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This section includes all KraftCPAs news. For service or industy-specific articles please see left sidebar links.

Key MACRA updates for the 2018 performance year
Nov. 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. We've outlined some of the most impactful provisions for you.
Comparing the House and Senate tax reform bills
Nov. 10, 2017
November 9 was an eventful day in Washington, with both chambers of Congress rushing to hammer out a tax reform package. 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.
House leadership unveils sweeping tax reform legislation
Nov. 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. Here's a brief rundown of some of the most significant provisions included in the 429-page bill. Generally, the changes would go into effect after December 31, 2017, but there are some exceptions.
Independent contractor status remains a hot spot for IRS attention
Oct. 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.
Employee misclassification ruling has major implications for businesses that use contractors
Oct. 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.
New IRS per diem rates for business travel are now in effect
Oct. 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. The new rates apply for any business-related travel expenses incurred on or after October 1 through Sept. 30, 2018.
Vic Alexander named to the NBJ's Power 100 list
Oct. 18, 2017
Congratulations to KraftCPAs Chief Manager, Vic Alexander, who was named to the Nashville Business Journal's (NBJ) 2017 Power 100 list.
KHC leaders represent Nashville on German delegation
Oct. 11, 2017
Scott R. Mertie and Katie Reid of Kraft Healthcare Consulting, LLC (KHC) were selected by the German American Chamber of Commerceฎ of the Midwest, Inc. (GACC Midwest) to participate in an exclusive international health and technology delegation in Germany from October 16–20. Of the 15 U.S. healthcare and medical technology professionals chosen, only three representatives are from Nashville.
Considering a merger or acquisition? Don't underestimate the impact of technology integration
Oct. 4, 2017
Companies typically consider company culture, customer base and operations; but often, acquiring organizations overlook the importance of technology integration.
Alexander named as a Most Admired CEO by the Nashville Business Journal
Sep. 14, 2017
Congratulations to KraftCPAs Chief Manager, Vic Alexander, who was named to the Nashville Business Journal's list of 2017 Most Admired CEOs and Their Companies.
Fate of overtime rule still in limbo; DOL seeking public feedback
Sep. 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. Though the U.S. Department of Labor (DOL) has signaled that a new version could be on the horizon, the fate of the rule remains uncertain. The DOL is currently considering its options for revisions of the current overtime standards, and it's asking for feedback from the public in the process.
It's almost October… Do you know where your MACRA measures are?
Aug. 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).
Employees are still the weakest link in IT security
Aug. 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.
Operating across state lines presents tax risks — or possibly rewards
Aug. 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.
Donating a vehicle might not provide the tax deduction you expect
Aug. 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. How the charity uses your donation can also affect your deduction.
Business owners: When it comes to IRS audits, be prepared
Aug. 7, 2017
If you recently filed your 2016 income tax return (rather than filing for an extension), you may now wonder whether your business could face an IRS audit.
New rule regulates beneficial ownership and customer due diligence
Aug. 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.
Doing business in California? Consider this tax credit.
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).
IRS alerts public of new phone scam
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. Taxpayers should stay on their toes, and be wary of anyone calling them "from the IRS" demanding money.
Pay attention to details when selling investments
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. You're probably focused on considerations such as the cost of your investment vs. how much you're selling it for, whether you held the investment long-term (more than one year), and the tax rate that will apply to your situation.
Real estate investor vs. professional: Why it matters
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? Passive income may be subject to the 3.8 percent net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward.
Stopping the scourge of profit fade
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. To avoid profit fade, you'll need to identify its causes, monitor work in progress and act quickly to address any issues you uncover.
Kraft has seven among Nashville's accounting industry Power Leaders
June 28, 2017
The Nashville Business Journal (NBJ) recently announced its 2017 list of the accounting industry's "Power Leaders," and Kraft has six professionals on the list. Vic Alexander, Lucy Carter, Kevin Crumbo, Beverly Horner, Scott Mertie and Gina Pruitt are on the list of 25 area accountants.
Update: CFPB's future still uncertain
June 26, 2017
As we mentioned in our previous article "Will Cordray and CFPB survive the Trump administration?", there is uncertainty around the Consumer Financial Protection Bureau (CFPB) and its current structure under the new Administration. At that time, we reported that many senators had asked President Trump to dismiss CFPB Director Richard Cordray and to appoint a bipartisan commission to replace him.
New guidance on accounting for leases will have significant impact on banks' financial statements
June 26, 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 banks' financial statements, as well as third parties relying upon financial statement data.
June 30 deadline approaches for MIPS group reporting
June 19, 2017
Under the new Medicare Access and CHIP Reauthorization Act (MACRA) reporting guidelines, clinicians and groups can chose how to submit their 2017 Quality Measures. A minimum of 90 continuous days of at least one quality measure is required to ensure no negative payment adjustment for 2019 reimbursements.
Lucy Carter leads healthcare panel at SuperConference
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. Held in downtown Nashville, the conference hosted hundreds of accounting professionals from across the country Industry experts made presentations and led panel discussions on specialized topics in banking, healthcare, manufacturing, not-for-profit, technology, real estate and more. Lucy moderated a spirited discussion on the current state of healthcare with some of Nashville's most influential healthcare professionals.
ABN form incorporates new effective date
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. Guidelines for mandatory and voluntary use of the ABN are published in the Medicare Claims Processing Manual, Chapter 30, Section 50.
Tennessee Center for Family Business
June 6, 2017
KraftCPAs is pleased to be a sponsor of the newly formed Tennessee Center for Family Business, which hosted its inaugural event in May. Founded by husband/wife team Greg and Jennifer Lewis, the TNCFB aims to be an invaluable resource for family-owned businesses across the state. Their mission includes connecting local business owners and conducting educational seminars addressing issues commonly faced by family businesses.
IRS memorandum outlines substantiation guidelines for safe-harbor hardship distributions
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. On Feb. 23, 2017, the Internal Revenue Service (IRS) issued a memorandum to its examiners related to the substantiation records that Plans should obtain and keep if they allow hardship distributions under the safe-harbor standards.
Fiduciary rule: Impact on Kraft Asset Management
June 5, 2017
Some clients have asked if the Department of Labor's fiduciary rule will impact how Kraft Asset Management does business. In a nutshell, it won't. The rule states that advisors who provide retirement investment advice are required to operate under the "fiduciary" standard, which means they must avoid conflicts of interest and operate with full transparency. It means advisors must do what is in the best interest of their clients – not what is in their own best interest.
New fiduciary rule takes effect
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. These provisions include the expanded definition of "investment advice fiduciary" under the Employee Retirement Income Security Act of 1974 (ERISA), including who is considered to be a fiduciary and what constitutes a fiduciary act. Implementation of the written disclosure requirements and the full, best-interest contract exemption is scheduled for Jan. 1, 2018.
Beware of valuation provisions
June 2, 2017
A recent Delaware Court of Chancery case demonstrates how courts give substantial weight to valuation provisions in owners' agreements, especially when the experts maintain their independence and follow the terms of these agreements.
