For some taxpayers, it's not too late to reduce 2011 taxes with retirement plan contributions
Feb. 3, 2012
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 becomes more valuable. Full Story
|
|
|
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. Full Story
|
|
|
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? Full Story
|
|
|
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. Full Story
|
|
|
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. Full Story
|
|
|
Payroll reminders for 2012
Feb. 1, 2012
Payroll tax reminders Full Story
|
|
|
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. Full Story
|
|
|
Filing deadline extended to March 30 for some tax-exempt organizations, but sense of urgency should remain
Jan. 13, 2012
Tax-exempt organizations with January and February filing due dates will have until March 30, 2012, to file their annual returns. The IRS is granting this extension of time to file because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be off-line during January and February. Full Story
|
|
|
Kraft Enterprise Systems consultant earns Microsoft certification for Dynamics GP Manufacturing
Jan. 11, 2012
Anthony Hill, a consultant for Kraft Enterprise Systems, has been awarded certification by Microsoft in the manufacturing segment of Dynamics GP 10.0, an elite status. Kraft Enterprise Systems is an affiliate of KraftCPAs. Full Story
|
|
|
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. Full Story
|
|
|
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). Full Story
|
|
|
Becky Harrell named a finalist for the Nashville Business Journal's
Jan. 9, 2012
KraftCPAs member Becky Harrell was recently named a finalist for the Nashville Business Journal's 2012 "Women of Influence." Full Story
|
|
|
Don't forget January 31 tax deadlines
Jan. 9, 2012
Employers have several tax forms to submit by January 31, 2012. Below are a few items you'll want to be sure you have prepared and submitted by that date. Full Story
|
|
|
IRS issues form and guidance for reporting foreign financial assets
Dec. 27, 2011
The IRS has released a new form for reporting foreign financial assets for the 2011 tax year, as well as some guidance on who must file the form. The agency warns that individual taxpayers should take the time to determine whether they need to file Form 8938, Statement of Specified Foreign Financial Assets, because failure to comply can trigger some significant penalties. Full Story
|
|
|
Congress extends payroll tax relief — for 2 months
Dec. 27, 2011
After much debate and political maneuvering, Congress has passed and President Obama has signed a two-month extension of payroll tax relief. The Temporary Payroll Tax Cut Continuation Act of 2011 will extend through Feb. 29, 2012, the 2010 Tax Relief Act provision that reduced the employee portion of the Social Security tax on earned income from 6.2 percent to 4.2 percent. Full Story
|
|
|
Don't overlook new tax credit for employers who have hired and retained recently unemployed
Dec. 27, 2011
The New Hire Retention Credit is now available for calendar year taxpayers to claim on their 2011 tax returns, which are due on March 15 or April 15, 2012. Full Story
|
|
|
Conformity election may prove beneficial for banks
Dec. 20, 2011
In general, a deduction is allowed under Internal Revenue Code (IRC) § 166 for any debt which becomes worthless within the taxable year, however, no precise test exists for determining whether a debt is worthless. In many situations, no single factor or identifiable event clearly demonstrates whether a debt has become worthless. Instead, a series of factors or events in the aggregate establishes whether the debt is worthless. Full Story
|
|
|
FFIEC issues supplement to 2005 guidance on internet banking risks
Dec. 20, 2011
As a result of an increasing number of cyber attacks and losses due to fraudulent activity to banking institutions and customers, the FFIEC has issued its first online authentication guidance since 2005. Banking regulators will begin assessing institutions by this new guidance in 2012. Full Story
|
|
|
IRS announces 2012 standard mileage rates
Dec. 16, 2011
The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Full Story
|
|
|
FASB to evaluate fair value measurement disclosures for private companies, not-for-profits
Dec. 16, 2011
The Financial Accounting Standards Board (FASB) has added to its agenda a project to assess the feasibility of reducing or eliminating certain fair value measurement disclosure requirements for private companies and not-for-profit organizations, a move that could prove positive for community banks. Full Story
|
|
|
Making year-end gifts to family and charity can reduce taxes
Dec. 8, 2011
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. Full Story
|
|
|
Nine tips for charitable taxpayers
Dec. 5, 2011
If you make a donation to a charity this year, you may be able to take a deduction for it on your 2011 tax return. Here are the top nine things the IRS wants every taxpayer to know before deducting charitable donations. Full Story
|
|
|
Scott Mertie, Soles4Souls team up for Haiti
Dec. 2, 2011
Scott Mertie, member-in-charge of Kraft Healthcare Consulting, LLC, made his fifth trip in as many years to the impoverished community of Bahon, Haiti, in November. But this time he travelled with a little extra luggage.
|
|
|
Community Foundation of Middle Tennessee honors Amy Grant and Vince Gill with Joe Kraft Humanitarian Award
Dec. 2, 2011
Country music icons Amy Grant and Vince Gill have plenty of hardware to stock their trophy cases. The star couple has won numerous Grammy and CMA Awards, produced platinum and gold albums, and received hundreds of other prestigious country music honors. Full Story
|
|
|
QuickBooks customer refunds: Are you doing them right?
