February 6, 2019
How confident are you that you’ve paid enough in taxes for 2018? The tax law changes in the TCJA have made it difficult to properly estimate 2018 tax liability, but the IRS is ready to provide modest penalty relief for some taxpayers who didn’t withhold enough.
February 4, 2019
Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.
February 2, 2019
New rules were issued that completely change how partnerships will be audited by the IRS. These rules under the consolidated partnership audit regime are effective for partnership tax years that began Jan. 1.
February 1, 2019
If you come home from business trips with a wallet full of receipts, consider entering them quickly and remotely with the QuickBooks Online mobile app.
February 1, 2019
Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?
January 28, 2019
After a tumultuous government shutdown and big changes in tax law, an early start on your 2018 returns could mean less stress later.
January 26, 2019
Healthcare professionals have made it clear that they’re concerned about cybersecurity, but a few key steps can helps put those minds at ease.
January 16, 2019
The government shutdown continues, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing preparations?
January 15, 2019
Home healthcare providers will face changes because of new Section 199A guidelines, but those changes are based on a variety of factors, including exactly how the entity relates to “the field of health.”
January 14, 2019
Community banks and credit unions will have more time before they’re required to apply the credit losses standard as a result of new FASB guidelines.
January 14, 2019
Owners of manufacturing and distribution companies are often so focused on the here-and-now that planning for future catastrophes may fall through the cracks. But operating without a valid buy-sell agreement can cause financial distress and even tear a company apart if tragedy strikes.
January 11, 2019
The FASB is in the early stages of developing guidance for performance reporting. The goal is to make it easier for investors and securities analysts to understand how a business works using a company’s financial statements.
January 9, 2019
With the new year comes the need for small business owners to begin filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. Refresh yourself now on its major provisions.
January 7, 2019
Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals starting in 2019.
January 4, 2019
Vic Alexander, Lucy Carter, Dana Holmes, Scott Mertie, and Gina Pruitt are among healthcare leaders singled out for the new InCharge Health Care 2019 publication.
December 15, 2018
Much has changed for businesses when it comes to filing their 2018 income tax returns. But one thing that hasn’t changed is the multitude of tax-related deadlines businesses face in the first quarter of the year.
December 11, 2018
U.S. companies should pay close attention to a narrow section of the Tax Cuts and Jobs Act that requires businesses to recognize revenue for tax purposes no later than when it’s recognized for financial reporting purposes.
December 10, 2018
Recently proposed IRS regulations on business interest expense deductions help provide clarity after TCJA changes.
December 5, 2018
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year.
November 30, 2018
If you’re new to QuickBooks Online, there’s a lot to know about dealing with downloaded transactions right out of the gate. Here are a few tips to get you started.
November 27, 2018
Most of us won’t need to worry about facing federal gift and estate tax liability over the next several years, thanks to the high exemption under the TCJA. But it’s still important to be tax-smart when making lifetime gifts.
November 18, 2018
The Tax Cuts and Jobs Act (TCJA) includes a broad range of tax changes impacting both individuals and business entities, including changes that directly impact healthcare companies and physician practices.
November 6, 2018
With the TCJA nearly doubling the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
November 2, 2018
Tax incentives exist for those who invest in Opportunity Zones, and the IRS has just issued proposed regulations. Here’s what to know about Opportunity Zones, the available tax breaks and the rules for investors.
October 31, 2018
Beverly Horner, the member-in-charge of KraftCPAs’ assurance services team, and Ronda Pitts, the member-in-charge with the entrepreneurial services team, have retired from full-time positions with KraftCPAs. Both joined the firm in the late 1980s and were with Kraft for more than 30 years each.
October 22, 2018
New guidance from the IRS clears up confusion about the deductibility of business meals and a variety of entertainment expenses under the Tax Cuts and Jobs Act.
October 20, 2018
Hardship distributions have been burdened with red tape and regulations, but new rules that begin January 1 might make that part of an employee benefit plan a little less complicated.
October 19, 2018
It’s a good idea to schedule extra time to year-end tax planning for your business. Why? Because this year, you must factor in changes from the Tax Cuts and Jobs Act.
October 2, 2018
Do you still need to worry about the individual alternative minimum tax? Now is a good time to familiarize yourself with recent changes and see if there are steps you can take to avoid the AMT or at least minimize any negative consequences.
October 1, 2018
Keeping track of all the changes with the TCJA isn’t easy, but here are six key changes to consider for taxpayers.
October 1, 2018
Kids back in school, days getting shorter, pumpkin spice everything. It must be fall, and for businesses, that means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2018 filing deadlines.
