stolen from its online platform. That's right -- the world's largest professional networking site -- hacked.
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Robust Microsoft products link operations and administration to support business growth
July 10, 2012
Time is wasted; work is duplicated; employees and customers are frustrated; opportunities are missed. These are the probable outcomes if you're trying to grow a business enterprise while clinging to an inadequate information management system.
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DOL opinion may impact open multiple employer plans' (MEPs) audit and 5500 requirements
July 10, 2012
On May 25, 2012, the Department of Labor issued Advisory Opinion 2012-04A, ruling that an "open" multiple employer plan (MEP) is not a single employee benefit plan under ERISA. An "open" MEP is an arrangement where an entity acts as the plan sponsor and plan administrator of a single multiple employer 401(k) profit sharing plan covering its employees, along with employees of other unrelated employers that adopt the plan.
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Supreme Court upholds healthcare reform law What is the impact on healthcare providers?
July 3, 2012
Now that the U.S. Supreme Court has ruled that the healthcare reform legislation in the Patient Protection and Affordable Care Act of 2010 (PPACA) does not violate the Constitution, what can providers expect?
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Supreme Court upholds health care law, impacting businesses and individuals — and their taxes
June 28, 2012
On June 28, the U.S. Supreme Court generally upheld the Patient Protection and Affordable Care Act of 2010. The decision has far-reaching implications, many of which will financially impact businesses and individuals. This article provides a brief overview of the decision and its financial impact on businesses and individuals.
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IRS says offshore effort tops $5 billion, announces new details on the voluntary disclosure program and closing of offshore loophole
June 27, 2012
The Internal Revenue Service today announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements.
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Compromise reached in joint lease project
June 25, 2012
If your company accepts credit or debit card payments, you've probably heard the term PCI, but do you know what it means for your business? Do you know what you have to do to comply?
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Community banks forced to comply with Basel III
June 20, 2012
In early June the Federal Reserve shocked the financial world by announcing that small and community banks will be forced to comply with the guidelines of the third Basel Capital Accord (Basel III). The changes incorporated in Basel III were in reaction to the global financial crisis that occurred in the late 2000's. The requirements of Basel III have been known for some time, but industry experts largely expected them to be focused on the largest of our nation's financial institutions. With this announcement, the Federal Reserve is essentially forcing small local institutions to play on the same field as the likes of Bank of America and JP Morgan.
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If You Did It … Document It
June 13, 2012
There is no government conspiracy … there's not even a hidden website with all the super secret tips to avoid being penalized during an audit. In fact, when it comes to healthcare contractors and audits, the federal government is relatively straightforward regarding what they expect, how to comply and what happens if you fall short. Read the entire Nashville Medical News article: If You Did It . . . Document It
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How to decipher the new service organization control (SOC) reporting standards
June 5, 2012
Even though the AICPA's new standards for Service Organization Controls (SOC) reporting have been in effect for approximately a year, many businesses that should be in the loop, are still asking, "What on earth is a SOC report, and why do I need one?"
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Up in the air - Current estate tax law uncertainty should alter your planning strategies in 2012
June 5, 2012
Without congressional action before year end, on Jan. 1, 2013, the current $5.12 million gift and estate tax exemption will drop to $1 million and the top rate of 35 percent will increase to 55 percent — as prescribed by pre-2001 tax law.
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The FAF sets the stage for private company GAAP
June 4, 2012
On May 23, after considering numerous public comments, the Financial Accounting Foundation (FAF) — parent organization to the Financial Accounting Standards Board (FASB) — approved the creation of the Private Company Council (PCC).
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Study finds typical organization loses 5 percent of revenue to fraud each year
June 4, 2012
The 2012 Report to the Nations on Occupational Fraud and Abuse (the study), released in May by the Association of Fraud Examiners (ACFE), is based on data compiled from a study of 1,388 cases of occupational fraud that occurred worldwide between January 2009 and December 2011. The ACFE is the world's largest anti-fraud organization providing training and education to its more than 60,000 members worldwide. Since the study's inception in 1996, six editions of the Report to the Nations have been published with consistent trends and patterns of fraud emerging worldwide, illustrating the global impact of occupational fraud.