Nov. 30, 2011
Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks' tools. Others, not so much. You may find yourself unable to balance your accounts receivable. Full Story
|
|
|
Congress repeals 3 percent withholding, provides tax incentives for hiring veterans
Nov. 30, 2011
On Nov. 16, Congress passed legislation repealing a controversial law that would have required federal, state and local government entities with total annual expenditures of $100 million or more to withhold 3 percent of certain payments for goods and services to government contractors and vendors. Full Story
|
|
|
The IRS announces 2012 cost-of-living adjustments
Nov. 4, 2011
On Oct. 20, the IRS released most cost-of-living adjustments for 2012. These are automatic adjustments built into the tax law, but they don't always result in increases. With inflation now a little higher than it has been, some amounts that haven't risen in recent years are increasing for 2012 and others are increasing by larger sums. Still, there are many amounts that will stay the same as they were for 2011. The changes -- or lack thereof -- could affect your tax planning. Full Story
|
|
|
IRS issues guidance on tax treatment of employee cell phones
Nov. 4, 2011
If you've been dealing with the recordkeeping headache of employer-provided cell phones, you can officially breathe a sigh of relief. Full Story
|
|
|
Proper planning can save you time and money on your year-end audit
Nov. 4, 2011
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. Full Story
|
|
|
It's time to consider your 2011 individual, income-tax liability
Nov. 2, 2011
The end of the 2011 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 2011 income tax liability more manageable. Full Story
|
|
|
Act now to take advantage of 2011 depreciation rates
Nov. 2, 2011
If you are considering the purchase of tangible property or off-the-shelf software in the next few months, you may want to do so before December 31. Full Story
|
|
|
Maximize retirement plans options to reduce 2011 taxes
Nov. 2, 2011
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 becomes more valuable. Full Story
|
|
|
Balancing technology risk to make more money
Oct. 28, 2011
Technology seems to be a necessary evil in the banking industry. For community banks as well as mid-sized and large banks, technology can have bottom line benefits. There are definitely way to enhance customer service, provide new products, and make money by employing technology. However, there are a lot of risks associated with most any technology, even if you outsource your core processing. Full Story
|
|
|
Wynne E. Baker receives prestigious national accounting award
Oct. 5, 2011
Wynne E. Baker, member-in-charge of the KraftCPAs banking industry team, received the Sustained Contribution Award given by the American Institute of Certified Public Accountants (AICPA) at its Governing Council meeting on Oct. 17. Full Story
|
|
|
KraftCPAs Named To National List of 'Best Accounting Firms to Work For'
Oct. 14, 2011
KraftCPAs PLLC has been named one of the 2011 Best Accounting Firms to Work for according to Accounting Today magazine and Best Companies Group. Full Story
|
|
|
Edwards, Mullen lead KraftCPAs in Susan G. Komen Race for the Cure
Oct. 14, 2011
Member Lynn Edwards and Manager Nancy Mullen will lead a team of more than 15 volunteers from KraftCPAs in the 2011 Susan G. Komen Race for the Cure on Oct. 29. These volunteers will assist with race-day finances – collecting and accounting for registration fees and donations. Kraft will also have approximately 25 team members from the firm and our affiliates running in the 5k. Full Story
|
|
|
IRS provides filing-deadline relief for estates of people who died in 2010
Oct. 10, 2011
On Sept. 13, the IRS provided important relief for estates of people who died in 2010. IRS Notice 2011-76 increases the potential benefits of filing for an estate tax return extension. It also extends the Nov. 15 filing deadline for opting out of the estate tax. This article provides a brief overview of the relief provided in IRS Notice 2011-76. Full Story
|
|
|
How to handle OREO-related expenses
Oct. 7, 2011
Banks typically refer to foreclosed real estate as "OREO property" -- an acronym for "other real estate owned." OREO property typically is property obtained by the bank due to the inability of the borrower to make the loan payments as agreed. Due to the downturn in the economy, many banks have seen a substantial increase in the amount of property they own. As a result, we thought it would be a good idea to re-visit the treatment of items related to OREO property for income tax purposes. Full Story
|
|
|
Wall Street Executives Share Financial Insight with Nashville's Up-and-Coming Health Care Industry Leaders
Oct. 5, 2011
The Delegation to Wall Street hosted by Leadership Health Care (LHC) included two-days of briefings with top financial executives involved in shaping the nation's health care finance industry. Delegates heard from investment bankers, analysts, private equity investors and other key players involved in some of the nation's most significant health care transactions. Scott Mertie and Kelly Miller of Kraft Healthcare Consulting, LLC participated in this program. Full Story
|
|
|
Advice for QuickBooks users: When to use classes or types
Oct. 5, 2011
QuickBooks' standard reports are critical to understanding your company's past, present, and future. But the program also offers innovative tools that can make them significantly more insightful and comprehensive. Full Story
|
|
|
FASB issues simplified standard for goodwill impairment testing
Oct. 5, 2011