September 28, 2018
A variety of factors can lead to a vulnerable network or system, and that can lead to big problems once hackers and bad actors find their way in. Learn to spot the weaknesses and implement solutions before it’s too late.
September 26, 2018
QuickBooks Online offers three ways to create statements, including hand-picking the customers who should receive them. Follow these steps to set up this pro-active feature.
September 24, 2018
KraftCPAs team members helped sort and pack more than 20,000 lbs. of food as part of a project with Second Harvest Food Bank of Middle Tennessee on Sept. 21.
September 17, 2018
Reimbursement practices don’t have to be a chore for healthcare providers. Just follow a few simple tips to keep accounts healthy.
September 7, 2018
One component of the recently issued IRS regulations that address the TCJA’s new QBI deduction for pass-through entities is that owners can elect to aggregate their businesses for purposes of the deduction. Here’s a closer look at the tax benefits of this strategy.
August 28, 2018
Brad Koenig, the senior manager for the KraftCPAs entrepreneurial services department, will become a member at KraftCPAs beginning Nov. 1.
August 27, 2018
Tired of repetitive data entry? QuickBooks provides a way to save time and keystrokes when you create some transactions.
August 23, 2018
Small business owners will see changes as a result of the U.S. Supreme Court’s ruling on online sales taxes. And despite some uncertainties, now is the time to prepare.
August 22, 2018
Employee benefit plans are often vulnerable to fraud, but there are ways for business owners and managers to minimize risks.
August 20, 2018
The IRS has shared its new highly anticipated and complex regulations for the new deduction of up to 20 percent of qualified business income from pass-through entities. Here’s an overview of the biggest issues and changes.
August 17, 2018
Changes to the tax law have helped produce bigger paychecks for some taxpayers, but they also could lead to less withholding and a bigger tax bill next year.
August 13, 2018
As college campuses fill up for the fall semester, future CPAs are going back to class, too. Here are tips for aspiring accountants who want to make it big.
August 5, 2018
Office 365 has been a big boost for healthcare providers, who utilize the platform’s productivity and efficiency to provide better service for their patients and clients.
August 2, 2018
A decade after the global financial crisis shook the United States into a recession, rules that placed strict regulations on thousands of small and medium-sized banks have been lifted. That means more flexibility for banks and potential borrowers.
July 25, 2018
Sales tax won’t apply on dozens of items as part of Tennessee’s annual tax-free weekend that begins at 12:01 a.m. Friday.
July 20, 2018
KraftCPAs, Kraft Asset Management and 2nd Generation Capital are represented in the Nashville Business Journal’s annual list of Power Leaders in Finance.
July 3, 2018
The U.S. Supreme Court’s decision in South Dakota vs. Wayfair Inc. has cleared the way for states such as Tennessee to collect sales tax on out-of-state online sales. State and local governments have joined brick-and-mortar retailers in welcoming the change.
June 30, 2018
Business email compromise, a growing threat in the realm of cyberattacks, can jeopardize large and small businesses alike, and online crooks continue to find new ways to break in and present costly problems for owners and employees. But there are steps you can take to protect your company’s assets from cyber criminals.
June 28, 2018
Dishonest employees can make big money using phony expense reports, stolen cash, and billing fraud, which cost companies more than $7 billion according to an annual worldwide survey conducted by the ACFE.
June 27, 2018
What goes into medical office accounting? For starters, you can’t manage what you can’t measure, so create statements that are meaningful for the practice. That’s just one of several helpful takeaways from the monthly chat with the Nashville Medical Group Management Association.
June 26, 2018
The Tax Cuts and Jobs Act includes mixed results for taxpayers who plan to deduct employee-related moving expenses, vehicle expenses, and mileage expenses next year. The Internal Revenue Service has just come out with new details about which deductions will be impacted.
June 25, 2018
Individuals and employers: Don’t forget about important tax-related deadlines in the third quarter of 2018.
June 22, 2018
The U.S. Appeals Court for the 5th Circuit has issued its long-awaited and much-anticipated order that vacates the Labor Department’s fiduciary rule.
June 22, 2018
The U.S. Supreme Court ruled Thursday in a narrow 5-4 decision that states can require online retailers to collect and remit sales tax. The decision clears the way for major changes in the world of e-commerce.
June 4, 2018
The recent dramatic up-and-down value of bitcoin has created new interest in cryptocurrency — and that’s also led to plenty of questions about owning, trading, and investing in it.
June 4, 2018
The IRS once again is warning taxpayers to watch out for phone scammers who call and threaten legal consequences unless they pay the IRS with an immediate wire transfer or gift card.