Do more, spend less by moving to the cloud
May 31, 2017
With the fast pace of innovation constantly accelerating, it's becoming increasingly expensive to keep investing in the latest and greatest IT solutions. But if you're relying on older solutions while your competitors invest in new ones, they will have a leg up on you because they can anticipate, manage and respond more quickly to change.
Save or shred?
May 30, 2017
You may have breathed a sigh of relief now that the April 18 tax deadline has come and gone. However, if your office is strewn with reams of paper consisting of years' worth of tax returns, receipts, canceled checks, bank and brokerage statements, and other financial records, you probably want to get rid of what you can. Follow these retention guidelines (for both individuals and businesses) as you begin to clean up after another tax season.
Take control of your inventory with QuickBooks
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.
Scott Mertie travels to United Kingdom for NHCC healthcare study mission
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. The delegation examined challenges facing Britain's National Health Service (NHS), and discussed how innovations from within the system and private sector alike might resolve the most pressing healthcare issues.
KraftCPAs achieves HITRUST CSF Assessor designation
May 11, 2017
KraftCPAs has earned the designation of HITRUST CSF Assessor through the Health Information Trust Alliance (HITRUST). With this achievement, KraftCPAs is now approved to provide services using the HITRUST CSF, a comprehensive security framework that addresses the multitude of security, privacy and regulatory challenges facing healthcare organizations in order to comply with healthcare (HIPAA, HITECH), third-party (PCI, COBIT) and government (NIST, FTC) regulations and standards. KraftCPAs is one of approximately 10 HITRUST CSF Assessors in Tennessee (eight of which are based in Nashville).
Kraft Healthcare participates in delegation to Washington, D.C.
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.
Tennessee allows annualized method to determine excise tax estimated payments
May 10, 2017
On April 19, Governor Haslam signed House Bill 320 that amended Tennessee law relative to estimated franchise and excise tax payments.
IMPROVE Act will raise some taxes while reducing others
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).
Do you know the tax implications of your C corporation's buy-sell agreement?
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. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand.
Does your medical practice need a check-up?
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.
Don't forget April 1 deadline to take required retirement plan distributions
March 21, 2017
Taxpayers who turned age 70ฝ during 2016 (in most cases) must start receiving required minimum distributions (RMDs) from individual retirement accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. A 50 percent tax normally applies to any required amounts not received by the April 1 deadline.
New IRS regulations target earnings stripping
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. The regs are part of a larger Treasury Department campaign against corporate inversions, whereby a U.S. company merges with a foreign firm and then changes its tax address (domicile) to the foreign country. In particular, the regs address earnings stripping, a practice commonly used to minimize taxes after an inversion.
Why your software should embrace customizations
March 10, 2017
Having worked in the mid-market ERP space for 10 years now, I know that "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. Then you had to develop it, test its functionality, create a plan to roll the change into production and finally — a few weeks or months later — actually move the new code into production. So much time was wasted in the process due to the technological constraints of an older software platform.
Two ways to save for education costs
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. The two most popular options are qualified tuition programs (commonly known as Section 529 plans) and Coverdell Education Savings Accounts (ESAs).
FASB simplifies goodwill impairment testing . . . again
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.
IRS continues efforts to identify and tax offshore accounts
March 8, 2017
The Internal Revenue Service (IRS) announced recently that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the "Dirty Dozen." While there are legitimate reasons for maintaining financial accounts abroad, there are reporting requirements that need to be fulfilled. U.S. taxpayers who maintain such accounts and who do not comply with reporting requirements are breaking the law and risk significant fines, as well as the possibility of criminal prosecution.
Syndicated conservation easement transactions get a big
March 6, 2017
Conservation easements are one of the most powerful tools for preserving private lands in the United States today. The use of conservation easements has successfully protected millions of acres of wildlife habitat and open space, keeping land in private hands and generating public benefits.
Deduct all of the mileage you're entitled to deduct — but not more
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.
When combining business and vacation travel, what can you deduct?
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?
Do you need to file a 2016 gift tax return by April 18?
March 1, 2017
Last year you may have made significant gifts to your children, grandchildren or to other heirs as part of your estate planning strategy. Perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it's important to know under what circumstances you're required to file a gift tax return.
Will Cordray and CFPB survive the Trump administration?
Feb. 20, 2017
Regardless of their political views, most community bankers I know would not disagree with President Trump's assessment of The Dodd-Frank Act. For more than six years, bankers, board members, auditors – and, even worse, consumers – have dealt with the fallout from the overhaul created by Dodd-Frank. Community bankers and their customers have dealt with the heavy burden that many call the overly regulated regulatory environment. A lot of people would argue that all the Dodd-Frank Act accomplished was limiting and restricting access to much needed credit for the consumer. For this reason, President Trump has promised to do "a big number" on the Dodd-Frank Act.
Sales tax return filing frequency is about to change for some Tennessee businesses
Feb. 15, 2017
The Tennessee Department of Revenue is in the process of implementing a new tax system called TNTAP, or the Tennessee Taxpayer Access Point. One of the benefits of TNTAP is that taxpayers will file a consolidated sales tax return. So if your business has more than one location that reports sales tax, you will report sales from all locations on one tax return.
Dangerous W-2 phishing scam evolving
Feb. 14, 2017
The Internal Revenue Service has issued an alert, warning all employers that the Form W-2 email phishing scam is back in action. The W-2 scam, which first appeared last year, is circulating earlier in the tax season and to a broader cross-section of organizations, including not-for-profit organizations, school districts, tribal casinos, chain restaurants, temporary staffing agencies, healthcare providers and shipping and freight companies. Those businesses that received the scam email last year also are reportedly receiving it again this year.
Don't let your technology hold you ransom
Feb. 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.
What you need to know about the tax treatment of ISOs
Feb. 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.
The investment interest expense deduction: Less beneficial than you might think
Feb. 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.
Contractors: Don't overlook the Section 199 deduction
Jan. 30, 2017
It goes by many names. You might hear it called the "domestic production activities deduction" or the "manufacturer's deduction" or, as we'll call it, the "Section 199 deduction."
New law clears the way for small businesses to offer standalone HRAs
Jan. 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). Specifically, beginning Jan. 1, 2017, qualified small employers can use HRAs to reimburse employees who purchase individual insurance coverage, rather than providing employees with costly group health plans.
Help prevent tax identity theft by filing early
Jan. 11, 2017
If you're like many Americans, you might not start thinking about filing your tax return until close to this year's April 18 deadline. You might even want to file for an extension so you don't have to send your return to the IRS until October 16.
Few changes to retirement plan contribution limits for 2017
Jan. 9, 2017
As the new year begins, many taxpayers resolve to save more for retirement. Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000.
New website to make filing Tennessee taxes easier
Jan. 9, 2017
The Tennessee Department of Revenue is currently implementing a new website called TNTAP, or the Tennessee Taxpayer Access Point, which is scheduled to launch in March. Promoted as "fast, easy and free," the website allows taxpayers to:
Don't forget Jan. 31, 2017, tax deadlines
Jan. 6, 2017
Employers have several tax forms to submit by Jan. 31, 2017. Below are a few items you'll want to be sure you have submitted by that date.