FASB has issued revised standards for goodwill impairment testing. The amendments — found in Accounting Standards Update No. 2011-08, Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment — are intended to make the process easier and less costly. This article details how companies now have the option of performing a qualitative assessment to determine whether it's necessary to conduct the quantitative two-step test. Full Story
|
|
|
IRS reminds small businesses not to overlook health care tax credit
June 27, 2011
The Internal Revenue Service, in partnership with the Department of Health and Human Services, is reaching out to small employers and the professional service providers they rely on to encourage them to review the new Small Business Health Care Tax Credit to see if they are eligible. "We want to make sure that small business owners don't leave any money on the table," said IRS Commissioner Doug Shulman. "Small businesses that offer health insurance should learn about this credit and claim it if they are eligible." Full Story
|
|
|
Becky Harrell receives Public Service Award from Tennessee Society of CPAs
Oct. 3, 2011
Rebecca J. Harrell, CPA, a member in Nashville-based KraftCPAs PLLC, was presented with the Tennessee Society of Certified Public Accountants' (TSCPA) 2011 Public Service Award at a Nashville Chapter meeting on September 20. Full Story
|
|
|
Medicare cost report due dates revised
Sep. 12, 2011
The Centers for Medicare and Medicaid Services (CMS) has provided a cost report filing update for forms CMS 2552-10 (Medicare Hospital Report), CMS 2540-10 (Medicare Skilled Nursing Facility Report), and CMS 265-11 (Medicare Independent Renal Dialysis Facility Report). According to CMS, all providers with a cost reporting period of 12 months or greater, beginning on or after May 1, 2010 and ending on or after April 30, 2011, shall file their Medicare cost report utilizing Form CMS 2552-10. Full Story
|
|
|
403(b) plan audits uncover numerous pitfalls and problems
Sep. 12, 2011
The new 403(b) final regulations that govern Section 403(b) plans became effective January 1, 2009. These new regulations have compliance and reporting requirements that are similar to a 401(k) plan. Many previously unaudited 403(b) plans were required to have an audit for the first time for the 2009 plans year. These audits have uncovered several areas that may be potential problems for the plan. Even if your plan is not required to have an audit, you could still be faced with some of the same issues. Full Story
|
|
|
Will private companies get their own GAAP?
Sep. 9, 2011
There have been discussions about separate private company accounting standards for years. Now standard-setters may actually do something about it. The Financial Accounting Foundation (FAF) — parent organization to the Financial Accounting Standards Board (FASB) — will soon decide whether to adopt recommendations made earlier this year by a blue-ribbon panel on standard setting for private companies. Full Story
|
|
|
IRS warns of scam emails
Sep. 7, 2011
The IRS does not send unsolicited e-mail to taxpayers either about their tax accounts or requesting sensitive personal and financial information. Nevertheless, taxpayers do receive e-mails claiming to come from the IRS, sometimes containing a real or made-up employee name, address and similar information to make an e-mail seem credible. Full Story
|
|
|
Tennessee one of 11 states approved for Small Business Credit Initiative funding
Aug. 17, 2011
The U.S. Department of the Treasury announced on Tuesday the approval of applications for State Small Business Credit Initiative (SSBCI) funding from 11 states (including Tennessee) and Washington, D.C. According to a Treasury press release , this funding will help create new private sector jobs and spur more than $3.6 billion in additional small-business lending. The SSBCI, which supports state-level, small-business lending programs, is an important component of the Small Business Jobs Act that President Obama signed into law last fall. Full Story
|
|
|
2011 tax credit available for employers that hire and retain recently unemployed
Aug. 17, 2011
Employers who hired unemployed workers after February 3, 2010, and before January 1, 2011 may qualify for a New Hire Retention Credit on their 2011 tax return. The credit is available for each qualified employee retained for at least a year whose wages did not significantly decrease in the second half of the year. The business may claim a new hire retention credit of up to $1,000 per worker on its income tax return. Full Story
|
|
|
Budget Control Act increases the debt ceiling and makes deficit reductions — but doesn't include tax law changes
Aug. 3, 2011
On Aug. 2, the Budget Control Act of 2011 was signed into law. The act provides immediate relief from the debt ceiling and makes more than $900 billion in spending cuts during the next 10 years. However, the act doesn't include any tax law changes. This article provides an overview of key provisions of the Budget Control Act and explains why tax reform under the legislation may be difficult to achieve. Full Story
|
|
|
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). Full Story
|
|
|
KraftCPAs members recognized
Aug. 3, 2011
Three KraftCPAs members were named "Accounting's Finest" and five members were named Accounting Power Leaders. Full Story
|
|
|
10 Things Every Entrepreneur Needs To Know
July 27, 2011
Every business is created to be sold ultimately. Your CPA should be able to assist you in identifying the things that will add value to your business so that when you eventually sell it, you will get the best possible return on your investment. You and your CPA should keep your exit strategy in mind when selecting the type of entity you will use to operate your business. Selection of entity type is one of the most important decisions that you will make (i.e. sole proprietorship, general partnership, LLC, Limited partnership, S-corporation or C-corporation). Full Story
|
|
|