May 30, 2018
A QuickBooks security breach can be devastating. Your QuickBooks company file probably contains incredibly sensitive information. If a hacker or other unauthorized user gained access to that data, it could create huge problems for your company and those whose sensitive data is saved on your computer.
May 30, 2018
On Sept. 28, the Internal Revenue Service (IRS) is shutting down the Offshore Voluntary Disclosure Program (OVDP) that helps taxpayers with international asset compliance issues.
March 29, 2018
You’re likely aware of the upcoming April 17 deadline for individuals filing their 2017 tax returns, but don’t forget about key tax-related deadlines affecting businesses and other employers during the second quarter of 2018.
March 29, 2018
Social Security fraud is on the rise, and cybercriminals are specifically targeting people of retirement age. It’s more critical than ever to remain vigilant about protecting yourself from identity theft and to take steps to secure your personal data.
March 29, 2018
With all the changes ushered in by the Tax Cuts and Jobs Act (TCJA), you might be concerned with how the new tax law will affect your company’s financial statements. You’re not alone, as this remains a highly debated subject among many CFOs, audit boards and CPAs.
March 29, 2018
Taxpayers who turned age 70½ during 2017 (in most cases) must start receiving required minimum distributions (RMDs) from individual retirement accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. A 50 percent tax normally applies to any required amounts not received by the April 1 deadline.
March 9, 2018
In 2018, clinicians must provide a full year of reporting on the Medicare Access and Chip Reauthorization Act (MACRA) measures. To add another layer of complexity, the Centers for Medicare and Medicaid Services (CMS) has released new changes and updates for this year. An action plan put in place sooner, rather than later, can help ensure proper reporting.
February 21, 2018
The Bipartisan Budget Act of 2018 (BBA), signed into law on February 9, contains additional tax-related provisions that taxpayers should take note of. Though tax-filing season is already underway, some of the extenders and measures within the BBA could affect your liability for the 2017 tax year.
February 16, 2018
As healthcare costs continue to rise, you should take advantage of any healthcare-related tax breaks available. Fortunately, stipulations in the Tax Cuts and Jobs Acts (TCJA) may deliver relief for individuals with medical expenses.
February 16, 2018
Seeing as the Tax Cuts and Jobs Act (TCJA) reduced or eliminated some tax breaks for businesses, many employers may be looking for ways to maximize any available tax credits. Small businesses can still reduce their tax liability by utilizing two tax credits in particular: a credit for providing healthcare coverage, and a credit for establishing a retirement plan.
January 26, 2018
With the continual arrival of new regulations and standards governing the healthcare industry, it is imperative for healthcare providers and hospitals to have an effective compliance plan in place.
January 24, 2018
Fraud can have a major impact on a company’s value. In their 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimates that companies lose approximately 5 percent of revenues to internal theft and financial misstatement each year.
January 22, 2018
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally decrease for 2018 through 2025. However, even with these reduced rates, there’s no guarantee that your income tax liability will go down.
January 22, 2018
Businesses and other employers have several tax forms that they must submit in the first quarter of 2018. Below are a few items you’ll want to be sure you have submitted by the accompanying dates listed.
January 22, 2018
The IRS will begin accepting 2017 income tax returns on January 29. Filing early could help protect your from tax identity theft.
January 22, 2018
In the wake of the Tax Cuts and Jobs Act (TCJA) becoming law in late December, the IRS has taken one of the first crucial steps in implementing the overhaul of the federal tax system. They’ve issued updated withholding tables that specify how much employers should hold back from their employees’ paychecks to satisfy workers’ tax obligations.
December 29, 2017
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, delivers a treasure trove of tax breaks for businesses.
December 28, 2017
On December 22, sweeping changes to the federal income tax system officially became law. As a result of this timing, companies must face the challenge of applying the effect of the tax-law changes to their fourth-quarter financial statements.
December 28, 2017
One much-debated item that’s noticeably absent from the Tax Cuts and Jobs Act of 2017 (TCJA), though, is the repeal of the federal gift and estate tax, as originally included in the House of Representative’s version of the bill.
December 28, 2017
The Tax Cuts and Jobs Act (TCJA) includes significant changes for individual taxpayers — most of which take effect for 2018 and expire after 2025.
December 28, 2017
If your business is buying new assets in 2018, the new tax law could benefit you in several ways. The Tax Cuts and Jobs Act (TCJA) even provides some opportunities that you may be able to take advantage of on your 2017 tax return.
December 21, 2017
On December 20, the House passed the reconciled tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. The finalized legislation represents the most sweeping tax overhaul since the Tax Reform Act of 1986.