Some tax return due dates have changed
Jan. 6, 2017
The IRS has changed the filing due dates for certain tax returns beginning with tax years starting after Dec. 31, 2015 (so starting with the 2016 return that will be due in 2017). Because limited liability companies (LLCs) taxed as partnerships are the preferred entity for Tennessee businesses, this change will impact a great deal of our clients.
2017 standard mileage rates for business, medical and moving purposes
Dec. 30, 2016
The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
2016/2017 payroll tax reminders
Dec. 30, 2016
With 2017 right around the corner, employers need to be aware of payroll tax changes that are about to take effect. Below is an overview of some of the changes, prepared by Jackie Cook, a senior manager in our entrepreneurial services group. Please contact your KraftCPAs advisor if you have questions or need additional information.
Mertie receives Leadership Health Care award
Dec. 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. The awards were announced at LHC's annual holiday and awards reception, attended by more than 200 LHC members.
Can you pay bonuses in 2017 but deduct them on your 2016 return?
Dec. 16, 2016
In some situations, businesses can deduct employee bonuses that were earned during the previous tax year if the bonuses are paid within 2ฝ months after the end of that year (by March 15 for a calendar-year company). But this favorable tax treatment isn't always available.
Reduce your 2016 taxes by implementing last-minute tax-saving tips
Dec. 16, 2016
Although the year is quickly drawing to a close, there's still time to reduce your 2016 tax liability; but you must act by December 31. Here are a few actions to consider.
Deadline extended for ACA information reporting to employees (but not to the IRS)
Dec. 14, 2016
The IRS has again extended the deadline for employers subject to the Affordable Care Act's (ACA's) information reporting requirements to meet their obligations to employees, but only by 30 days, from Jan. 31, 2017, to March 2, 2017. The deadline for filing the required information reporting forms with the IRS has not been extended.
Ringing out 2016 in QuickBooks
Dec. 7, 2016
2017 is just around the corner. Now's the time to do your end-of-year QuickBooks tasks.
Ensure your year-end donations will be deductible on your 2016 return
Nov. 30, 2016
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return, you must make them by year-end to qualified charities.
There's still time to reduce your 2016 tax bill
 by buying business assets
Nov. 30, 2016
In order to take advantage of two important depreciation tax breaks, a business must place the assets in service by the end of the tax year. So you still have time to act for 2016.
Deferred compensation rules may require that you act before year-end
Nov. 28, 2016
Executives who wish to defer 2017 income into the 2018 calendar year or beyond, will need to act before Dec. 31, 2016. Here's why.
Ingram and Baker retire from KraftCPAs PLLC
Nov. 16, 2016
After long and accomplished careers with KraftCPAs, two firm leaders passed the torch this fall. Mike Ingram and Wynne E. Baker both retired from membership in the firm, effective Oct. 31, having made significant contributions to the firm, the profession and the community.
Beware of income-based limits on itemized deductions and personal exemptions
Nov. 16, 2016
Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout.
Many 2017 cost-of-living adjustments increase slightly
Nov. 16, 2016
The IRS recently issued its 2017 cost-of-living adjustments. Because inflation remains relatively in check, many amounts increase only slightly, and some stay at 2016 levels. As you implement 2016 year-end tax planning strategies, be sure to take these 2017 adjustments into account.
Election outcome likely to result in major tax law changes
Nov. 16, 2016
The election of Donald Trump as President of the United States, along with Republicans retaining control of both chambers of Congress, could result in an overhaul of the U.S. tax code.
KraftCPAs admits two new members
Nov. 9, 2016
KraftCPAs PLLC is pleased to announce that Sean Owens and David Lister became members (owners) in the firm, effective November 1.
Survey reveals 10 trends in fraud prevention and detection
Nov. 7, 2016
The Association of Certified Fraud Examiners, the world's largest anti-fraud organization and industry leader in fraud training and education, collects and publishes a survey on fraud trends. This organization released their ninth survey, the 2016 Report to the Nations on Occupational Fraud and Abuse (the study), earlier this year. The findings were based on data compiled from more than 2,400 worldwide occupational fraud cases.
FASB unveils new accounting standard for not-for-profits
Nov. 7, 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. Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, affects just about every not-for-profit organization, including charities, foundations, private colleges and universities, nongovernmental healthcare providers, cultural institutions, religious organizations and trade associations.
CMS finalizes the Medicare quality payment programs
Oct. 21, 2016
On Oct. 14, 2016, the Department of Health and Human Services (HHS) Centers for Medicare & Medicaid Services (CMS) finalized its policy implementing the Merit-Based Incentive Program (MIPS), the Advanced Alternative Payment Model (APM) incentive payment provisions in the Medicare Access, and CHIP Reauthorization Act of 2015 (MACRA).
To deduct business losses, you may have to prove material participation
Oct. 21, 2016
You can only deduct losses from an S corporation, partnership or LLC if you "materially participate" in the business. If you don't, your losses are generally "passive" and can only be used to offset income from other passive activities. Any excess passive loss is suspended and must be carried forward to future years.
Flood insurance: Sometimes enough is not enough
Oct. 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. Significant flood insurance violations can result in retroactive file searches, enforcement actions and the assessment of civil financial penalties by the federal regulators. The regulators have already increased the maximum civil money penalty for a significant flood insurance violation to $2,000 (previously $385) per violation and deleted the penalty cap per year (previously $135,000).
IRS warns of fake tax bills
Oct. 11, 2016
The Internal Revenue Service recently issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.
Don't miss out on Tennessee franchise/excise tax credits
Oct. 11, 2016
Is your company missing out on Tennessee tax credits? Many companies overlook or are simply unaware of these significant tax-saving credits. The two most commonly used tax credits in Tennessee are the Jobs Tax Credit (JTC) and the Industrial Machinery Credit (IMC).
IT compliance leads to false sense of security
Sep. 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.
Setting up user access in QuickBooks
Sep. 21, 2016
Will multiple employees be working with your QuickBooks company file? If so, you'll need to define their permission levels.
Research and experimentation tax credit made permanent and expanded
Sep. 21, 2016
As part of the PATH Act of 2015, Congress made permanent the Research and Experimentation credit (better known as the R&D credit) that expired at the end of 2014. Thanks to this change, businesses now have the ability to make long-range plans knowing the R&D credit will be available to them in the future.
Does your business have a valid buy-sell agreement in place?
Sep. 21, 2016
Operating a business without a valid buy-sell agreement is like driving a car without insurance. Because business owners are often so focused on the current demands of running a business, planning for possible catastrophes often falls through the cracks, especially if the owners are young and healthy. Failure to execute an agreement or to update an old buy-sell for ownership changes can cause financial distress and even tear a company apart if tragedy strikes.
Now's the time to think about bunching itemized deductions
Sep. 21, 2016
As year-end approaches, consider the strategy of "bunching" itemized deductions that might naturally be spread over two years into one. Deductions such as property tax and mortgage interest not due until early 2017 can be paid during 2016 resulting in a current tax deduction.