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Purchases at Amazon.com trigger use tax for Tennesseans
May 14, 2012
Many Tennesseans recently received an email from Amazon.com which notified them about a Tennessee use tax liability.
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Major shift in Tennessee inheritance and gift tax creates new opportunities to transfer wealth
June 13, 2012
Under a phase-out schedule over the next four years, the Tennessee inheritance tax has been repealed. The phase-out is designed to raise the Tennessee inheritance tax exemption amount according to the schedule below with complete repeal set to take effect on January 1, 2016. Estate planning over the next four years will require much communication between clients and their estate planning team to ensure that estate plans take these moving targets into account.
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New rules affect businesses with tangible property
May 11, 2012
Long-awaited regulations on the tax treatment of expenditures related to tangible property are in effect for 2012 and beyond. The regulations are intended to simplify compliance with Section 263 of the Internal Revenue Code, which generally requires the capitalization of amounts paid to acquire, produce or improve tangible property. They focus largely on how to determine whether expenditures are for deductible repairs or capital improvements.
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JOBS Act raises threshold for triggering SEC registration
May 2, 2012
The Jumpstart Our Business Startups Act ("JOBS Act") first introduced by Rep. Stephen Fincher (R-TN8) on December 8, 2011, garnered bipartisan support and was signed into law by President Obama on April 5, 2012. The purpose of the JOBS Act is "to increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies." So, what does that mean for you?
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OCC issues Bulletin 2012-10 on troubled debt restructurings
May 2, 2012
In a bulletin issued April 5, 2012, the Office of the Comptroller of the Currency (OCC) addresses several inquiries on the accounting and reporting requirements for troubled debt restructurings (TDR) -- especially as it relates to loan renewals and extensions of substandard commercial loans. This bulletin focuses on factors to consider when evaluating loan renewals and modifications to determine if they constitute a TDR.
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Prepare your retirement plan for an IRS or DOL audit
April 23, 2012
With Department of Labor (DOL) and Internal Revenue Service (IRS) increasing the number of retirement plan audits, it's imperative that plan sponsors be prepared. Are you and your plan ready for an audit?
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Kraft Enterprise Systems earns Microsoft certification for Dynamics AX
April 20, 2012
Kraft Enterprise Systems, a leading value-added reseller of enterprise resource planning (ERP) software, has been certified by Microsoft to provide services on Dynamics AX, an end-to-end ERP solution covering both operational and administrative needs.
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Kraft Healthcare Consulting's Heather Greene receives two new certifications
April 20, 2012
Heather Greene, a coding and compliance specialist with Kraft Healthcare Consulting, recently added Certified Professional Medical Auditor (CPMA) and Certified Professional Coder (CPC) to her already impressive list of certifications.
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Proposed postponement of ICD-10 implementation
April 12, 2012
The Secretary of Health and Human Services on April 9, 2012 published the proposed rule announcing the implementation date for ICD-10. The date of October 1, 2013, has been moved back a year to October 1, 2014. This delay is in response to two concerns. First and foremost provider groups are concerned over the cost, flow and viability of the newly implemented software. The second issue is the inclusion of new procedures and diagnoses that will improve the quality of information available for quality improvement and payment purposes. This is a proposed rule, requiring a 30-day response period. The Final Rule for the implementation of ICD-10 is anticipated to be released in June of 2012. AHIMA's stance of hold steady and move forward has not changed; every provider will need to be ready for the implementation of ICD-10 in the very near future.