December 19, 2017
As year-end quickly approaches, you may be looking for ways to save on your 2017 tax bill. Giving to charitable causes is one of the easiest methods for successfully lessening your tax burden.
December 19, 2017
Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these tips to help ensure your contributions pay off on your tax return.
December 8, 2017
As financial institutions face increased regulatory scrutiny and mounting risks, a robust risk assessment process and internal audit function are essential to help protect the bank, its management and board.
December 6, 2017
Retirement plans continue to be one of the best income tax deferral techniques available, providing the joint benefits of a current tax deduction and deferred tax on investment income in the plan.
December 6, 2017
Your 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.
December 5, 2017
Around 2 a.m. on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a narrow majority of 51 to 49. The bill represents a significant overhaul of the U.S. tax system.
December 2, 2017
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018.
November 17, 2017
CMS recently published the 2018 final rule for the Quality Payment Program (QPP) under the Medicare Access and Chip Reauthorization Act (MACRA). The 2018 Merit-based Incentive Payment System (MIPS) performance year contains several significant changes.
November 10, 2017
The House Ways and Means Committee made amendments to and approved the Tax Cuts and Jobs Act, which they introduced the previous week. And the Senate Finance Committee released “policy highlights” for its proposed version of a tax plan.
November 3, 2017
On November 2, following months of discussion, the U.S. House Ways and Means Committee released its highly anticipated bill to reform the tax code, The Tax Cuts and Jobs Act.
October 20, 2017
Business owners may prefer to classify workers as independent contractors for a number of reasons, but there are many detailed requirements that must be met for the classification to stand up to IRS scrutiny.
October 18, 2017
Misclassifying employees can be a costly mistake for your business. The IRS has been particularly aggressive in its pursuit of worker misclassification in recent years, putting you at real risk if you have misclassified employees as contractors.
October 18, 2017
If you use federal per diem rates to reimburse employees for business-travel expenses, make sure you’re utilizing the updated IRS per diem rates, which went into effect Oct. 1, 2017.
October 18, 2017
Congratulations to KraftCPAs Chief Manager, Vic Alexander, who was named to the Nashville Business Journal’s (NBJ) 2017 Power 100 list.
October 11, 2017
Scott R. Mertie and Katie Reid of Kraft Healthcare Consulting, LLC (KHC) were selected by the German American Chamber of Commerce® of the Midwest, Inc. (GACC Midwest) to participate in an exclusive international health and technology delegation in Germany.
October 4, 2017
When pursuing a merger or acquisition, companies often possess a clear understanding of their big picture objectives, but they must also account for the complex details that can impact the success or failure of the integration.
September 15, 2017
Congratulations to KraftCPAs Chief Manager, Vic Alexander, who was named to the Nashville Business Journal’s list of the 2017 Most Admired CEOs and Their Companies.
September 13, 2017
Last year’s changes to the overtime rule under the Obama administration would have significantly impacted employers’ overtime liability and payroll taxes, but a federal court ruling blocked its implementation in November 2016.
August 28, 2017
MACRA (Medicare Access and CHIP Reauthorization Act) requires all clinicians who 1) bill Medicare more than $30,000 in Part B-allowed charges, or 2) provide care for more than 100 Medicare Part B beneficiaries to report specific data under the Quality Payment Program via either MIPS (Merit-based Incentive Payment System) or an Advanced Alternative Payment Model (APM).
August 7, 2017
A new type of crime has captured headlines over the past several years: data theft. As data and personal information move from file cabinets to the cloud, companies now face an ever-growing threat from cybercriminals with a desire to steal and use personal and confidential information.
August 7, 2017
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Expanding one’s business has become so feasible that many businesses quickly find themselves crossing state lines.
August 7, 2017
Not all charitable donations are created equal. Some provide larger deductions than others, and how much or even what you donate might not necessarily be the most important factors.
August 7, 2017
If you filed your 2016 income tax return (rather than filing for an extension), you may now wonder whether your business could face an IRS audit. Every business owner should understand what the IRS audit process may entail, and how it could impact the business.
August 7, 2017
While lending regulations have been the recent regulatory hot-topic, banks should continue to be concerned about the Bank Secrecy Act (BSA) and the impending changes associated with the new due diligence standards regarding beneficial ownership.
July 14, 2017
Tax season may have come and gone, but there’s no offseason for tax-scammers. The IRS recently issued a warning about a prevalent phone scam that’s been reported nationwide this summer.
July 14, 2017
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors.
July 14, 2017
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this distinction matter?