Documentation is the key to business expense deductions
Sep. 21, 2016
If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions.
Big financial reporting changes in store for not-for-profit organizations
Aug. 26, 2016
The Financial Accounting Standards Board (FASB) has issued a highly anticipated accounting standard that will impact several aspects of a nonprofit organization's financial statements. This new standard represents some of the most significant changes since 1993. The goals behind the new standard include enhancing the transparency, increasing the consistency, and simplifying certain aspects of the financial reporting model.
Stock market volatility can cut tax 
on a Roth IRA conversion
Aug. 24, 2016
This year's stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity. It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.
QSB stock offers two valuable tax benefits
Aug. 24, 2016
If you own qualified small business (QSB) stock, you can enjoy two valuable tax benefits.
Over 70 1/2? Don't forget to take required minimum distributions
Aug. 22, 2016
Take required minimum distributions (RMD) from your IRA or 401(k) plan (or other employer-sponsored retirement plan) if you have reached age 70ฝ.
Giving away assets? Be tax-smart about it
Aug. 19, 2016
Giving away assets during your life will help to reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).
Should you make a charitable IRA rollover in 2016?
Aug. 19, 2016
Last year a break valued by many charitably inclined retirees was made permanent -- the charitable IRA rollover. If you're age 70ฝ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions.
Nancy Mullen wins 2016 Nashville Emerging Leaders Awards
Aug. 5, 2016
KraftCPAs is proud to announce that Nancy Mullen, an assurance services senior manager, was named the winner of the 2016 Nashville Emerging Leaders Awards (NELAs) in the financial services category.
Specify your preferences to make QuickBooks your own
Aug. 3, 2016
QuickBooks was designed to be used by millions of businesses. In fact, it's possible to install it, answer a few questions about your company, and start working right away. However, we strongly suggest you take the time to specify your Preferences.
Entrepreneurs: What can you deduct and when?
July 29, 2016
Starting a new business is exciting. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.
Section 179 expensing election could mean valuable tax break for small businesses
July 29, 2016
Section 179 of the Internal Revenue Code (Sec. 179) allows small businesses to elect to deduct immediately — or "expense" — the cost of certain tangible personal property acquired and placed in service during the tax year, instead of recovering the costs more slowly through depreciation deductions.
Recent tax law changes offer tax breaks and planning opportunities
July 27, 2016
For years many companies have adopted a wait-and-see approach to purchasing fixed assets because Congress was in the habit of passing "extender" provisions at or after the calendar year-end. Thanks to the Protecting Americans from Tax Hikes (PATH) Act, bonus depreciation has been extended through 2019, making tax planning a bit easier. Although the Act reinstated bonus depreciation for several years, it also provided for a gradual reduction from 50 percent in 2015 through 2017, to 40 percent in 2018 and to 30 percent in 2019. Bonus depreciation is set to expire after 2019 although certain longer-lived and transportation property will qualify until 2020.
FASB issues new rules for credit loss reporting
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. In addition to its effect on current-period earnings, the updated guidance will affect the amounts banks, credit unions and other entities report for such assets as loans, securities, bond insurance and many receivables.
Banks strive to balance regulatory compliance and customer expectation
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." I agree that the complexity of the changes brought about by this portion of the regulation make this joking reference to TRID a fitting description. But, as we are well aware, compliance is no joking matter.
What 2015 tax records can you toss once you've filed your return?
July 11, 2016
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But now is a great time to take a look at your records for previous tax years and determine what you can purge.
What's the weakest link in your company's information security?
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. The third challenge, protecting the company's assets, is becoming tougher as a result of today's complex and ever-changing technology-driven environment.
Awards of RSUs can provide tax deferral opportunity
July 11, 2016
Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses: They may also be awarded stock-based compensation, such as restricted stock or stock options. Another form that's becoming more common is restricted stock units (RSUs). If RSUs are part of your compensation package, be sure you understand the tax consequences — and a valuable tax deferral opportunity.
Electronically file information returns with IRS by June 30
June 27, 2016
Self-insured employers, applicable large employers and health coverage providers are reminded that the June 30 deadline to electronically file information returns with the IRS is approaching.
Throw a company picnic for employees this summer and enjoy larger deductions
June 22, 2016
Many businesses host a picnic for employees in the summer. It's a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses.
June 30 deadline looms for executors of large estates
June 20, 2016
The executors of some estates now have a new filing requirement. Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, was developed to satisfy the new basis consistency provisions enacted on July 31, 2015.
DOL's final overtime rule brings sweeping changes
May 24, 2016
The U.S. Department of Labor (DOL) has released a final rule that makes dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as "white-collar workers" — are entitled to overtime pay under the Fair Labor Standards Act (FLSA). The rule will make it more difficult for employers to classify employees as exempt from overtime requirements. In fact, the DOL estimates that 4.1 million salaried workers will become eligible for overtime when they work more than 40 hours in a week.
Alexander receives prestigious Business with Purpose award
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. The Business with Purpose awards are presented by the Hilton & Sallie Dean Institute for Corporate Governance & Integrity at Lipscomb University. The institute's mission is to assist companies in creating cultures of high integrity and in employing best practices of good corporate governance.
Good news for businesses on the Tennessee tax front
May 23, 2016
Tennessee has made several taxpayer-friendly law changes related to franchise and excise estimated tax payments.
Hall tax to be repealed
May 23, 2016
On Friday, May 20, Governor Haslam signed into law Senate Bill 47 which will reduce and eventually eliminate Tennessee's Hall investment income tax on some dividends and interest. Under this law, the Hall income tax rate will decrease from 6 percent to 5 percent for tax year 2016, affecting tax returns due next April. The law "establishes the legislative intent" that the Hall income tax be eliminated on or before Jan. 2, 2021, through annual reductions of one percent per year.
Unexpected retirement plan disqualification can trigger serious tax problems
May 2, 2016
It's not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations.
Risk, return, and the Louisiana Purchase
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. On April 11, 1803, France's Treasury Minister Fran็ois de Barb้-Marbois offered Livingston the entire Louisiana Territory for $15 million, a territory comprised of 827,000 square miles. The price in today's dollars was approximately $230 million or 41 cents per acre.
Valuation is key to succession planning
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.
What's the value of my manufacturing business?
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.
Save money and improve risk management: Co-source the internal audit function
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.
How does industry risk impact business valuation?
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.
How to add documents in QuickBooks
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.
Don't miss April 1 deadline for required minimum distributions
March 22, 2016
Taxpayers who attained age 70ฝ in 2015 have until April 1, 2016, to begin taking required minimum distributions (RMDs) from their traditional IRAs. Lifetime distributions are not required to be taken from Roth IRAs at any age.
New accounting standard brings big changes to lease reporting on financial statements
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. The standard requires these businesses to recognize most leases on their balance sheets, potentially inflating their reported assets and liabilities.
