Articles

With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.

If you’re concerned about your 2019 tax liability, consider these year-end tax planning opportunities.

If you’re working on your year-end tax plan, don’t forget to take the new 2020 cost-of-living amounts into consideration.

Allocating time for year-end tax planning now can prove beneficial come filing time next year.

The Securities and Exchange Commission has adopted a rule that would extend the “test-the-waters” provision of the JOBS Act to all companies with the hope that more will consider going public.

Equity-based compensation awards can help companies attract skilled workers and boost performance, although at a costly price. A rule change could bring welcome relief.

Scott Nalley has been elevated to member at KraftCPAs, becoming the 16th partner in the firm.

New sales tax collection requirements for remote sellers and marketplace providers took effect Oct. 1, 2019, in several states, including Tennessee.

The FASB has approved proposals to delay the effective dates of its leases, credit losses, hedging, and long-duration insurance contract standards.

New IRS regulations for the first-year 100% bonus depreciation deduction have been published. Do you know how they might affect your business’s tax bill?

Vic joins a select list of leaders that the Nashville Business Journal describes as “the power players who know everyone.”

The Section 179 deduction and bonus depreciation for business assets have been increased and expanded in time for the 2019 tax year.

The U.S. Department of Labor’s final overtime rule goes into effect on Jan. 1, 2020. Will your company be ready?

Private entities and small public companies typically need longer to implement changes to accounting rules. Recent FASB proposals would help by staggering effective dates.

Congress has taken a big step toward making it easier and safer for cannabis businesses – and the businesses that serve them – to engage in the mainstream financial services sector.

For years, businesses have complained that the guidance for reporting income taxes includes many mechanical rules and exceptions. But changes are coming.

The FASB intends to give smaller financial institutions more time to adopt its new credit loss standard, but banks should not use this as an excuse to delay preparations for the accounting change.

There are a variety of cyber vulnerabilities that can impact medical devices, especially as these devices within a hospital or health system become more and more connected.

If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and how to proceed.

The AICPA’s Auditing Standards Board unanimously voted to propose revisions to the audit standards on accounting estimates. Here’s a look at how and when estimates are used in financial reporting, and why the AICPA is revising its standards.

A good internal control system can help a company in critical ways, including accurate financial reporting and detection of financial misstatements.

The FASB is considering changes to the subsequent accounting of goodwill and other acquired intangible assets.

Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs. Here are three areas to understand in order to maximize your retirement savings.

Scott’s debut on the NBJ’s annual Most Admired CEOs list follows his recent recognition in the publication’s Power Leaders in Accounting, as well as their Health Care Awards.

The honor from the Nashville Business Journal comes after six appearances on the annual Most Admired CEOs and Their Companies Awards list.

The costs involved with funding a retirement plan for employees can greatly burden a small business. The U.S. Department of Labor has issued a final rule that can ease the burden.

Though tax reform eliminated the child tax credit rules for older children, it also added another credit that can help with college expenses.

The Nashville chapter of the TSCPA has picked a KraftCPAs member as its president for the 2019-’20 term.

If you’re fortunate enough to hit a sizable jackpot in the lottery or while gambling, there are tax implications. Here are the basics to understanding how much you might owe.

The London Interbank Offered Rate is the most common reference rate in the global financial markets. But, by 2021, it will have been phased out in response to a series of scandals.

A new FASB proposal would delay new accounting rules for leases, credit losses on loans, long-term insurance contracts, and hedge accounting.

If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. And if so, how much will you have to pay?

Are you ready to schedule a security audit so that you can ensure your practice is protected before back-to-school season? Now is the time to make that audit happen.

The six chosen are among 50 from Middle Tennessee selected for the Nashville Business Journal’s annual listing of financial industry leaders.

If you’re covered by Medicare, you already know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums (along with other medical costs) on your tax return.

Starting a new business is an exciting but often expensive journey. Fortunately, many start-up expenses can be deducted on your tax return, but some may have to be amortized over time instead of being taken right away.

The time has come to move away from Windows 7, but the work and effort to migrate can pay off with a smoother system and more opportunities.

Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.

New guidance from the FASB means that nonprofit groups can use the same methods available to private companies for reporting goodwill and certain identifiable intangible assets after a merger or acquisition.

