Industries Articles

If you’re a small business owner, travel deductions can significantly reduce your taxable income. Here’s how to make the most of them.

More than 32 million U.S. businesses are required to file beneficial ownership information (BOI) reports this year, but the clock is ticking.

It can be a challenge to keep your financial records as healthy as your patients, but there are ways to do both.

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership or LLC operating agreement.

Construction businesses that work on clean energy projects may have some great opportunities ahead. Here’s a look at the substantial tax incentives involved.

Need another reason to maintain accurate and detailed financial statements? You’ll appreciate having them when it comes time to determine the value of your business.

With 2025 closing in fast, here are year-end moves to consider that may help your small business save on taxes.

Ken Youngstead, a practice leader for the KraftCPAs nonprofit industry team, begins term as the Nashville chapter’s president-elect.

Employers are left waiting after a court struck down – at least temporarily – a law that would ban most noncompete agreements.

If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complex than you imagined.

Disability income may or may not be taxable by the federal government. Here are the basic rules.

The IRS has brought back a program that allows businesses to repay wrongfully gained employee retention credit money and avoid penalties.

Running out of products? Or maybe stocking too many? QuickBooks Online can be a valuable tool to help solve both problems.

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

The federal estate tax exemption is $13.61 million, so now is the time to think about saving income taxes for your heirs rather than worrying about estate taxes.

There are many tax implications to consider in the sale of business property, and they can be complex.

Do you have a viable succession plan in place for your company? Here are ways to get started and make the process easier.

Even if your business is established and on solid ground, don’t overlook the potential value of a detailed business plan.

As more companies report goodwill impairment issues and write-offs, it’s important for business owners to know the rules.

The fate of TCJA provisions could be decided by the November elections. But planning now might soften the blow of a worst-case scenario.

If you’re 62 or older and own a highly appreciated house, a reverse mortgage may provide a way to stay in the home for your lifetime, gain extra income, and receive a tax-saving bonus.

A FASB advisory group will focus on four big regulatory issues faced by private businesses this year and determine whether changes are needed.

There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

In the construction industry, these two common accounting problems tend to give contractors the biggest headaches.

Comprehensive financial reporting often isn’t a priority for many dental practices, but it’s a growing necessity in a competitive marketplace.

In some parts of the United States, rental property is a hot commodity. If you’ve considered getting into the race by turning your house into a rental, consider the ups and downs of being a landlord.

Outsourcing payroll, also known as managed payroll, can decrease risk, increase accuracy, protect sensitive data and improve business continuity.

If your business does jobs that have related income and costs, you can use QuickBooks Online’s Projects feature to track them.

Filing threshold for business tax filings increases to $100,000, sparing more than 100,000 businesses from tax liability.

The deadline to comply with a new U.S. Department of Labor rule regarding worker classification is March 11.

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.

As the manufacturing landscape continues to evolve and globalization continues to shift, many industrial businesses are assessing how mergers and acquisitions (M&A) will fit into their strategy.

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a business that way.

As margins struggle to rebound to pre-pandemic levels, strategic partnerships in healthcare are expected to rise this year.

Many employers who sought the employee retention credit aren’t even aware that they’re at risk of penalties and steep fines for making fraudulent claims. The IRS says these signs might help.

Construction businesses are familiar with the challenges and opportunities associated with change orders. Here are some ways to tighten up your change order management process.

The real estate market can be tricky, but there’s still big profit potential on business property. In these cases, a “like-kind” exchange may be attractive when selling commercial or investment real estate.

The holiday whirlwind has begun, but don’t ignore a few potential ideas for your small business to save on 2023 taxes.

The FDIC has proposed guidelines on corporate governance and risk management practices for banks with $10 billion or more in assets.

Extensive reporting requirements stemming from the Corporate Transparency Act will affect many business owners starting January 1.

Smaller donations and gifts from lower-income donors have consistently dropped. This is why analyzing the giving trends of more affluent donors is critical for nonprofits.

Estimating is among the most important areas of proficiency for any construction business. Here are 10 ways to potentially improve your company’s estimates.

Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.

Healthcare organizations have significant financial incentives to capitalize on tax credits available from the IRA when investing in clean energy assets.

At some point as a business owner, you might entertain the idea of selling and moving on to a new endeavor. The process of selling a business can be tedious, but having a plan in place and knowing the tax implications of a business sale can help reduce the stress and, potentially, the tax implications.

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.