July 14, 2017
If you currently conduct business in California, or if you’re contemplating expansion or relocation, you should consider applying for the California Competes Tax Credit (CCTC).
July 14, 2017
Profit fade — a gradual decline in expected gross profit over the course of a project — can be the bane of a contractor’s existence. This scourge may not only hurt your financial performance; it may also raise a red flag with sureties and lenders.
July 7, 2017
Superheroes are often thought of as fictional, costumed crusaders who battle villains, but you need not open a comic book to marvel at the employees in various industries (including healthcare and government) who are fighting crime every day. Their weapon of choice? The Death Master File (DMF).
July 1, 2017
Most not-for-profit organizations typically receive support in the form of money, but many times, they also receive goods to use or sell, as well as intangible items, such as services or free use of facilities.
June 28, 2017
The Nashville Business Journal (NBJ) recently announced its 2017 list of the finance industry’s “Power Leaders.”
June 26, 2017
As we mentioned in our previous article, there is uncertainty around the Consumer Financial Protection Bureau (CFPB) and its current structure under the new administration.
June 23, 2017
With Republicans in control of Congress and President Trump’s broad outline to overhaul the tax code, businesses await legislation that could have significant impact on their tax burden.
June 12, 2017
Lucy Carter, CPA, member and practice leader of the KraftCPAs healthcare industry team, led the Healthcare Industry Panel at The Rainmaker Companies SuperConference in June.
June 8, 2017
Any entity that handles health information or other sensitive data should be intimately familiar with HIPAA, HITECH and HITRUST.
June 6, 2017
The Advance Beneficiary Notice of Noncoverage (ABN), Form CMS-R-131, is issued by providers (including independent laboratories, home health agencies, and hospices), physicians, practitioners, and suppliers to Original Medicare (fee for service) beneficiaries in situations where Medicare payment is expected to be denied.
June 6, 2017
KraftCPAs is pleased to be a sponsor of the newly formed Tennessee Center for Family Business (TNCFB), which hosted its inaugural event in May.
June 5, 2017
If your employee benefit plan allows hardship distributions under the safe-harbor standards, you will want to be aware of a recent IRS memo on this matter.
June 5, 2017
Although a three-month extension delayed the applicability date (originally April 10), certain provisions of the Department of Labor’s fiduciary rule will be implemented on June 9, 2017.
June 2, 2017
The lesson learned from PECO Logistics v. Walnut Investment Partners.
May 31, 2017
Grow your business, not your budget, with flexible cloud solutions that save you money.
May 30, 2017
Retention guidelines help determine whether to keep or destroy tax records.
May 30, 2017
When you started your business, maybe you were able to just check in the closet or the garage to see what inventory you had on hand. But now that your business has grown, that approach probably isn’t working so well any more.
May 24, 2017
Healthcare systems are seeing global transformation, with governments and providers trying to reconcile increased costs with rising demand for greater accessibility and higher-quality care. In March, Scott Mertie, president of Kraft Healthcare Consulting, LLC, participated in the Nashville Health Care Council’s 2017 International Health Care Study Mission to the United Kingdom.
May 15, 2017
KraftCPAs has earned the designation of HITRUST CSF Assessor through the Health Information Trust Alliance (HITRUST).
May 11, 2017
Less than two months into President Donald Trump’s White House tenure, the Nashville Health Care Council’s Leadership Health Care (LHC) initiative led a group of more than 100 healthcare leaders on its annual two-day delegation to Washington, D.C.
May 10, 2017
On April 19, Governor Haslam signed House Bill 320 that amended Tennessee law relative to estimated franchise and excise tax payments.
May 10, 2017
Governor Haslam signed the Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy Act (the IMPROVE Act) on April 26. Originally proposed in late January of this year, the Act includes a new transportation plan as well as tax cuts (also referred to as tax inequities).
May 5, 2017
All private companies with more than one owner — no matter how they are structured — should have a buy-sell agreement to spell out how ownership will change hands should an owner depart.
April 21, 2017
Is your practice experiencing a decline in net income? Do daily operations feel chaotic with complaints from patients about wait times, billing, etc.? Perhaps your practice is running smoothly enough, but you feel that things could be better.
April 16, 2017
Operating a not-for-profit in today’s environment is challenging; increasingly, organizations are finding solutions through collaboration.
March 10, 2017
The IRS has issued much-anticipated final regulations intended to keep multinational companies from moving their profits offshore to avoid paying U.S. income taxes.
March 10, 2017
“Customization” can be a dirty word when it comes to software implementations. Ten years ago, a customization could mean hours of consulting and coordination among the business owners, the functional consultant and a software developer — just to define the requirements and to plan how the customization would be developed.
