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Alexander Thompson Arnold CPAs Announces Team Member Achievements

Alexander Thompson Arnold CPAs Announces Team Member Achievements

January 21, 2014
Alexander Thompson Arnold CPAs is proud to announce its team members who have earned promotions and have passed the Uniform CPA Examination.
“ATA’s mission is to help our clients succeed. Our team members continually excel in the accounting industry and provide the highest quality accounting and auditing services to our clients,” said Al Creswell, CPA and Chief Manager, Alexander Thompson Arnold CPAs. “It’s an honor to recognize these individuals for their determination and leadership within our firm.”
These individuals were recently promoted:
  • Alecia Purtteman, CCBIA (Jackson, Tenn.) has been promoted to Senior Manager;
  • Teresa Spann, EA (Jackson, Tenn.) is now Tax Manager;
  • Brittany Kissell, CPA (Union City, Tenn.) and Angie Hutchison-Adams, EA (Jackson, Tenn.)  have been promoted to Manager;
  • Katie Little, CPA (Milan, Tenn.); Emily Davidson (Union City, Tenn.); Branden Crosby, CPA and  Angela Gobelet, EA (Jackson, Tenn.) have been promoted to Senior Accountant; and
  • Jessi Alexander and Rachel DePriest (Jackson, Tenn.)  are now Staff Accountants.
In addition to these promotions, Branden Crosby (Jackson, Tenn.) recently passed the Uniform CPA Exam.
The Uniform CPA Examination is one of the nation’s most comprehensive examinations. Sections covered in the test include auditing and attestation, financial accounting and reporting, regulation and business environment and concepts. To be eligible to sit for the exam, candidates must have completed a minimum of 150 semester hours, which include a baccalaureate or higher degree from an academic institution recognized by the Tennessee State Board of Accountancy, with a minimum of 30 semester hours in accounting and 24 semester hours in general business subjects.
Alexander Thompson Arnold PLLC (ATA) is a regional accounting firm that offers a comprehensive array of tax, audit, accounting, and consulting services to businesses and individuals. Founded in 1946, the firm was named the ninth largest accounting firm in the State of Tennessee by American City Business Journals in 2014. ATA has 15 partners, approximately 140 team members, and 11 offices located in Dyersburg, Henderson, Jackson, Martin, McKenzie, Milan, Nashville, Paris, Trenton and Union City, Tennessee and Murray, Kentucky.
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News

ATA CPAs Sponsors Discovery Park of America Traveling Exhibit Hall

Alexander Thompson Arnold CPAs Sponsors Discovery Park of America’s Traveling Exhibit Hall

Alexander Thompson Arnold CPAs (ATA) is the name sponsor of the Traveling Exhibit Hall located in Discovery Center, the main exhibit building at Discovery Park of America. The 4,000 square foot room will house temporary special exhibitions.

“The Kirkland Foundation has created an incredible venue in Union City that will benefit children and adults throughout Western Tennessee, Kentucky and surrounding states,” said Al Creswell, CPA and Chief Manager of Alexander Thompson Arnold CPAs.  “ATA is proud to be a small part of this great facility and to help bring interesting and educational exhibits to visitors. We understand that unique educational opportunities like Discovery Park strengthen our communities, and the ATA team is enthusiastic about being a part of it. We look forward to the announcement about the first exhibit in the ATA Traveling Exhibit Hall, and we hope it will bring thousands of people to visit.”

“We sincerely appreciate the generous support of all our sponsors and partners. In order for Discovery Park to fulfill its potential we need the involvement of area businesses and the support of everyone,” Jim Rippy, CEO of Discovery Park.  “It’s been very rewarding to see companies like ATA come to us and offer to help. We’re fortunate to have so many individuals and companies who have stepped up and supported Discovery Park. The real beneficiaries of this support will be the thousands of children and adults whose lives are enriched by programs at Discovery Park.”

Discovery Park of America, Inc. is a $100 million educational complex with exhibits and interactive experiences in the areas of nature, science, technology, history, and art. Discovery Park opened November 1, 2013. For more information, visit www.discoveryparkofamerica.com or call 731.885.4417.

To read more about ATA, click here.

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News

Jason Anderson Named Partner with Alexander Thompson Arnold CPAs

Jason Anderson CPA Named Partner with Alexander Thompson Arnold CPAs

Al Creswell and the team at Alexander Thompson Arnold CPAs are pleased to announce that Jason Anderson CPA has been named partner with the firm.

“When Jason joined our office three years ago, I was immediately impressed by his dedication to our clients,” said Red Howe, principal at ATA Murray.  “He is a young man who is qualified and capable of handling tax and audit issues, but he also understands how important personalized service is. Jason is definitely an asset to this company and our community.”