IRS offers guidance to employers who plan to claim the Work Opportunity Tax Credit
March 22, 2016
The IRS has recently granted "transitional relief" to eligible employers who are planning to claim the Work Opportunity Tax Credit (WOTC). The relief outlined in IRS Notice 2016-22 comes in the form of an extended deadline — until June 29, 2016 — to file a form necessary to claim the credit for certain eligible workers.
Is an audit in your partnership's future?
March 22, 2016
In addition to raising the federal debt ceiling and lifting some mandatory spending caps, the Bipartisan Budget Act of 2015, signed into law in November, also includes tax provisions that revise partnership audit rules. The end result of the revised rules is that audits of master limited partnerships, investment funds and other business entities organized as partnerships are likely to increase.
Regulators scrutinize lender compensation
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.
Deduct home office expenses – if you're eligible
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.
IRS' Dirty Dozen
March 7, 2016
Identity theft topped this year's list of the IRS's "Dirty Dozen" tax scams with phone scams and phishing schemes also getting special mention.
Don't miss March 31 deadline for ACA information reporting
Sep. 30, 2015
In an effort to help employers subject to the Affordable Care Act's (ACA's) information reporting requirements, the IRS extended two important deadlines. Employers now have until May 31, 2016, to file information returns (Form 1094-C and 1095-C) with the IRS (until June 30, 2016, if filing electronically). However, they must furnish the employee statements (Forms 1095-B and 1095-C) no later than March 31, 2016.
How to max out education-related tax breaks
March 7, 2016
If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you're eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can take only one break per student, and, for some breaks, only one per tax return.
Significant change to Social Security affects some taxpayers
Feb. 22, 2016
The Bipartisan Budget Act of 2015 included several significant changes to how Social Security benefits can be claimed, but certain individuals still have a small window of opportunity to maximize their benefits.
Fraud myth busters: Decipher fact from fiction
Feb. 15, 2016
Whether reading a local business journal or a nationally syndicated publication, there's no denying that fraud is a major concern facing business owners. According to the Association of Certified Fraud Examiners (ACFE) 2014 Report to the Nation on Occupational Fraud and Abuse, occupation fraud is a $3.7 trillion worldwide problem. The severity and pervasiveness varies between businesses and situations, but business owners can take proactive steps to reduce the impact that fraud could have on their companies. Although organizations can't completely eliminate the risk of fraud, here are five myths that people need to stop believing to help create a fraud resistant environment.
PATH Act reduces tax for many individuals on their 2015 return and beyond
Feb. 12, 2016
Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) in December, creating opportunities for many individuals to reduce their personal tax liability. The new law is more significant than some tax "extenders" legislation in recent years because, in addition to extending relief, the PATH Act makes quite a few tax breaks permanent and also enhances some breaks. Let's take a look at some of the breaks that may help you save tax on your individual return in 2015 and beyond.
Why pay legacy ERP maintenance fees?
Jan. 29, 2016
Many legacy enterprise resource planning (ERP) products like Sage, Epicor, Oracle, and Microsoft Dynamics require expensive maintenance fees ranging from 16-24 percent of the full product price. Support and the right to future software releases are generally included in these fees. However, most legacy ERP systems have been customized, which translates into a centralized support representative who does not know how your system is configured or setup.
2016 Tax Calendar
Jan. 29, 2016
To help you make sure you don't miss any important 2016 deadlines, we've provided this summary of when various tax-related forms, payments and other actions are due.
File early to avoid tax identity theft
Jan. 27, 2016
If you're like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there's another date you should keep in mind: January 19. That's the date the IRS began accepting 2015 returns, and filing as close to that date as possible could protect you from tax identity theft.
Why investing in small-business stock may make more tax sense than ever
Jan. 25, 2016
By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed into law this past December (the PATH Act), such stock is now even more attractive from a tax perspective.
Two extended credits can save businesses taxes on their 2015 returns
Jan. 13, 2016
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amount of income that's taxed).
New law hikes penalties for tax information reporting failures, errors and omissions
Jan. 13, 2016
Making mistakes on W-2s or 1099s could cost you more this year than in the past. A new law passed in 2015 (the Trade Preferences Extension Act of 2015) included a provision that will greatly increase the penalties on taxpayers who fail to file (or make errors on) information reporting returns such as Form W-2 and 1099, as well as certain forms required by the Affordable Care Act (ACA). Section 806 of the act increases by as much as 150 percent the potential penalties.
IRS issues deadline extensions for ACA information reporting
Jan. 13, 2016
In an effort to help employers subject to the Affordable Care Act's (ACA's) information reporting requirements meet those obligations, the IRS has extended two important deadlines. Employers now have an additional two months to provide employees Form 1095-B, "Health Coverage," and Form 1095-C, "Employer-Provided Health Insurance Offer and Coverage."
IRS raises tangible property expensing threshold for small businesses
Jan. 13, 2016
The Internal Revenue Service (IRS) recently announced that it has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change takes effect starting with tax year 2016 and affects only those businesses that do not prepare audited financial statements.
FASB proceeds with final standard on leases
Jan. 4, 2016
The Financial Accounting Standards Board (FASB) voted in November to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets. The final Accounting Standards Update (AS)) is expected to be published in early 2016, giving financial statement preparers ample time to review and prepare for the changes by the effective dates.
FASB simplifies inventory measurement
Jan. 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).
KraftCPAs Turnaround & Restructuring Group admits new shareholder
Jan. 4, 2016
Samantha Boyd has become a shareholder in KraftCPAs Turnaround & Restructuring Group, PLLC, (KTRG), which is an affiliate of KraftCPAs PLLC. KTRG provides turnaround management, restructuring of debt and equity, bankruptcy/ assistance, forensic accounting and litigation support.
Feb. 1 tax deadline approaches – with tougher penalties for missing it
Jan. 4, 2016
Employers have several tax forms to submit by Feb. 1, 2016. The due date for these forms, which is typically 
Jan. 31, will be Feb. 1 this coming year because Jan. 31 falls on a Sunday. Below are a few items you'll want to 
be sure you have submitted by that date.
Employees vs. independent contractors
Dec. 29, 2015
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.
Kraft participates in annual Habitat build
Dec. 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.
Correction methods for missed deferrals are now easier
Nov. 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?
Current Expected Credit Losses (CECL) Update
Nov. 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. Community banks that do not submit SEC filings would apply the new standard for annual statements after Dec. 15, 2019 and interim reporting periods within fiscal years beginning after Dec. 15, 2020.
KraftCPAs PLLC admits Michael Davis to membership in the firm
Nov. 6, 2015
KraftCPAs PLLC is pleased to announce that Michael Davis became a member in the firm on Nov. 1, 2015.
Proper planning can save you time and money on your year-end audit
Oct. 15, 2015
Nothing makes a CFO or controller happier than preparing for the year-end audit; right? Joking aside, the annual audit should provide a valuable opportunity for management to reflect on past performance and plan for the future. It should be a collaborative effort between management, the board of directors (as applicable) and the CPA firm.
ACA reporting required for 2015. Are you prepared to file?