Electronic health records: Why a paper system is no longer an option
July 27, 2011
When the Centers for Medicare and Medicaid Services (CMS) joined the bandwagon of the paperless era with their Electronic Health Record (EHR) Initiative program for eligible healthcare professionals and facilities, it was a game-changer. While adoption of EHR systems was already underway … particularly in larger practices and hospitals … the vast majority of providers was still utilizing a paper system. Full Story
|
|
|
Securing information assets requires a risk-based approach
July 11, 2011
The financial health and stability of many businesses is heavily dependent on their ability to protect valuable information assets. Likewise, applying appropriate levels of protection to enterprise information assets is increasingly complex in the constantly evolving digital and wireless world. Full Story
|
|
|
FASB issues new guidance for presentation of other comprehensive income
July 11, 2011
The Financial Accounting Standards Board (FASB) has issued new guidance for how public and private companies must present other comprehensive income (OCI) and its components in their financial statements. The guidance applies to all companies that report items of OCI but perhaps is most relevant for companies that have historically presented components of OCI as part of their statement of changes in stockholders' equity — an option that's no longer available under this guidance. Full Story
|
|
|
Estate tax uncertainty remains in 2011 and 2012
June 29, 2011
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provided many answers regarding the estate tax, but, unfortunately, the act created additional questions as well. With certain estate tax law provisions scheduled to expire after 2012, estate planning uncertainty remains. This article explains how making lifetime gifts can take advantage of the current high exemption amount and low tax rate and details ways to add flexibility to an estate plan to prepare for potentially lower exemptions and higher rates in 2013. Full Story
|
|
|
IRS extends FBAR deadline for certain filers with signature authority
June 27, 2011
The IRS recently released Notice 2011-54, which provides additional time for certain individuals with signature authority over (but no financial interest in) foreign financial accounts to file Form TDF 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). This article details Notice 2011-54 and explains how it coexists with FinCEN Notices 2011-1 and 2011-2 as well as certain voluntary disclosure programs. Full Story
|
|
|
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. Full Story
|
|
|
Job-tracking adds precision to your QuickBooks company
June 1, 2011
Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases? If so, and you're not using QuickBooks' Jobs features, you're missing out on the opportunity to track and evaluate the financial impact of these complex tasks. Full Story
|
|
|
Sick of government red tape?
June 1, 2011
Now there's a way to talk back to Tennessee government agencies and voice concerns. Full Story
|
|
|
Information security testing – can you afford to do without it?
June 1, 2011
What's more important to your business than your financial information and your customer information? How damaging could it be to have that information compromised? Full Story
|
|
|
FASB issues new standards for fair value measurement and disclosures
May 19, 2011
In conjunction with the International Accounting Standards Board (IASB), the Financial Accounting Standards Board (FASB) on May 12 issued new standards for public and private companies on fair value (FV) measurement and disclosures. Most companies will see little change in how they measure fair value, but they may need to make more extensive disclosures about the processes and assumptions behind those measurements. Full Story
|
|
|
FASB issues accounting standards update on troubled debt restructuring
May 19, 2011
Over the past few years, creditors have increasingly been required to restructure or modify loans to prevent defaults. Concessions may include granting an interest rate below market for the risk characteristics of the loan, reducing principal or accrued interest amounts, or requiring additional collateral or guarantees. Not all creditors account for restructured or modified loans the same way. Full Story
|
|
|
Moving beyond Excel: Business intelligence software as a tool for more effective budgeting and forecasting
May 13, 2011
If you're using Excel for budgeting and forecasting, you know the process can be maddening. With sheet upon sheet of linked Excel documents, the system is filled with complicated formulas that are subject to major malfunction with one bad keystroke. Fortunately, there's an economical software solution that simplifies the process and is much more reliable. Adaptive Planning is that solution. Full Story
|
|
|
For Succession's Sake, Evolve Your Practice into a Business
May 13, 2011
Mike Collins, CEO of Kraft's affiliate 2ndGeneration capital, was interviewed by Nashville Medical News for an article on business succession planning. Read Succession Planning article. Full Story
|
|
|
Mertie appointed as vice chair of Healthcare Reform Educational Task Force
May 12, 2011
Scott Mertie, member in charge of Kraft Healthcare Consulting, LLC, has been appointed as vice chair of the Healthcare Reform Educational (HRE) Task Force of the American Health Lawyers Association (AHLA). The HCR Task Force is one of three AHLA task forces that are composed of volunteer members who share a similar work setting or interest in specific areas of health law. As a member of this prestigious task force, Scott will play an important role in formulating plans and activities for the organization's members for the upcoming year. Full Story
|
|
|
Are your QuickBooks company files tamper-proof?