“Jason has been an integral part of the Alexander Thompson Arnold CPAs team and continually demonstrates his hard work ethic and high professional standards,” said Alfred H. Creswell, CPA, chief managing officer for Alexander Thompson Arnold PLLC.  “He has an excellent reputation in the community and has worked hard to develop his skills as an accountant and a leader. We are proud to welcome him as partner and look forward to a bright future together.”

With more than 13 years of experience, Anderson focuses his practice on individual and corporate tax, business valuations, audit work, fraud investigations and, estate planning. He has worked hard in the accounting industry and has earned several certifications, including certified public accountant (CPA), certified valuation analyst (CVA), certified fraud examiner (CFE), certified internal auditor (CIA) and chartered global management accountant (CGMA). A graduate of the University of Tennessee at Martin, Anderson is a member of the Kentucky Society of CPAs, Kansas Society of CPAs, American Institute of CPAs, Association of Certified Fraud Examiners, National Association of Valuators and Analysts, and Institute of Internal Auditors.

A native of Carroll County, Tennessee, Jason and his wife Brandy have two daughters, Annabella and Genevieve, and a son, Zechariah. He is a member of Rotary and enjoys spending time with his family, an array of outdoor activities, reading and classical music.

“Becoming a partner with Alexander Thompson Arnold CPAs is a tremendous privilege,” said Jason Anderson CPA.  “The culture at ATA is one that respects our clients and staff and strives for excellence. That is why ATA has the distinction of being one of the best accounting firms in the area. It is a huge responsibility to continue that legacy, and I am especially glad to have this opportunity in Murray.”

Alexander Thompson Arnold PLLC is a regional accounting firm that offers its clients the resources and expertise of a large firm and the personalized service of a small firm. The firm has 15 partners and approximately 140 staff members and offers a complete range of accounting, auditing, tax, and consulting services to a diverse portfolio of clients. Its offices are located in Dyersburg, Henderson, Jackson, Martin, McKenzie, Milan, Nashville, Paris, Trenton and Union City, Tennessee and Murray, Kentucky. Each office reflects the community it serves and gives exceptional personal attention to its clients.

Please join us in welcoming Jason as partner.

Categories
Tax

Year-End Tax Planning 2013 Checklists for Businesses and Business Owners

Year-End Tax Planning 2013 Checklists for Business Owners

  • Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2013, the expensing limit is $500,000 and the investment ceiling limit is $2,000,000. And a limited amount of expensing may be claimed for qualified real property. However, unless Congress changes the rules, for tax years beginning in 2014, the dollar limit will drop to $25,000, the beginning-of-phaseout amount will drop to $200,000, and expensing won’t be available for qualified real property. The generous dollar ceilings that apply this year mean that many small and medium sized businesses that make timely purchases will be able to currently deduct most if not all their outlays for machinery and equipment. What’s more, the expensing deduction is not prorated for the time that the asset is in service during the year. This opens up significant year-end planning opportunities.
  • Businesses also should consider making expenditures that qualify for 50% bonus first year depreciation if bought and placed in service this year. This bonus writeoff generally won’t be available next year unless Congress acts to extend it. Thus, enterprises planning to purchase new depreciable property this year or the next should try to accelerate their buying plans, if doing so makes sound business sense.
  • Nail down a work opportunity tax credit (WOTC) by hiring qualifying workers (such as certain veterans) before the end of 2013. Under current law, the WOTC won’t be available for workers hired after this year.
  • Make qualified research expenses before the end of 2013 to claim a research credit, which won’t be available for post-2013 expenditures unless Congress extends the credit.
  • If you are self-employed and haven’t done so yet, set up a self-employed retirement plan.
  • Depending on your particular situation, you may also want to consider deferring a debt-cancellation event until 2014, and disposing of a passive activity to allow you to deduct suspended losses.
  • If you own an interest in a partnership or S corporation you may need to increase your basis in the entity so you can deduct a loss from it for this year.

If you have questions, please call us. We can help you determine the best option for you.

Categories
Tax

2013 Year-End Tax Planning Checklists for Individuals

2013 Year-End Tax Planning Checklists for Individuals

    • Increase the amount you set aside for next year in your employer’s health flexible spending account (FSA) if you set aside too little for this year.

    • If you become eligible to make health savings account (HSA) contributions in December of this year, you can make a full year’s worth of deductible HSA contributions for 2013.

    • Realize losses on stock while substantially preserving your investment position. There are several ways this can be done. For example, you can sell the original holding, then buy back the same securities at least 31 days later. It may be advisable for us to meet to discuss year-end trades you should consider making.