Sep. 30, 2015
The Affordable Care Act includes new reporting requirements for employers for 2015. You may think this reporting only applies to organizations subject to the Employer Mandate (otherwise known as Applicable Large Employers) – those with more than 50 full-time-equivalent employees. But that's not necessarily the case. Even small employers may have to comply with these reporting requirements if their group health plan is self-insured.
Memorizing transactions in QuickBooks: Why and how?
Aug. 26, 2015
QuickBooks saves time in countless ways, one of which is its ability to memorize transactions. Are you taking advantage of this feature?
DOL proposes increase in exempt salaries
Aug. 26, 2015
In June, President Obama announced his intention to raise the salary level of executive, administrative and professional (EAP) employees as a requirement of exempt status under the Fair Labor Standards Act. The change could have a major impact on businesses if and when it takes effect.
Make your preferences known in QuickBooks
Aug. 3, 2015
QuickBooks is ready to use when you install it. But you can change its settings to make it work the way your company needs it to.
Small businesses can get IRS penalty relief for unfiled retirement plan returns
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.
Multilevel valuation discounts: Handle with care
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.
Minority shareholder disputes: Don't always count on stock-purchase agreements
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.
Creating item records in QuickBooks
July 22, 2015
Accurate, thorough item records inform your customers and help you track inventory levels correctly.
FASB proposes change in accounting for leases
July 15, 2015
Current accounting standards require that leases reported in financial statements of lessees be classified as either capital or operating leases.
The FASB delays landmark revenue recognition standard
July 13, 2015
On July 9, 2015, the Financial Accounting Standards Board (FASB) officially deferred implementation of the landmark global revenue recognition accounting standard by one year. The International Accounting Standards Board (IASB) is expected to follow suit, despite fewer complaints about the new guidance from companies that follow International Financial Reporting Standards (IFRS).
TDEC announces rebates for buyers, lessees of qualifying electric vehicles
June 24, 2015
Limited-time offer will be available for purchases or leases made after June 15.
Lucy Carter and team join KraftCPAs
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.
QuickBooks' custom fields can provide better business insight
June 1, 2015
QuickBooks' customizability makes it flexible enough for countless business types. Custom fields are a big part of that flexibility.
Society of Actuaries releases new mortality tables
May 20, 2015
Are we living longer? The Society of Actuaries (SOA) thinks so. In October 2014, SOA issued updated mortality tables for plan sponsors and their actuaries to consider in determining a plan sponsor's pension obligation for private pension plans. The new tables, the RP-2014 Mortality Tables (RP-2014), replace the existing RP-2000 Mortality Tables. SOA also issued new mortality improvement scales -- MP-2014 (MP-2014).
Subsequent events must be considered in financial statement preparation
May 18, 2015
In the hustle and bustle to collect information to prepare financial statements, we sometimes get narrowed in on the transactions and events that occurred during the period that's being presented.
Lost and found: DOL guidance for finding missing plan participants
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.
$2 billion in penalties assessed for violating BSA
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.
Should we outsource our internal audit function?
April 8, 2015
As you look for opportunities to cut costs and improve profit, the question of what functions you should outsource may arise. Outsourcing 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.
Provider-based clinic classification: Impact on the bottom line
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. When a hospital purchases a physician practice, the hospital gains additional outpatient revenue streams, and the physician practice is relieved of the lower reimbursement rates -- yielding a win for both parties.
Compliance issues plague small pension plans, and penalties can be severe
March 16, 2015
We've seen it happen all too often. When plan administrators missed the "red flags," and the client's plan took the hit. Overlooking a detail can potentially result in huge fines (as much as 10 percent of plan assets) levied at the plan sponsor level or disqualification of your plan. Failure to file the required reports or noncompliance issues can cost thousands of dollars -- not to mention the potential for lawsuits by employees and negative publicity.
Integrated mortgage disclosures take effect October 3
March 6, 2015
The regulatory environment continues to evolve in 2015 with new disclosure requirements taking effect Oct. 3, 2015. As in January of 2010 when we learned how to complete a new Good Faith Estimate and HUD Settlement Statement, we are embarking on similar challenges in 2015. This time it's the new integration of the Good Faith Estimate with the initial Truth in Lending disclosure, and the HUD Settlement Statement with the final Truth in Lending disclosure. There are new fields and new timing requirements as well.
FFIEC allows PCC accounting alternatives for call reports of private banks
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. In part, this FIL documents the banking agencies' approval of the use of the Private Company Council (PCC) accounting alternatives, issued by the Financial Accounting Standards Board (FASB), for the preparation of call reports for 2014. One of the alternatives allowed by the private company accounting alternatives permits a bank to elect to amortize goodwill on a straightline basis over a period of 10 years (or less than 10 years if more appropriate) and apply the simplified impairment model to goodwill.
How to reduce the risk of cybersecurity threats in your bank
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. With all the breaches, from Target to Home Depot, banks have been significantly affected. Banks are taking a financial beating due to use of bank credit and debit cards in these breaches, and some examiners believe hackers will target community banks increasingly because their controls seemingly are weaker than those of large banks.
FASB proposes simplified accounting for deferred taxes
Feb. 25, 2015
In an effort to reduce the complexity of accounting standards, the Financial Accounting Standards Board (FASB) has issued for public comment an exposure draft titled, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The proposed changes would simplify balance sheet presentation and make the presentation of deferred tax liabilities and assets consistent with International Financial Reporting Standards.
Innovative ideas for the modern manufacturer
Jan. 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 make more money doing so. Also, many companies believe intellectual property concerns associated with overseas manufacturing create enough risk to keep things in the United States.
Beware the deal-killing valuation gap
Jan. 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.
Is the party over?
Dec. 15, 2014
When I told a longstanding client that my practice group is moving out of the KraftCPAs headquarters in Metro Center to new office space in downtown Nashville, he quipped, "Wow, the prosperity party must be over if the corporate restructuring team is moving in. What a buzz kill!"
New accounting standard tackles disclosures about business continuity
Nov. 21, 2014
The Financial Accounting Standards Board (FASB) has updated U.S. Generally Accepted Accounting Principles (GAAP) to eliminate a critical gap in existing standards. The new guidance, found in Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements -- Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, clarifies the disclosures management must make in the organization's financial statement footnotes when management has substantial doubt about its ability to continue as a "going concern." The guidance applies to all companies.
Basel Committee issues new guidelines to enhance bank governance
Nov. 14, 2014
As I think about the past six years in the banking industry, I'm reminded of a long-running musical at the Opryland Theme Park that featured a "New Year's Eve Party." It depicted our economy's expansion in the 1920's and then likened the next decade to the whole country waking up with a hangover. In many ways, community banks, their management and directors may feel as if they are waking up with a business hangover. Being a director in a highly regulated industry has always been somewhat stressful, but add the strain of a distressed economy, and many directors are now understandably fatigued by all the demands of the position.
Kraft Healthcare Consulting explores Cuba
Nov. 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.
Billing for time in QuickBooks — an overview
Oct. 29, 2014
If your small business sells products, you know how precisely you must track your starting stock numbers, ongoing inventory levels, and your reorder points. QuickBooks provides tools to help with this process, but human factors can sometimes throw off your careful counts.