May 11, 2011
Every month, we provide information on how to use QuickBooks better. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line. Full Story
|
|
|
Government grants make 2011 the right time to invest in alternative energy sources
May 11, 2011
The United States government wants Americans to embrace alternative/renewable energy sources. To encourage us to do that, the government is temporarily subsidizing investments in projects that will help decrease our country's dependency on non-renewable energy sources. Full Story
|
|
|
IRS offers new guidance on 50 percent and 100 percent bonus depreciation
May 9, 2011
June 17, 2011 deadline to revoke prior-year election -- The IRS has issued Revenue Procedure 2011-26, which provides guidance on claiming the 50 percent or 100 percent first-year depreciation bonus for qualifying business property. Full Story
|
|
|
FBI Osama bin Laden virus alert
May 5, 2011
The FBI issued a press release this week warning computer users to exercise caution when they receive e-mails that purport to show photos or videos of Osama bin Laden's recent death. This content could be a virus that could damage your computer. This malicious software, or "malware," can embed itself in computers and spread to users' contact lists, thereby infecting the systems of associates, friends, and family members. These viruses are often programmed to steal your personally identifiable information. Full Story
|
|
|
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. Full Story
|
|
|
Selling to customers in other states may create taxation issues
May 4, 2011
Does your business have nexus issues?A business that sells to customers in many states may be exposed to a variety of multistate tax issues. "Nexus" is a concept that is increasingly becoming a hot-button issue for companies with a multistate presence. Full Story
|
|
|
IRS extends delay of healthcare reporting requirement for small business
May 4, 2011
Last year's health care reform legislation, the Patient Protection and Affordable Care Act (the Act), requires certain information reporting by employers relating to employer-sponsored health care insurance coverage for tax years beginning on or after January 1, 2011. The Act generally requires that the aggregate cost of the applicable employer-sponsored health care insurance coverage must be reported to employees on Form W-2. Full Story
|
|
|
How long should you keep tax records?
May 2, 2011
After you have filed your 2010 returns, you may be inclined to dispose of certain tax-related information from the current and past years. However, you should be aware of the rules for retaining relevant tax records in the event that the IRS — or another taxing authority — wants you to produce those records as part of an audit. Full Story
|
|
|
Congress repeals expansion of Form 1099 reporting
April 15, 2011
On April 14, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The act repeals expansion of Form 1099 reporting under 2010's Patient Protection and Affordable Care Act and Small Business Jobs Act. This short article explains why the expanded reporting requirements caused an uproar among potentially affected taxpayers, triggering widespread bipartisan support for repeal in Congress. Full Story
|
|
|
Time is running out on May 2010 flood deduction
April 6, 2011
For individuals affected by the May 2010 flood, time is running out to take advantage of potentially higher casualty loss deductions. A special rule for federally declared disaster areas allows a taxpayer to elect to report the loss on an amended 2009 tax return instead of on the 2010 tax return. Full Story
|
|
|
IC-DISC offers tax breaks for exporters
April 6, 2011
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 20 percentage points. Full Story
|
|
|
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. Full Story
|
|
|
Compliance issues plague small pension plans, and penalties can be severe
April 4, 2011
We've seen it happen all too often. When plan administrators missed the "red flags," and the client's plan took the hit. Overlooking a detail can potentially result in huge fines (as much as 10 percent of plan assets) levied at the plan sponsor level or disqualification of your plan. Failure to file the required reports or noncompliance issues can cost thousands of dollars -- not to mention the potential for lawsuits by employees and negative publicity. Full Story
|
|
|
Kraft goes green with solar-generated power
April 1, 2011
KraftCPAs PLLC is counting on the power of the sun to help lower and control energy costs, working with Energy Source Partners (ESP) to design and install a roof-top photovoltaic system at our headquarters facility in MetroCenter. Through a BrightWay Solar Power Purchase Agreement (PPA) with Energy Source Partners, KraftCPAs will enter into a long-term agreement for solar-generated power at guaranteed, predictable energy costs for years to come. Full Story
|
|
|
Repeal of expanded 1099 requirement is expected, but still uncertain
March 17, 2011