    • Postpone income until 2014 and accelerate deductions into 2013 to lower your 2013 tax bill. This strategy may enable you to claim larger deductions, credits, and other tax breaks for 2013 that are phased out over varying levels of adjusted gross income (AGI). These include child tax credits, higher education tax credits, the above-the-line deduction for higher-education expenses, and deductions for student loan interest. Postponing income also is desirable for those taxpayers who anticipate being in a lower tax bracket next year due to changed financial circumstances. Note, however, that in some cases, it may pay to actually accelerate income into 2013. For example, this may be the case where a person’s marginal tax rate is much lower this year than it will be next year or where lower income in 2014 will result in a higher tax credit for an individual who plans to purchase health insurance on a health exchange and is eligible for a premium assistance credit.

    • If you believe a Roth IRA is better than a traditional IRA, and want to remain in the market for the long term, consider converting traditional-IRA money invested in beaten-down stocks (or mutual funds) into a Roth IRA if eligible to do so. Keep in mind, however, that such a conversion will increase your adjusted gross income for 2013.

    • If you converted assets in a traditional IRA to a Roth IRA earlier in the year, the assets in the Roth IRA account may have declined in value, and if you leave things as-is, you will wind up paying a higher tax than is necessary. You can back out of the transaction by recharacterizing the rollover or conversion, that is, by transferring the converted amount (plus earnings, or minus losses) from the Roth IRA back to a traditional IRA via a trustee-to-trustee transfer. You can later reconvert to a Roth IRA.

    • It may be advantageous to try to arrange with your employer to defer a bonus that may be coming your way until 2014.

    • Consider using a credit card to prepay expenses that can generate deductions for this year.

    • If you expect to owe state and local income taxes when you file your return next year, consider asking your employer to increase withholding of state and local taxes (or pay estimated tax payments of state and local taxes) before year-end to pull the deduction of those taxes into 2013 if doing so won’t create an alternative minimum tax (AMT) problem.

    • Take an eligible rollover distribution from a qualified retirement plan before the end of 2013 if you are facing a penalty for underpayment of estimated tax and the increased withholding option is unavailable or won’t sufficiently address the problem. Income tax will be withheld from the distribution and will be applied toward the taxes owed for 2013. You can then timely roll over the gross amount of the distribution, as increased by the amount of withheld tax, to a traditional IRA. No part of the distribution will be includible in income for 2013, but the withheld tax will be applied pro rata over the full 2013 tax year to reduce previous underpayments of estimated tax.

    • Estimate the effect of any year-end planning moves on the alternative minimum tax (AMT) for 2013, keeping in mind that many tax breaks allowed for purposes of calculating regular taxes are disallowed for AMT purposes. These include the deduction for state property taxes on your residence, state income taxes (or state sales tax if you elect this deduction option), miscellaneous itemized deductions, and personal exemption deductions. Other deductions, such as for medical expenses, are calculated in a more restrictive way for AMT purposes than for regular tax purposes in the case of a taxpayer who is over age 65 or whose spouse is over age 65 as of the close of the tax year. As a result, in some cases, deductions should not be accelerated.

    • Accelerate big ticket purchases into 2013 in order to assure a deduction for sales taxes on the purchases if you will elect to claim a state and local general sales tax deduction instead of a state and local income tax deduction. Unless Congress acts, this election won’t be available after 2013.

    • You may be able to save taxes this year and next by applying a bunching strategy to miscellaneous itemized deductions, medical expenses and other itemized deductions.

    • If you are a homeowner, make energy saving improvements to the residence, such as putting in extra insulation or installing energy saving windows, or an energy efficient heater or air conditioner. You may qualify for a tax credit if the assets are installed in your home before 2014.

    • Unless Congress extends it, the up-to-$4,000 above-the-line deduction for qualified higher education expenses will not be available after 2013. Thus, consider prepaying eligible expenses if doing so will increase your deduction for qualified higher education expenses. Generally, the deduction is allowed for qualified education expenses paid in 2013 in connection with enrollment at an institution of higher education during 2013 or for an academic period beginning in 2013 or in the first 3 months of 2014.

    • You may want to pay contested taxes to be able to deduct them this year while continuing to contest them next year.

    • You may want to settle an insurance or damage claim in order to maximize your casualty loss deduction this year.

    • Purchase qualified small business stock (QSBS) before the end of this year. There is no tax on gain from the sale of such stock if it is (1) purchased after September 27, 2010 and before January 1, 2014, and (2) held for more than five years. In addition, such sales won’t cause AMT preference problems. To qualify for these breaks, the stock must be issued by a regular (C) corporation with total gross assets of $50 million or less, and a number of other technical requirements must be met. Our office can fill you in on the details.