New patient check-in codes can have a significant impact on healthcare practices, especially those that offer specialized services.

Working from home might seem like a luxury, but before employees and employers get carried away with all the positive aspects of telecommuting, it’s wise to assess both sides of the coin.

Are you a business owner with teenage or college-age children who seem to constantly need money? Have them earn their own income by hiring them. You can save taxes and reap other benefits.

An attractive benefit for some employees is an employer-provided vehicle that can be used for both business and personal use. The IRS has issued new guidance on how to value the personal use of such vehicles to include the amount in an employee’s income.

Home sales are flourishing in Middle Tennessee, but consider all the potential pros and cons before putting your house on the market.

Recent statistics show a decreased number of IRS audits. The thought of being audited can be frightening, but proper preparation can ensure a smoother process if you are selected.

The third quarter of 2019 is approaching, so be sure to keep tabs on key deadlines that could affect you and your business.

Fast Healthcare Interoperability Resources offers innovative tools that ultimately allow patients to control their health data, free up office staff, and help create an opportunity for overall independence.

Many private companies are still unaware of the balance sheet impact of new lease accounting rules, including lease capitalization requirements, that go into effect starting in 2020.

Refunds are usually sent to taxpayers within a few weeks. However, there may be delays, or in worst-case scenarios, refunds may be applied to debts owed to the federal or state government.

Josh Hedrick will move into a member position with Kraft Analytics, an affiliate of KraftCPAs.

Gina Pruitt is among 10 healthcare industry leaders chosen for the Nashville Medical News’ annual Women to Watch list.

Are you interested in joining the growing ranks of plug-in electric vehicle owners? If so, there’s a federal income tax credit that might incentivize your shopping.

The impending end date for Windows 7 upgrades by Microsoft means there are many users out there who need to start thinking about finally moving on from their favorite operating system.

The data in your QuickBooks company file contains some of the most sensitive information on your computer. Make sure it’s secure.

Glitches in the Tax Cuts and Jobs Act require fixes, and tax extenders have yet to be extended. Here’s what needs fixing and what tax provisions need extending.

Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention, and amended tax returns. Here are the answers.

Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to.

Diagnosed with autism spectrum disorder at a young age, Pace Johnson has channeled his attention to detail into a valued role at KraftCPAs, along with a place in the local art community.

The Auditing Standards Board is working on a project to amend its definition of “materiality” and address the subtle differences between the international standards and U.S. standards currently in use.

The annual awards presented by the Nashville Business Journal help recognize the region’s biggest influencers in the healthcare industry.

Find the right blockchain applications for your healthcare business workflows or operations to boost competitiveness and profitability.

Audit committee best practices are part of a new report released by the International Organization of Securities Commissions in an effort to promote audit quality.

The second quarter of the year includes a long list of important tax deadlines for both individuals and employers. Here are the biggest ones to keep in mind.

When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this year.

The third-year survey gives manufacturers and financial leaders insight into the business climate so they have a better idea of what’s to come.

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.

KHC’s Scott Mertie and Katie Reid teamed up with the AIHC to create a specialized training program and credential for cost reporting professionals. The pair will lead the training, which kicks off with a session in Nashville on March 12 and 13.

The designation means that the individuals are recognized as trained and compliant in all aspects of HIPAA laws and regulations.

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.

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.

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.

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.

Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?

After a tumultuous government shutdown and big changes in tax law, an early start on your 2018 returns could mean less stress later.

Healthcare professionals have made it clear that they’re concerned about cybersecurity, but a few key steps can helps put those minds at ease.

The government shutdown continues, just as the 2018 tax filing season is beginning to gear up. How will it affect your tax filing preparations?

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.”

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.

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.

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.

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.

Most TCJA provisions went into effect in 2018 and apply through 2025 or are permanent, but two major changes affect individuals starting in 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.

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.

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.

Recently proposed IRS regulations on business interest expense deductions help provide clarity after TCJA changes.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Keeping track of all the changes with the TCJA isn’t easy, but here are six key changes to consider for taxpayers.

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.

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.

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.

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.

Reimbursement practices don’t have to be a chore for healthcare providers. Just follow a few simple tips to keep accounts healthy.

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.