There appears to be bi-partisan agreement that the expanded 1099 requirement, created as part of the healthcare reform law, should be repealed. But, Congress has not reached agreement on how to fund it, and yet another alternative is expected to be offered in the Senate. The controversial provision requires business owners to report all transactions greater than $600 each year, beginning in 2012, and some entities are required to begin reporting in 2011. Unfortunately, the repeal is not a done deal. The House and Senate bills were different, and President Obama has expressed both his support for repealing the requirement, but also his opposition to the proposed funding for the repeal. Full Story
|
|
|
When employees leave, but their pension plan accounts stay
March 14, 2011
Work force reductions over the past couple of years have left some employers with a lot of low-balance plan accounts owned by former employees. These accounts can be expensive to maintain and burdensome to administer. Below, you will find answers to commonly asked questions about handling these small accounts. Full Story
|
|
|
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. Full Story
|
|
|
Refunds may be waiting for people who failed to file taxes for 2007
March 10, 2011
Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, according to an IRS announcement on February 28. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011. Full Story
|
|
|
U.S. citizens must report signature authority on foreign financial accounts
March 10, 2011
On Feb 24, 2011 the U.S. Treasury issued final rules regarding the reporting requirements for U.S. persons with signature authority over but no financial interest in foreign financial accounts worth more than $10,000 at any time during the year. Such individuals must report such authority on the Form TD-F 90-22.1. The form is due on June 30 of the year following the reporting year. Full Story
|
|
|
Failure to disclose income from foreign accounts can result in significant penalties
March 10, 2011
There has long been a requirement that taxpayers holding foreign financial accounts disclose the existence of such accounts and pay U.S. income tax on income earned in such accounts. Failure to report income on foreign accounts can mean huge penalties and interest that could significantly exceed the entire value of the foreign account. In addition, the IRS may proceed with criminal prosecution for tax evasion. Full Story
|
|
|
Kraft Enterprise Systems earns gold certification as a Microsoft Dynamics partner
March 9, 2011
Kraft Enterprise Systems, LLC has been certified as a Gold level provider in Enterprise Resource Planning software for the Microsoft Dynamics partner network, the highest level of certification possible. Full Story
|
|
|
QuickBooks: Memorize repetitive transactions
March 7, 2011
Filling out invoices the first time can be a pain, especially if they're lengthy. But doing the same thing repeatedly if the identical invoice recurs regularly? No need.QuickBooks can memorize a variety of transaction types, including invoices, purchase orders, and bills. After you've memorized them, you can edit, reschedule, and delete them, as well as group them if more than one will be dispatched on the same day. Here's how. Full Story
|
|
|
IRS releases final regulation requiring corporate disclosure of uncertain tax positions
March 7, 2011
The IRS recently issued a final regulation that marks the culmination of its efforts to require certain corporations to submit information related to uncertain tax positions along with their income tax returns, beginning with 2010 returns. The new requirements represent a significant shift in the extent of information corporations filing Forms 1120, 1120-F, 1120-L or 1120-PC must disclose to the IRS. S corporations are exempt from this new IRS requirement even though reserves for uncertain tax positions may be reflected on their financial statements. Full Story
|
|
|
FASB and IASB have reached agreement on accounting for losses on bank loans
March 4, 2011
In January, 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) agreed to propose for comments a single approach for accounting for impaired loans or other troubled financial assets. The FASB and the IASB have published a supplementary document that explains the appropriate accounting for impaired financial instruments. The proposal is a major change from the current accounting treatment, the "incurred model," which states that an event must have already happened in order to record a loss. Full Story
|
|
|
How safe is your critical business information?
Feb. 18, 2011
Most companies are highly dependent, and in some cases totally dependent, on technology for critical aspects of their business including finance, operations, procurement, distribution, and sales; BUT, few 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. Full Story
|
|
|
What's the status of healthcare reform?
Feb. 16, 2011
The healthcare reform legislation passed in 2010 is the law for now; however, a decision by a federal judge in Pensacola, Florida, has set in process a series of appeals that could go on for some time. On January 31, Judge Roger Vinson ruled that the Patient Protection and Affordable Care Act is unconstitutional, explaining that, in his opinion, the individual mandate to purchase healthcare insurance is unconstitutional because it violates the Commerce Clause. Many in Congress believe that healthcare reform cannot be achieved without the mandate. Full Story
|
|
|
Taxable or non-taxable income?