CMS releases four subsets to modifier -59
Sep. 22, 2014
Modifier -59, Distinct Procedural Service – "the go-to," "catch-all," "covers everything" modifier, has finally received a much needed update. This catch-all modifier (-59) is widely used due to vague instructions in CPT, which states "modifier -59 should not be used when a more descriptive modifier is available." The broad use of this modifier, combined with the lack of research for a more descriptive modifier, has brought -59 to the forefront of Centers for Medicare and Medicaid Services (CMS). CMS has just released four subset modifiers in Healthcare Common Procedural Coding System (HCPCS) to remedy the widespread use of -59. This addition of new subset modifiers should help to distinguish fraud and abuse, as the subset modifiers are more clearly defined.
KraftCPAs named one of the Best Accounting Firms to Work for by Accounting Today
Sep. 15, 2014
Nashville-based KraftCPAs PLLC was recently named one of the "Best Accounting Firms to Work for" in the United States – the firm's sixth appearance on the list since the award began in 2008. Of the 100 honorees, KraftCPAs is the only company in Tennessee to be recognized.
Kraft Healthcare Consulting prepares for delegation to Cuba
July 25, 2014
Scott Mertie, president of Kraft Healthcare Consulting, LLC (KHC), and his team are preparing to lead a healthcare delegation to Cuba on Oct. 9-12. This trip is custom-crafted for attendees to learn about the challenges and opportunities facing the medical industry in a country with one of the highest life expectancy rates in the Americas.
Are your information systems secure?
June 25, 2014
In March 2014, just months after Target and Neiman Marcus fell victim to cyber attacks, another threat to data privacy was discovered: the "Heartbleed" bug. This vulnerability is essentially a hole in the prevalently used OpenSSL library, which is responsible for the encryption of Internet data (including usernames, passwords and credit card information). In fact, reportedly two-thirds of all websites use the OpenSSL software for their online communication.
FSA carryovers disqualify employees from HSA participation
June 25, 2014
In late 2013, the IRS relaxed their long-standing rules governing flexible spending accounts (FSAs). Under the new ruling, a maximum of $500 remaining in an FSA can be rolled over to the following plan year.
Long-awaited FASB, IASB guidance significantly changes revenue recognition in financial statements
June 6, 2014
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued new joint guidance that addresses one of the most important measures investors use when assessing a company's performance and prospects — revenue. FASB's version, communicated in Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, standardizes and simplifies the revenue recognition process for customer contracts across different industries and geographic locations. It also requires more comprehensive footnote disclosures for all types of public and private companies.
Fair lending comes under the microscope
April 16, 2014
The complexity of the regulatory environment is a challenge for community banks, and Fair Lending compliance is increasingly garnering the attention of regulators and the Department of Justice. Many compliance officers in financial institutions admit to feeling overwhelmed by the tidal wave of new regulations. While you need to comply with all the rules and regulations, special attention should be given to areas that are high risk. Fair lending is one such area.
FASB provides private company VIE alternative for leases
March 31, 2014
The Financial Accounting Standards Board (FASB) has issued new guidance that permits private companies following Generally Accepted Accounting Principles (GAAP) to, in some circumstances, elect not to consolidate the financial reporting from variable interest entities (VIEs) that lease property to them. The guidance, Accounting Standards Update (ASU) 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, may apply in situations where an owner of a private company is also an owner of a second business entity that leases property to the company.
KraftCPAs named one of the Best Places to Work for the ninth year
March 14, 2014
KraftCPAs was recognized by the Nashville Business Journal as a "Best Places to Work" for the eighth year.
FASB moves forward with expected impairment proposal, but nonaccrual guidance is off the table
Feb. 25, 2014
On Feb. 19, 2014, FASB met to continue working on its expected impairment proposal. The session resulted in three major items: 1) the removal of guidance on accounting for "nonaccrual" loans from the draft 2) a change in the accounting for the discount on purchased credit-impaired (PCI) assets 3) ongoing discussions related to Troubled Debt Restructurings (TORs).
COSO updates internal control framework
Feb. 21, 2014
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) updated the framework used for internal control testing and reporting by public companies to accommodate a more complex business environment and the increased use of technology. The Securities and Exchange Commission (SEC) has not stated a required implementation date, saying instead that entities should transition to the new framework in their applications and related documentation as soon as possible. The transition period will run until Dec. 15, 2014, at which time COSO will consider the older model to be superseded by the 2013 framework.
IRS issues new revenue procedure on change of accounting method
Feb. 21, 2014
On Jan. 24, 2014, the Internal Revenue Service (IRS) published Revenue Procedure 2014-16. This revenue procedure provides guidance for changes in accounting method resulting from the so-called repair regulations, and to expense acquisition and holding costs related to Other Real Estate Owned (OREO) property.
Lynn Edwards wins Women of Influence "Trailblazer" award
Feb. 19, 2014
Lynn Edwards, member-in-charge of the employee benefits practice at KraftCPAs PLLC, has been distinguished as the winner in the "Trailblazer" category in the Nashville Business Journal's 2014 Women of Influence awards.
The Big Payback
Feb. 19, 2014
Not-for-profit organizations play an essential role in our region. In today's economic environment, these organizations need to accomplish much more with much less. To celebrate Middle Tennessee's spirit of generosity and support the work of not-for-profits, The Community Foundation of Middle Tennessee is hosting The Big Payback.
FASB provides alternatives for private companies on accounting for goodwill, interest rate swaps
Feb. 11, 2014
The Financial Accounting Standards Board (FASB) has issued two updates to Generally Accepted Accounting Principles (GAAP) that are intended to reduce the cost and complexity of preparing financial statements for private companies. The alternative standards* streamline the method for goodwill impairment and make it easier for certain interest rate swaps to qualify for hedge accounting.
Getting your small-scale deal right
Feb. 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.
Preventing and resolving post-acquisition disputes
Feb. 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.
Target incident heightens security concerns
Jan. 30, 2014
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.
Don't overlook Form 5500 filing obligations for welfare benefit plans
Jan. 24, 2014
Most employers understand that filing a Form 5500 is required for a 401(k) or other type of retirement plan, but welfare plans also have filing requirements that sometimes confuse plan sponsors. There is more than one way to structure your company's welfare plans, and the structure affects filing and audit requirements.
Edwards and Pruitt named finalists for the Nashville Business Journal's Women of Influence award
Jan. 7, 2014
Take steps to increase your cyber security awareness
Dec. 4, 2013
Imagine the volume of information passing through cyberspace every second. Businesses, financial institutions, hospitals, government and military entities collect, process and store a huge amount of confidential information on computers and transmit that data across networks to other computers. Our lives are a tangled web of wired and wireless networks.
CMS makes changes to extended history of present illness guidelines
Oct. 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.
QuickBooks' custom fields: an overview
Sep. 11, 2013
The beauty of QuickBooks is that it can be used for so many different kinds of businesses. Its smart design lets realtors and retail shops, plumbers and plastic surgeons use it to track income and expenses, pay bills and invoice customers, and to run those all-important reports.