Brad Koenig, the senior manager for the KraftCPAs entrepreneurial services department, will become a member at KraftCPAs beginning Nov. 1.

Tired of repetitive data entry? QuickBooks provides a way to save time and keystrokes when you create some transactions.

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.

Employee benefit plans are often vulnerable to fraud, but there are ways for business owners and managers to minimize risks.

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.

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.

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.

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.

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.

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.

KraftCPAs, Kraft Asset Management and 2nd Generation Capital are represented in the Nashville Business Journal’s annual list of Power Leaders in Finance.

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.

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.

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.

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.

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.

Individuals and employers: Don’t forget about important tax-related deadlines in the third quarter of 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The IRS will begin accepting 2017 income tax returns on January 29. Filing early could help protect your from tax identity theft.

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.

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, delivers a treasure trove of tax breaks for businesses.

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.

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.

The Tax Cuts and Jobs Act (TCJA) includes significant changes for individual taxpayers — most of which take effect for 2018 and expire after 2025.

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.

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.

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.

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.

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.

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.

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.

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.

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018.

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.

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.

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.

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.

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.

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.

Congratulations to KraftCPAs Chief Manager, Vic Alexander, who was named to the Nashville Business Journal’s (NBJ) 2017 Power 100 list.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors.

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?

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).

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.

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).

Most nonprofit 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.

The Nashville Business Journal (NBJ) recently announced its 2017 list of the finance industry’s “Power Leaders.”

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.

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.

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.

Any entity that handles health information or other sensitive data should be intimately familiar with HIPAA, HITECH and HITRUST.

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.

KraftCPAs is pleased to be a sponsor of the newly formed Tennessee Center for Family Business (TNCFB), which hosted its inaugural event in May.

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.

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.

The lesson learned from PECO Logistics v. Walnut Investment Partners.

Grow your business, not your budget, with flexible cloud solutions that save you money.

Retention guidelines help determine whether to keep or destroy tax records.

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.

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.

KraftCPAs has earned the designation of HITRUST CSF Assessor through the Health Information Trust Alliance (HITRUST).

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.

On April 19, Governor Haslam signed House Bill 320 that amended Tennessee law relative to estimated franchise and excise tax payments.

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).

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.

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.

Operating a nonprofit in today’s environment is challenging; increasingly, organizations are finding solutions through collaboration.

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.

“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.

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.

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.

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.

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.

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?

“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.”

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.

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.

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.

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).

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).

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.

Employers need to be aware of payroll tax changes that have taken effect.

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.

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.

KraftCPAs PLLC is pleased to announce that Sean Owens and David Lister became members (owners) in the firm, effective November 1.

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.

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.

For the first time in more than two decades, the Financial Accounting Standards Board (FASB) has issued major changes to the accounting standards for nonprofit organizations’ financial statement presentation.

Will multiple employees be working with your QuickBooks company file? If so, you’ll need to define their permission levels.

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.

Your business is unique. Make sure that QuickBooks knows how you operate.

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.”

The Financial Accounting Standards Board (FASB) has released a long-awaited accounting standard that responds to some concerns prompted by the global financial crisis.

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.

Congratulations to Vic Alexander, chief manager of KraftCPAs, who recently received the 2016 Business with Purpose Award in the “leader with purpose” category.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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?

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.

KraftCPAs PLLC is pleased to announce that Michael Davis became a member in the firm on Nov. 1, 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.

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.

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.

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.

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.

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.

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.

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.

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.

The regulatory environment continues to evolve in 2015 with new disclosure requirements taking effect Oct. 3, 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.

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.

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.

Modifier -59, Distinct Procedural Service – “the go-to,” “catch-all,” “covers everything” modifier, has finally received a much needed update.

“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.

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.

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.

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.

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.

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.

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.

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).

The Centers for Medicare & Medicaid Services (CMS) released Medicare Fee-For-Service Recovery Audit Program Myths.

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).

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.

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.

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.

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.

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.

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.”

What happens after a patient leaves a facility can have a huge impact on reimbursement.

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.

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.

Scott Mertie traveled to London, England and Edinburgh, Scotland on a Health Care Study Mission.

Scott Mertie and Kevin Crumbo accompanied Governor Bredesen and Economic Community Development Commissioner Matt Kisber on individual trade missions to China and Japan.