6136 Shallowford Road
Suite 101
Chattanooga, TN 37421
423-894-7400
chattanoogatn@kraftcpas.com
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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.
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?
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.
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.
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.
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.
Please contact one of our team members for more information on how we can help you with your business or individual financial needs.
Helping clients build, preserve, and transfer business value and personal wealth since 1958.
"We have been working with Tim Stees and KraftCPAs for more than a decade. The hospitality industry evolves quickly and having knowledgeble advisors is important so we can focus on running our restaurants instead of trying to keep up with all the changes to the tax code. They take the time to learn both the individuals as well as the business needs and are always quick to respond. When we were looking at an acquisition, KraftCPAs was our first call.”
Michael Richman, CPA
Vice President
Debo's Diners Inc.
KraftCPAs have been partners with Access Garage Doors of Chattanooga for more than a decade. They have guided us through accounting and operations, and they were instrumental in helping our brand become a national franchise. We couldn’t be happier to have the KraftCPAs team by our side on this journey!
Jesse Cox, CEO
Access Garage Doors
of Chattanooga
KraftCPAs is our go-to advisor whenever we have tax, accounting or financial management needs. The Kraft team understands the construction industry — inside and out. We know we’re getting sound advice based on years of relevant experience. They are attentive, proactive and a pleasure to work with. We have a great working relationship and are happy to recommend KraftCPAs.
Barry Payne
President
BP Construction Company, Inc.
Working with KraftCPAs has been a tremendous improvement over our experience with previous audit firms. All members of the audit team were willing to work with us and have a pleasant and helpful attitude. They kept us updated with newer rulings and were willing to answer questions at various times throughout the year. They provide a thorough analysis of our records and prepare the Legal Aid of East Tennessee non-profit firm for future audits by the OIG and others. The advice given by KraftCPAs has been both timely and helpful. I have confidence in their ability to provide both audit and tax services with integrity.
Melissa Brumfield
Director of Finance
Legal Aid of East Tennessee