Physicians closing up shop, being acquired
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.
QuickBooks: How to create a progress invoice from an estimate
June 6, 2013
The U.S. economy may be picking up, but your customers are probably still being very careful with expenditures. If your company's finances will allow it, you can help them out on sizable jobs by using progress invoicing, also known as partial billing or progress billing.
Mertie attends healthcare delegation in France
April 30, 2013
Scott Mertie, president of Kraft Healthcare Consulting, LLC, 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).
QuickBooks' tools may help deter financial fraud
April 22, 2013
Small and medium size business owners work hard for their money. Making use of basic software tools may help to prevent theft or fraud.
How safe is your critical business information?
March 29, 2013
Most companies are highly dependent on technology for critical aspects of their business including finance, operations, procurement, distribution and sales. Unfortunately, few businesses have the resources for effective information systems (IS) risk assessment to ensure their data is accurate, available, secure and un-compromised. Even large companies with internal IS audit departments struggle to keep their staff trained on all current and emerging technologies.
Identifying and protecting brand value in the digital age
March 25, 2013
To many businesses, their brand is a critical business asset. Of course, the value of this asset may not be identified on the balance sheet since many of the brand-building investments made by companies are expensed over time. However, when one company acquires another company, brand-related value may be recognized on the balance sheet of the acquiring company.
KraftCPAs' Alexander named to Nashville Post's 2013
March 11, 2013
KraftCPAs Chief Manager Vic Alexander was named in February to Nashville Post's 2013 "In Charge" list of influential Nashville business leaders.
10 reasons why the cloud is changing the finance world
Feb. 4, 2013
Business management systems are a critical success factor for growing enterprises. A business can plateau without scalable systems in place. Or, even worse, it can suffer a loss of existing customers due to mismanagement. The effective deployment and use of enterprise resource planning (ERP) software (or some kind of business management system) can provide a model for managing an entire business.
RAC myths busted
Feb. 1, 2013
On Dec. 17, 2012, the Centers for Medicare & Medicaid Services (CMS) released Medicare Fee-For-Service Recovery Audit Program Myths. In this article, CMS works to debunk industry-wide myths to help facilities better understand the role the Recovery Auditor Contactors (RACs) play in ensuring proper payment for medically necessary services rendered to Medicare patients.
2nd Generation Capital instrumental in sale of large physician practice to public company
Jan. 4, 2013
2nd Generation Capital, LLC, the merchant and investment banking firm affiliated with KraftCPAs PLLC, announced on Wednesday the successful acquisition of its Chattanooga-based client, Anesthesiologists Associated, P.C. (AA) by MEDNAX , Inc. (NYSE – MD). 2nd Generation represented Anesthesiologists Associated through its licensed broker-dealer subsidiary, 2nd Generation Financial, LLC. The transaction was closed and effective as of Dec. 31, 2012.
Kraft Healthcare Consulting presented with Leadership Health Care award
Dec. 21, 2012
Leadership Health Care (LHC), an initiative of the Nashville Health Care Council to nurture the talents of future health care leaders, has announced its 2012 award winners in the categories of Health Care Emerging Leader, Volunteer of the Year and Supporting Organization of the Year.
Healthcare providers to be reimbursed for transitional care management (TCM) services
Dec. 12, 2012
Healthcare providers are justifiably worried about cuts in reimbursement, but some are finding other services they already perform that can add legitimate revenue to the business if they are coded properly. As the healthcare industry coding system evolves, it is critical to understand code changes along with the relative reimbursement value of each change.
QuickBooks 2013 gives you a reason to upgrade
Oct. 15, 2012
You chose QuickBooks for a variety of reasons, a major one being its simplicity and usability. But the software is more than 20 years old now, and hundreds of features have been added over the years. QuickBooks looks old, tired and in need of a makeover.
CMS approves RAC review of E/M services
Sep. 27, 2012
Despite opposition from the American Medical Association, the Medical Group Managers Association and numerous state specialty societies, The Centers for Medicare & Medicaid Services has approved RAC review of E/M services.
Take a Closer Look at Your Superbill to Ensure Accurate Billing
Sep. 19, 2012
Superbills aren't necessarily supposed include every code a physician might report. The superbill is typically a one-page reference of the most common codes used in a particular practice.
CMS begins meaningful use audits
Aug. 1, 2012
The Electronic Health Record Initiative program established by the Centers for Medicare and Medicaid Services (CMS), for eligible healthcare professional and facilities, is currently being implemented, and CMS is preparing to begin compliance audits related to the "meaningful use" reporting rules.
IT forecast: partly to mostly cloudy
July 27, 2012
The world of IT is never lacking for new acronyms and buzz words. One of the newer buzz words is the "CLOUD". The term "CLOUD" originated from the old symbol used in network diagrams where a picture of a cloud represented the Internet or other types of data communications media. While different people have different definitions for the CLOUD, most believe, "If it's on the Internet, it's 'in the CLOUD'."
Robust Microsoft products link operations and administration to support business growth
July 10, 2012
Time is wasted; work is duplicated; employees and customers are frustrated; opportunities are missed. These are the probable outcomes if you're trying to grow a business enterprise while clinging to an inadequate information management system.
QuickBooks: Billing for time and expenses
March 28, 2012
QuickBooks handles billable expenses capably, but it's critical that you understand the process thoroughly before proceeding.
CMS 60-day rule
March 16, 2012
Last month, CMS issued a proposed rule for comments on "Reporting and Returning of Overpayments". This rule, if finalized, would require persons (providers and suppliers) to "report and return overpayments by the later of the date which is 60 days after the date on which the overpayment was identified; or any corresponding cost report is due, if applicable." CMS is proposing to implement section 1128J(d) of the Act for Medicare Part A & B providers and suppliers only at this time. This will be addressed at a later date for other "stakeholders" such as MAOs and Medicaid MCOs according to CMS.
Are Post-Acute Care Transfers a Goldmine for RAC Audits?
March 9, 2012
What happens after a patient leaves a facility can have a huge impact on reimbursement.
RACs Plan to Spotlight IRFs
Feb. 10, 2012
CMS has announced that their contracted Recovery Audit Contractors will focus their attention on Inpatient Rehabilitation Facilities (IRFs) in 2012 to determine if IRFs are submitting data compliantly.
New court ruling on Disproportionate Share Calculation
Feb. 6, 2012
Last month Catholic Health Initiatives – Iowa (CHI) received a summary judgment in their favor from the District Court for Washington D.C. related to their FYE: June 30, 1997 cost report. This judgment favored CHI's position on Medicaid days that, where the Medicare inpatient Part A benefits were exhausted, those days were still includable in the Medicaid portion of the Disproportionate Share (DSH) fraction.
QuickBooks tips and tricks to make your workday easier
Jan. 11, 2012
No matter which version of QuickBooks you're using, there are always ways to make your workday easier. As with any software, we tend to learn the features we need and not much more. But small changes in the way you operate can add up to significant time savings and more accurate files. If you jumped into QuickBooks without a thorough introduction, consider these tips.