March 8, 2017
As the price of a college education continues to skyrocket, many parents (and grandparents) are looking for ways to save for future higher education costs. There are several taxpayer-friendly ways to save for a child’s or grandchild’s education.
March 8, 2017
In January 2017, the Financial Accounting Standards Board (FASB) issued additional, revised guidance for goodwill impairment testing that is intended to make the process easier and less costly. The latest amendments, found in Accounting Standards Update (ASU) No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, establish a one-step process for testing goodwill for a decrease in value.
March 8, 2017
In early 2016, the Financial Accounting Standards Board (FASB) issued new guidance on accounting for leases. This guidance will have a significant impact on companies’ financial statements, as well as on the lenders, licensing bodies, and other third parties relying upon financial statement data.
March 1, 2017
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. You might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes.
March 1, 2017
When your business travel takes you to attractive locations, you may consider staying a bit longer to enjoy a few days of rest and relaxation. If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off?
February 20, 2017
“Regulation has actually been horrible for big business, but it’s been worse for small business,” President Donald Trump said. “Dodd-Frank is a disaster.”
February 10, 2017
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.
February 10, 2017
In the IT security community, 2016 has become known as the year of ransomware. Despite its humble beginnings dating back to 1989, in the last few years ransomware has become one of the most, if not the most, significant security threat facing businesses of all sizes.
February 1, 2017
Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think.
January 11, 2017
When President Obama signed into law the 21st Century Cures Act on Dec. 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs).
January 6, 2017
The IRS has changed the filing due dates for certain tax returns beginning with tax years starting after Dec. 31, 2015 (i.e., starting with 2016 returns that are due in 2017).
December 30, 2016
Every year, the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
December 30, 2016
Employers need to be aware of payroll tax changes that have taken effect.
December 16, 2016
Leadership Health Care (LHC), an initiative of the Nashville Health Care Council to nurture the talent of Nashville’s emerging health care leaders, has announced its 2016 award winners in the categories of Health Care Emerging Leader of the Year, Ambassador of the Year and Supporting Organization of the Year.
December 7, 2016
Since early January of this year, you’ve been faithfully creating new records, entering transactions, and recording payments. You’ve run basic reports. You’ve done your collection duties. You may have paid employees and submitted payroll taxes.
November 9, 2016
KraftCPAs PLLC is pleased to announce that Sean Owens and David Lister became members (owners) in the firm, effective November 1.
October 19, 2016
The recent devastation in the southeastern United States will likely result in heightened regulatory attention to flood regulation compliance. Flood insurance laws and regulations have been, and continue to be, a hot topic with regulators.
September 26, 2016
For many organizations, such as those in the healthcare and financial services industries, IT compliance is a requirement and simply a cost of doing business. Too often, though, we find businesses that are “compliant” – yet not secure.
September 25, 2016
For the first time in more than two decades, the Financial Accounting Standards Board (FASB) has issued major changes to the accounting standards for not-for-profit organizations’ financial statement presentation.
September 21, 2016
Will multiple employees be working with your QuickBooks company file? If so, you’ll need to define their permission levels.
September 19, 2016
It will come as no surprise that investors in the real estate market are doing very well right now. With these increased real estate values comes significant opportunity for business owners who own the property on which their business is operating.
August 5, 2016
KraftCPAs is proud to announce that Nancy Mullen, an assurance services senior manager, was named the winner of the 2016 Nashville Emerging Leader Awards (NELAs) in the financial services category.
August 3, 2016
Your business is unique. Make sure that QuickBooks knows how you operate.
July 15, 2016
Familiarity breeds contempt. That’s how some bank compliance officers have come to regard the TILA-RESPA Integrated Disclosure Rule (TRID). I’ve heard some compliance officers transform the acronym into “The Reason I Drink.”
July 15, 2016
The Financial Accounting Standards Board (FASB) has released a long-awaited accounting standard that responds to some concerns prompted by the global financial crisis.
July 11, 2016
Companies face a variety of challenges in today’s business environment and have to manage an assortment of risks. Some of those challenges include maintaining a competitive advantage, attracting and retaining top talent, and protecting the company’s assets.
May 23, 2016
Congratulations to Vic Alexander, chief manager of KraftCPAs, who recently received the 2016 Business with Purpose Award in the “leader with purpose” category.
April 15, 2016
The value of your manufacturing company depends on a variety of factors, such as what products it manufactures, how it’s expected to perform, where it’s located and why you’re appraising it. Let’s take a closer look at the current merger and acquisition (M&A) market and how appraisers use three techniques to value manufacturers.