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FBI honors Kraft Enterprise Systems' Greg Lemon
March 30, 2012
The Memphis Division of the FBI honored Greg Lemon, president of Kraft Enterprise Systems, LLC, for his work as a member of the Nashville chapter of InfraGard. Greg graduated from the FBI's Citizens Academy in 2009 and immediately joined InfraGard, where he works to strengthen the partnership between InfraGard and the state of Tennessee's Office of Homeland Security.
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Treasury announces executive actions to increase retirement plan options
March 28, 2012
The U.S. Departments of the Treasury announced on Feb. 2 a proposal designed to enhance security for millions of Americans saving for retirement.
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QuickBooks: Billing for time and expenses
March 28, 2012
QuickBooks handles billable expenses capably, but it's critical that you understand the process thoroughly before proceeding.
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CMS Updates SSI Data
March 18, 2012
The Centers for Medicare & Medicaid Services published the latest SSI Data for Inpatient Rehabilitation Facilities (IRF) to their website. This information is for years 2006, 2007, 2008 and 2009. This updated SSI Data is utilized in calculating Low Income Patient (LIP) payments.
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CMS 60-day rule
March 16, 2012
Last month, CMS issued a proposed rule for comments on "Reporting and Returning of Overpayments". This rule, if finalized, would require persons (providers and suppliers) to "report and return overpayments by the later of the date which is 60 days after the date on which the overpayment was identified; or any corresponding cost report is due, if applicable." CMS is proposing to implement section 1128J(d) of the Act for Medicare Part A & B providers and suppliers only at this time. This will be addressed at a later date for other "stakeholders" such as MAOs and Medicaid MCOs according to CMS.
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Are Post-Acute Care Transfers a Goldmine for RAC Audits?
March 9, 2012
What happens after a patient leaves a facility can have a huge impact on reimbursement.
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Buyers and sellers: appreciate the art of valuation
March 7, 2012
Value is in the eye of the beholder. If you're considering a business sale or acquisition, it's important to understand the basics of business valuation.
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When and How to Use Modifier -25
Feb. 22, 2012
Modifiers are two-character alpha-numerics reported with a CPT code when appropriate. They provide Medicare and commercial payers with additional—and essential—information needed to process a claim. Modifiers provide the means by which the physician can flag a service that has been altered by some special circumstances without changing the basic CPT code description.
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Harrell wins the Nashville Business Journal's Women of Influence award
Feb. 22, 2012
Congratulations to KraftCPAs' member Becky Harrell, who won the Nashville Business Journal's Women of Influence award in the "Community Supporter" category.
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Banking regulators issue new guidance for allowance for loan and lease losses
Feb. 17, 2012
Continued uncertainty in the economy and the housing markets prompted federal banking regulators to issue Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loan and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties on Jan. 31, 2012. While the guidance in the release specifically addresses junior liens, the overall concepts discussed reiterate the requirements of generally accepted accounting principles and existing regulatory guidance.
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Kraft Healthcare Consulting named among Top 300 Small Businesses in the South
Feb. 17, 2012
Kraft Healthcare Consulting, LLC (KHC) was named by Business Leader as one of the Top 300 Small Businesses in the South. They ranked 16 in Nashville and 113 in the South for 2011.
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CMS to review timeline for ICD-10
Feb. 17, 2012
CMS Administrator Marilyn Tavenner announced today that CMS will review the timeline for ICD-10 implementation. Tavenner noted that there is concern whether providers can complete the requirements to meet meaningful use, while simultaneously implementing protocols necessary to transition to ICD-10. CMS did not provide any information as to how long the agency would extend the implementation timeline. CMS will issue details in the following days on the rulemaking process to be implemented and timeline.
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Top issues found during IRS audits
Feb. 13, 2012
The following is a list of issued identified during the planning and initial stages of an examination.
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RACs Plan to Spotlight IRFs
Feb. 10, 2012
CMS has announced that their contracted Recovery Audit Contractors will focus their attention on Inpatient Rehabilitation Facilities (IRFs) in 2012 to determine if IRFs are submitting data compliantly.