Make the most of estate and gift tax exemptions now before deduction limits change in 2026.

Have you connected your bank accounts to QuickBooks Online? It’s a great way to simplify your transaction tracking.

Healthcare organizations that fail to continuously monitor their cyber insurance coverage become at risk due to escalating security challenges.

Discover how the generation-skipping tax could impact your estate planning.

Scammers are hyping quick, easy money from the employee retention tax credit, but despite what you might hear in the slick advertisements, the IRS has a warning for employers.

Regulators provide new risk management guidance for banks partnering with third-party organizations.

The role of artificial intelligence continues to grow in the healthcare industry, where organizations and providers are finding ways for AI to fill gaps in staffing and improve the overall experience for clients and customers.

How well do you know AI and its capabilities? Find out what AI can and can’t do in the nonprofit sector, as well as five of the biggest AI myths and the truth behind each one.

Financial institutions face a rapidly evolving business environment. Here are five ways financial institutions can ensure the efficient allocation of IT spending.

(authored by RSM US LLP) Digital transformation is critical for modern manufacturing operations and the factory of the future.

The tax-exempt status of nonprofit hospitals is under scrutiny as Congress determines whether the benefit equates to the value provided to local communities.

You’ve probably heard that probate should be avoided in estate planning. But what does that mean, and how is it done?

Understanding new Section 174 rules is essential for business owners to prevent costly surprises and preserve cash flow.

Lenders will be required to compile and analyze more information about small business loan applicants under a new federal rule finalized March 30.

Bank collapses in the U.S. aren’t common, but when it happens, it can be a harrowing experience for customers whose money is at risk. Limit your potential losses by remembering these key points of FDIC coverage.

For construction businesses, the cost of insurance can be high, but the cost of going without it can be so much worse. Let’s review a few important types of coverage.

Higher costs for labor and materials are still putting a chill on profitability for many construction companies. These eight steps might seem simple, but overlooking just one could cost you money.

Fraud is an ever-present threat for construction businesses, both in the office and on jobsites. That’s why contractors must leave no stone unturned when trying to prevent it.

The cost of goods sold can account for 70% of a company’s expenses, according to recent discussions by the FASB’s Investor Advisory Committee. However, some companies skimp on details around the costs they incur to produce goods. The FASB’s disaggregation of income statement project could change that.

Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.

Depending on the nature of your company’s operations, your balance sheet may include inventory totals. Here’s why your inventory system might be flawed and giving you the wrong numbers.

Medicare bad debts present rural health clinics and other Medicare Part A providers an opportunity to recover reimbursement dollars they might otherwise miss.

Misunderstanding the complex rules of tracking employee hours can lead to errors, confusion, and wasted hours. Here are a few ways to hold the line for your next construction project.

Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.

Being fully prepared and organized can help your financial statement audit go smoothly and ultimately save your business or organization time, money, and headaches.

Diversity, equity, and inclusion are buzzwords in modern strategic management. Here are some of the benefits that initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity, and inclusion reports.

During the COVID-19 pandemic, many audit procedures have been performed remotely, forcing auditors to rely more heavily on analytical procedures. It’s important to understand how auditors use analytical procedures to make audits more efficient and effective.

Have you taken a few minutes to really explore QuickBooks’ report center? It’s the best way to learn about the variety of reports available from one of QuickBooks’ most powerful components.

Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?

Cybercrime isn’t just an issue for big corporations. Your small business can be a target, too. Are you protecting your QuickBooks data?

The value of an internal audit is different for everyone and can change based on circumstances, but a solid framework can provide the conditions necessary to deliver value to you.

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Kraft Healthcare Consulting LLC president Scott Mertie has been appointed to the board of directors for the Nashville Health Care Council for 2020-2021. Scott is one of 15 new members chosen for the board.

The Nashville Business Journal’s annual list recognizes the area’s most influential professionals in the healthcare industry.

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

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

KHC’s Scott Mertie teamed up with the AIHC to create a specialized training program and credential for cost reporting professionals.

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.

Scott R. Mertie of Kraft Healthcare Consulting, LLC (KHC) was selected by the German American Chamber of Commerce® of the Midwest, Inc. (GACC Midwest) to participate in an exclusive international health and technology delegation in Germany.

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

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.

Scott Mertie was part of a delegation of approximately 30 healthcare leaders to visit Paris in April — a trip spearheaded by the Nashville Health Care Council (NHCC).

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

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