April 15, 2016
Most business owners spend a lifetime building their business. And when it comes to succession, they face the difficult decision of whether to sell, dissolve or transfer their business to family members. A business transfer involves several complicated issues, such as how to divvy up the family business into logical pieces, allocate value and tackle complex tax issues.
April 15, 2016
In 1802, President Thomas Jefferson sent Robert Livingston to Paris to negotiate the purchase of the city of New Orleans and its surrounding area from France. Entering the negotiation, they were prepared to spend $10 million for this acquisition.
April 13, 2016
As you look for opportunities to cut costs and improve profit, the question of where you can reduce salaries may arise. Co-sourcing internal audit and information technology functions may be an easy way for you to save money and improve your business’s risk management at the same time.
April 13, 2016
Your computer’s storage space may be well organized, but you can still waste time trying to hunt down the document you want — right when you want it. If you’re using QuickBooks, the Doc Center can minimize your search time and ensure that important documentation is at hand.
April 13, 2016
There’s a trade-off between risk and return in business valuation. Investors expect to receive a higher return as the company exposes them to greater risk. Industry-specific risk is an important consideration when estimating an investor’s expected return. Here’s how business valuators measure industry risks and factor them into their analyses.
March 22, 2016
The Financial Accounting Standards Board (FASB) has issued its long-awaited update revising the proper treatment of leases under U.S. Generally Accepted Accounting Principles (GAAP). Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), will affect companies that lease real estate, vehicles, construction and manufacturing equipment, and other assets.
March 11, 2016
With the Consumer Financial Protection Bureau (CFPB) cracking down on improper lender compensation plans, banks should anticipate increased scrutiny in this area from their primary regulator.
March 7, 2016
Today it’s becoming increasingly common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.
January 29, 2016
Many legacy enterprise resource planning (ERP) products like Sage, Epicor, Oracle, and Microsoft Dynamics require expensive maintenance fees ranging from 16 to 24 percent of the full product price.
January 4, 2016
The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that streamlines the subsequent measurement of inventory, requiring that inventory be measured at the lower of cost and net realizable value. This guidance is a part of the FASB’s simplification initiative and, while not the goal of FASB, will more closely align with International Financial Reporting Standards (IFRS).
January 1, 2016
An employer must generally withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment taxes on wages paid to an employee. An employer does not generally have to withhold or pay any taxes on payments to independent contractors.
December 11, 2015
Last month, 25 Kraft team members took part in the company’s annual Habitat for Humanity home-building project. The endeavor is one Kraft believes in and champions each year because it allows them to “live the legacy” of community service established and passed down by the founding partners.
December 11, 2015
The headlines about the Bipartisan Budget Act of 2015 were generally focused on how the legislation raises the debt ceiling through 2017, sets federal spending through the 2016 and 2017 fiscal years, and eases strict caps on spending. But, more importantly for many employers, the act also includes a number of changes related to defined benefit pension plans.
November 23, 2015
You have the best of intentions, but still it happens: You have failed to properly withhold 401(k) or 403(b) deferrals from an employee’s pay. What do you do?
November 20, 2015
On Nov. 11, 2015, the Financial Accounting Standards Board (FASB) decided that large banks that file with the SEC would apply the new CECL standard in annual and interim periods beginning after Dec. 15, 2018, which will mean the first quarter 2019 and year end 2019 filings.
November 6, 2015
KraftCPAs PLLC is pleased to announce that Michael Davis became a member in the firm on Nov. 1, 2015.
July 22, 2015
The Internal Revenue Service encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance.
July 22, 2015
Business owners enter into stock-purchase agreements to facilitate buyouts upon certain triggering events, such as a shareholder’s death or divorce. But sometimes courts disregard these agreements, leaving shareholders vulnerable to paying (or receiving) an amount mandated by a judge who may not be familiar with the parties’ preferences or financial conditions.
July 22, 2015
Estate planners often use family limited partnerships (FLPs) and family limited liability companies (FLLCs) to consolidate a family’s wealth management, protect assets against creditors, and reduce gift and estate taxes. FLPs and FLLCs reduce taxes via valuation discounts for lack of control and marketability that are subtracted from the net asset value of the entity’s holdings.
June 3, 2015
The members of KraftCPAs are pleased to announce that Lucy R. Carter, CPA, and the team of Carter Lankford, CPAs, P.C., will join our firm effective July 1.
May 8, 2015
Many defined contribution plans include participants who are no longer employees, but a problem arises when former employees can’t be located or contacted. These “missing (or lost) participants” can have a significant financial impact on both terminated and active plans because related administrative costs and professional fees are often incurred.