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New court ruling on Disproportionate Share Calculation
Feb. 6, 2012
Last month Catholic Health Initiatives – Iowa (CHI) received a summary judgment in their favor from the District Court for Washington D.C. related to their FYE: June 30, 1997 cost report. This judgment favored CHI's position on Medicaid days that, where the Medicare inpatient Part A benefits were exhausted, those days were still includable in the Medicaid portion of the Disproportionate Share (DSH) fraction.
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Independent contractor or employee?
Feb. 3, 2012
Determining whether a worker is an employee or an independent contractor is an important decision. It also continues to be a hot spot for IRS inquiries. Not understanding and following the classification rules can result in substantial tax penalties and interest.
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Social engineering testing reveals the weakest link in information security for organizations
Feb. 1, 2012
Justin Bumpus, senior technology specialist for Kraft Technology Group, LLC (an affiliate of KraftCPAs), walks, talks and looks like your average Joe.
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PCI standards: what you need to know about compliance
Feb. 1, 2012
If your company accepts credit or debit card payments, you've probably heard the term PCI, but do you know what it means for your business? Do you know what you have to do to comply?
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Don't be scammed by cyber criminals
Feb. 1, 2012
The Internal Revenue Service receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as a lure to make the communication appear more authentic and enticing. The goal of these scams – known as phishing – is to trick you into revealing your personal and financial information. The scammers can then use your information – like your social security number, bank account or credit card numbers – to commit identity theft or steal your money.
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IRS offers employers a break on misclassified workers
Jan. 14, 2012
The IRS has announced a new program that allows eligible employers to voluntarily reclassify workers as employees, rather than independent contractors, for future tax periods. In exchange, the employers' liability for past payroll tax obligations will be reduced to only a minimal payment. The Voluntary Classification Settlement Program (VCSP) is intended to increase tax compliance and reduce the tax and administrative burdens on employers with misclassified workers.
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QuickBooks tips and tricks to make your workday easier
Jan. 11, 2012
No matter which version of QuickBooks you're using, there are always ways to make your workday easier. As with any software, we tend to learn the features we need and not much more. But small changes in the way you operate can add up to significant time savings and more accurate files. If you jumped into QuickBooks without a thorough introduction, consider these tips.
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FASB issues new disclosure requirements for offsetting for offsetting assets and liabilities
Jan. 9, 2012
The Financial Accounting Standards Board (FASB) recently issued new disclosure requirements for companies that "offset" certain assets and liabilities on their financial statements. Accounting Standards Update (ASU) 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, includes less strict requirements for offsetting (or "netting") than those the FASB had been considering along with the International Accounting Standards Board (IASB).
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Perdue earns Certified Licensing Professional designation
Aug. 3, 2011
Glenn Perdue, managing member of Kraft Analytics, LLC, earned the Certified Licensing Professional (CLP) designation awarded by Licensing Executives Society (LES).
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Protecting your business from occupational fraud
June 27, 2011
If fraud were a disease, it would not be an epidemic; it would be a pandemic. This quote by Jeffrey Robinson, a financial crime author, clearly articulates that we are living in times where fraud is rampant across all industries, whether detected or not. Fraudsters have discovered ways to target victims, and these victims are often the organizations that employ the fraudster.
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Valuation considerations related to employee ownership
May 4, 2011
Owners of closely-held businesses may face difficult choices as they consider the future of their businesses without them. Death, illness, retirement, career changes, and disputes with other owners can lead to transitions in business ownership and management that can be disruptive and economically harmful.
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Don't shrug off a business valuation: Appraisals can help during tough times
April 6, 2011
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.
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Timing may be favorable for strategic acquisitions or mergers
March 14, 2011
The downturn in the economy and the resulting decrease in stock value of many entities have created opportunities for strong businesses to acquire competitors or merge. Likewise, we are starting to see some signs of increased interest among venture capital firms and other investors.
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