Feb. 16, 2011
Generally, most income you receive is considered taxable, but there are situations when certain types of income are partially taxed or not taxed at all. Full Story
|
|
|
New items appear on Form 1040 for this filing season
Feb. 16, 2011
Despite calls for simplifying the tax laws, they have actually been made much more complicated in the last few years. Year after year, there have been numerous tax changes that even some professionals have a tough time keeping up with. This filing season is no different. The 2010 Form 1040 reflects a number of new tax breaks. Some are straightforward. Others are complex. Some present choices and opportunities to save money. Full Story
|
|
|
New regs take effect for hospitals
Feb. 14, 2011
It's 2011, and that means the implementation of the hospital outpatient and ambulatory surgery center final rules. These annual regulations, released by the Centers for Medicare and Medicaid Services (CMS), were published November 24, 2010, in the Federal Register and the majority of the items in this update became effective January 1, 2011. Full Story
|
|
|
Do you underestimate the importance of your Medicare cost report?
Feb. 7, 2011
As part of the Social Security Act in 1965, the federal government celebrated the birth of Medicare, a federally funded program administered by the Secretary of Health and Human Services. The program was designed to provide aid to individuals age 65 or over, as well as those disabled or with permanent renal failure. At inception, Medicare payments were intended to pay for the actual costs of providing the services covered by the program, regardless of hospital to hospital variation. Full Story
|
|
|
Greater expectations make ERM a critical management function
Feb. 2, 2011
The process of enterprise risk management (ERM) is again a hot topic and on the radar of the regulatory agencies. Attention to the process resurged with the passing of Sarbanes-Oxley legislation in 2002 and the subsequent issuance of the Enterprise Risk Management – Integrated Framework report by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2004. The recent global credit and liquidity crisis demonstrated the importance of effective risk management to banks engaging in an unpredictable, volatile, and complex business world. An ERM process is an important function that is useful in steering a bank toward success in an ever-changing business environment. Full Story
|
|
|
New rules require rental property owners to issue 1099s
Jan. 10, 2011
The recently enacted Small Business Jobs Act requires taxpayers who own rental property to issue Forms 1099 to service providers for payments of $600 or more during the year. Full Story
|
|
|
KraftCPAs entrepreneurial services team shares New Year's advice for QuickBooks users
Jan. 7, 2011
Turn over a new leaf. Make a New Year's Resolution. Make a fresh start. Get your ducks in a row. All familiar clichés, but their message is valid: At this time of year, you probably feel like renewing your commitment to running a more successful, productive business. Full Story
|
|
|
IRS releases final regulation requiring corporate disclosure of uncertain tax positions
Jan. 7, 2011
The IRS recently issued a final regulation that marks the culmination of its efforts to require certain corporations to submit information related to uncertain tax positions along with their income tax returns, beginning with 2010 returns. The new requirements represent a significant shift in the extent of information corporations must disclose to the IRS. This alert provides an overview of the requirements. Full Story
|
|
|
How will the Tax Relief act affect your estate plan?
Dec. 23, 2010
There's been much speculation as to what Congress would do about the 2010 estate tax repeal and the scheduled 2011 return of the tax at higher rates and a lower exemption. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has finally given us our answer. Full Story
|
|
|
Tax Relief act provides businesses with enhanced investment incentives and more
Dec. 20, 2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends and expands a wide variety of valuable tax breaks. Many of the extended breaks were set to expire after 2010 and have now been extended through 2012. Others expired at the end of 2009 and have been extended only through 2011. The Tax Relief act also provides a few new tax breaks, most notably a payroll tax reduction for 2011. Below are two articles that examine the income tax provisions most relevant to higher-income taxpayers and businesses. We will issue another tax alert this week that deals with changes affecting estates and trusts. Full Story
|
|
|
Tax Relief act offers many income-tax-saving opportunities for individuals
Dec. 20, 2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends and expands a wide variety of valuable tax breaks. Many of the extended breaks were set to expire after 2010 and have now been extended through 2012. Others expired at the end of 2009 and have been extended only through 2011. The Tax Relief act also provides a few new tax breaks, most notably a payroll tax reduction for 2011. Below are two articles that examine the income tax provisions most relevant to higher-income taxpayers and businesses. We will issue another tax alert this week that deals with changes affecting estates and trusts. Full Story
|
|
|
Proposed tax law package
Dec. 15, 2010
On December 6th, President Obama announced an agreement with the Republican Party, which includes the extension of the Bush-era income tax rates for two years, among many other tax provisions. This package may finally give taxpayers some certainty on which to base tax planning for the next two years. Full Story
|
|
|
New electronic filing requirement takes effect for 2010 returns
Dec. 14, 2010
Due to an amendment in a 2009 law, which extended the First Time Homeowner Credit, many tax preparers, including KraftCPAs, will be required to file electronically most of the income tax returns that they prepare for individuals, estates and trusts. Full Story
|
|
|
No 2010 estate tax has complex repercussions
Nov. 1, 2010