April 10, 2015
In 2014 alone, the Financial Crimes Enforcement Network (FinCEN) and regulatory agencies assessed over $2 billion in penalties for violating the Bank Secrecy Act (BSA.) So while lending and deposit regulations have garnered a lot of attention recently, don’t let your team become lax about BSA compliance.
April 6, 2015
Consolidation among healthcare providers has increased over the past few years, in part because physician practices experience lower reimbursement rates from Medicare and Medicaid, and they lack the bargaining power to drive up reimbursement rates from their commercial payers.
March 6, 2015
At a recent banking conference, it became clear that the topic keeping CEOs and CFOs up at night is cybersecurity. Boards and their audit committees are also troubled about cybersecurity with good reason.
March 6, 2015
On Oct. 2, 2014, the Federal Financial Institutions Examinations Council (FFIEC) released Financial Institution Letter 50-2014 (FIL-50-2014) — providing some good news for private banks.
March 6, 2015
The regulatory environment continues to evolve in 2015 with new disclosure requirements taking effect Oct. 3, 2015.
January 23, 2015
Manufacturing has been returning to the U.S. in a big way over the past five years. In a recent Wall Street Journal article, it is noted that not only are companies considering it patriotic to stamp “Made in the USA” on their products, but they can also make more money doing so.
January 16, 2015
Perhaps you’ve heard the expression “time kills all deals.” While that may be true, it appears that valuation gaps — differing deal pricing expectations between buyers and sellers — are the most common deal-killing culprit. The 2014 Pepperdine Private Capital Markets Report was recently issued and included information from debt capital providers, equity investors, investment bankers and business brokers regarding 2013 activity. Let’s take a closer look at survey results from business brokers and investment bankers regarding sources of deal failure.
November 3, 2014
Throughout the years, Scott Mertie, president of Kraft Healthcare Consulting, LLC (KHC), has attended healthcare delegations to China and multiple European countries that have government-run healthcare systems. While Scott was visiting the Republic of Cuba on a personal excursion earlier this year, he envisioned a trip where the activities would allow him to explore the country’s national healthcare system.
September 22, 2014
Modifier -59, Distinct Procedural Service – “the go-to,” “catch-all,” “covers everything” modifier, has finally received a much needed update.
June 25, 2014
“Warning: Your computer systems have been hacked.” It’s the news no executive team wants to hear, but it’s become increasingly commonplace in today’s interconnected world.
February 10, 2014
The year 2014 is expected to be a strong one for merger and acquisition (M&A) activity. Several factors are contributing to a deal-friendly environment such as inexpensive debt capital, strong stock prices and cash-heavy balance sheets that provide the currency needed to enter into deals. In addition, overall macro-economic strength continues to build. Against this backdrop, there is pent-up demand in those who wish to grow through acquisitions after years of standing on the sidelines during a slow economic recovery.
February 10, 2014
Size does matter. Mergers between small-capitalized, privately held companies are different animals from larger-cap and public company combinations. Small deals can run more smoothly than large ones, but they also can get bogged down in issues that neither party could ever foresee.
January 30, 2014
Is your information at risk? In the wake of one of the nation’s largest retail hacking attacks ever, business owners and consumers alike have a heightened concern about information security.
October 4, 2013
Professional services provided on or after Sept. 10, 2013, will be allowed by CMS to use the 1997 Documentation Guidelines (DG) concerning the extended History of Present Illness (HPI) in conjunction with the 1995 guideline for extended HPI.
June 17, 2013
As national health reform begins arriving at our door step, more and more physicians are taking down their shingles and joining hospitals or emerging national healthcare practice companies as employees.
May 26, 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.
April 30, 2013
Scott Mertie was part of a delegation of approximately 30 healthcare leaders to visit Paris in April — a trip spearheaded by the Nashville Health Care Council (NHCC).
February 1, 2013
The Centers for Medicare & Medicaid Services (CMS) released Medicare Fee-For-Service Recovery Audit Program Myths.
January 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).
December 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.
December 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.
September 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.
September 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.
August 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 being implemented, and CMS is preparing to begin compliance audits related to the “meaningful use” reporting rules.
March 16, 2012
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.”
March 9, 2012
What happens after a patient leaves a facility can have a huge impact on reimbursement.
February 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.
February 6, 2012
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.
June 14, 2010
Scott Mertie traveled to London, England and Edinburgh, Scotland on a Health Care Study Mission.
November 11, 2009
Scott Mertie and Kevin Crumbo accompanied Governor Bredesen and Economic Community Development Commissioner Matt Kisber on individual trade missions to China and Japan.