It's 2010, and there is no federal estate tax; so you might think there are no estate tax forms to file. The truth of the matter is things could not be more complicated than they are in 2010. Full Story
|
|
|
Intuit® releases QuickBooks® 2011
Nov. 1, 2010
If you are a QuickBooks® user, you may be excited to learn that Intuit® has released the 2011 version of their QuickBooks® software. Below are some new tools and features that could give you faster access to the information you need and could make your everyday tasks more efficient. Full Story
|
|
|
Legislative uncertainty makes year-end tax planning a challenge
Oct. 29, 2010
With a few exceptions, tax-reduction strategies have to be implemented by Dec. 31 in order to affect your tax liability for the current year (assuming you're a calendar-year taxpayer). So now would normally be the time when you and your tax advisor would be reviewing your year-to-date income, deductions, gains and losses and projecting your 2010 tax picture. You'd then use this information to decide what to do between now and year-end to reduce your overall tax liability. Full Story
|
|
|
KraftCPAs PLLC admits Amy Thompson and Mark Patterson to membership
Oct. 29, 2010
Amy Thompson, CPA, and Mark Patterson, CPA, ABV, have been admitted to membership (ownership) in KraftCPAs PLLC, effective November 1. Full Story
|
|
|
Regulation issued on electronic deposit requirements
Oct. 27, 2010
The IRS has issued proposed regulations, effective January 1, 2011, relating to employers' remittances of federal employment taxes. The proposed regulations would no longer permit employers to make deposits via paper tax-deposit coupons. Instead, employers would remit federal employment taxes (including income-tax withholdings, FICA, and FUTA tax) electronically or by phone by means of the Electronic Federal Tax Payment System (EFTPS). While these proposed regulations are not final, we want to provide you with some advanced notice so that you can begin preparing for the new deposit rules. Final regulations are expected to be issued by December 31, 2010. Full Story
|
|
|
IRS Releases Draft W-2 Form for 2011; Announces Relief for Employers
Oct. 13, 2010
In October, the IRS issued a draft Form W-2 for 2011, which employers use to report wages and employee tax withholding. The IRS also announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan, making that reporting by employers optional in 2011. Full Story
|
|
|
For Investors, Reporting Gains and Losses Gets Easier Starting in 2011
Oct. 13, 2010
In October, the Internal Revenue Service issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. The reporting will be to investors and the IRS. This additional reporting will be optional for stock purchased prior to these dates. Full Story
|
|
|
New legislation extends and expands tax breaks for small businesses, their investors and more
Sep. 29, 2010
On September 27, President Obama signed the Small Business Jobs Act of 2010 (SBJA), creating a $30 billion fund to provide capital to community banks to encourage lending to small businesses. The legislation also includes $12 billion in tax relief for small businesses and incentives to encourage investment in them, but there are also some benefits for larger businesses and for the self-employed and individual taxpayers. Here's an overview of the most relevant and potentially lucrative tax provisions. Full Story
|
|
|
New accounting for loan participation and other partial loan sales impacts community banks
Sep. 17, 2010
FASB has made an accounting standards change which modifies the accounting for transfers and servicing of financial assets. The standard, Accounting Standards Codification (ASC) Topic 860 (formerly Statement of Financial Accounting Standards (FAS) 140 and 166), introduced a new definition for "participating interest", which could have a significant impact on some community banks. Full Story
|
|
|
From Survive to Thrive: a guide to enhancing your software systems
Sep. 14, 2010
A good Enterprise Resource Planning (ERP) system is your company's information backbone and reaches into all areas of your business. Implementing and maintaining a new ERP system can be costly and time consuming, but a properly maintained and updated system can open unlimited business opportunities. Critical to maintaining the efficacy of your system is investing in the right enhancements. Full Story
|
|
|
FASB issues Update No. 2010-20 and offers related webinar registration
Sep. 14, 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 today. 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
|
|
|
Organizations lose 5 percent of revenues due to fraud
Sep. 13, 2010
The 2010 Report to the Nations on Occupational Fraud and Abuse (the study), released in June by the Association of Fraud Examiners (ACFE), is based on data compiled from a study of 1,843 cases of occupational fraud (fraud) that occurred worldwide between January 2008 and December 2009. Results, which are consistent with those reported by ACFE in its five previous studies, show that fraud is widespread. Full Story
|
|
|
S.A.F.E Act national registration finalized
Sep. 10, 2010
On July 28, the federal banking agencies issued final rules requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System Institutions, credit unions, and certain of their subsidiaries to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). Even though Tennessee has exempted employees of agency-regulated institutions, including their subsidiaries, from state registration, the federal registration rules will still apply. Full Story
|
|
|
IRS Releases Form to Help Small Businesses Claim New Health Care Tax Credit
Sep. 8, 2010
The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations –– which do not generally file income tax returns –– will claim the credit during the 2011 filing season. Full Story
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
Tennessee tax law impacts contractors
Nov. 4, 2009
Several amendments to the Tennessee Business Tax Act of 2009 have implications for contractors. Full Story
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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.
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
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
|
|
|