    • If you are age 70-1/2 or older, own IRAs and are thinking of making a charitable gift, consider arranging for the gift to be made directly by the IRA trustee. Such a transfer, if made before year-end, can achieve important tax savings.

    • Take required minimum distributions (RMDs) from your IRA or 401(k) plan (or other employer-sponsored retired plan) if you have reached age 70-1/2. Failure to take a required withdrawal can result in a penalty of 50% of the amount of the RMD not withdrawn. If you turned age 70-1/2 in 2013, you can delay the first required distribution to 2013, but if you do, you will have to take a double distribution in 2014 the amount required for 2013 plus the amount required for 2014. Think twice before delaying 2013 distributions to 2014 bunching income into 2014 might push you into a higher tax bracket or have a detrimental impact on various income tax deductions that are reduced at higher income levels. However, it could be beneficial to take both distributions in 2014 if you will be in a substantially lower bracket that year, for example, because you plan to retire late this year.

    • Make gifts sheltered by the annual gift tax exclusion before the end of the year and thereby save gift and estate taxes. You can give $14,000 in 2013 to each of an unlimited number of individuals but you can’t carry over unused exclusions from one year to the next. The transfers also may save family income taxes where income­ earning property is given to family members in lower income tax brackets who are not subject to the kiddie tax.

If you have questions, please call us. We can help you determine the best option for you.

Categories
News Tax

IRS Announces 2014 Mileage Rates

IRS Announces 2014 Mileage Rates

On December 6, 2013, the IRS announced the standard 2014 mileage rates. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2014, the standard mileage rates are:

  • For business use of an automobile, the rate decreases to 56 cents per mile.
  • For medical or moving expenses, it is 23.5 cents per mile.
  • For services to charitable organizations, the rate stays the same at 14 cents per mile.

Instead of using the standard mileage rates, taxpayers can use their actual costs but must maintain adequate records and be able to substantiate their expenses.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

Please let us know if you have any questions.

Categories
Tax

EIN Information Updates to be Submitted on Form 8822-B

Update Your EIN Information with Form 8822-B

Back in May 2013, the IRS revised its regulations that require all taxpayers with employer identification numbers (EIN) to update their information with the IRS. EINs are issued by the IRS to basically all businesses, governmental entities and certain individuals for tax filing & reporting.

The IRS has released Form 8822-B, which is for updating your business address, business location or the identity of your responsible party. Beginning January 1, 2014, any entity with an EIN must file Form 8822-B to report any change to its responsible party and must be filed within 60 days of the change. If the change occurred before 2014, the form must be filed before March 1, 2014. If you are unsure who the responsible party is, the IRS is indicating it should be left blank, or you can use n/a.

If you have questions or need help with this or other tax matters, please call us.

Categories
News

Alexander Thompson Arnold CPAs Announces Nashville Office, Welcomes Goldstein Sacks to ATA Team

Alexander Thompson Arnold CPAs Announces Nashville Office, Merger with Goldstein/Sacks & Associates, P.C.

 

Larry Sacks and the Goldstein/Sacks & Associates team have been providing professional accounting services for more than 25 years. The Nashville-based firm started a new chapter on November 1, 2013 when it merged with Alexander Thompson Arnold CPAs, the eighth largest accounting firm in Tennessee.

“Joining forces with Alexander Thompson Arnold has been very exciting for our team,” said Larry Sacks. “ATA has the resources of a large accounting firm, which can be a great advantage for our clients, but they focus on providing personalized customer service. Our clients will see many positive things from this merger and will continue to work with the same employees they know and trust.”

“The marriage of our firms is a win-win situation for everyone,” said Al Creswell, chief manager with Alexander Thompson Arnold CPAs. “ATA’s heritage is customer service centered and locally focused, which fits nicely with the integrity of Goldstein/Sacks. We look forward to continued growth and prosperity with this partnership.”

Prior to joining ATA, Goldstein/Sacks provided high-end tax preparation, accounting and consulting services to individuals and businesses in the Nashville-area. Now, Middle Tennessee will have access to ATA’s wide-variety of accounting, auditing and consulting services for individuals and organizations of various sizes. The firm has extensive experience in the financial institutions industry, governmental industry, construction industry, transportation industry, not-for-profit industry, and a variety of private and public companies.

In addition to expanded accounting services, ATA Technologies will begin serving Middle Tennessee from ATA’s office at 905 Harpeth Valley Place, Nashville. ATA Technologies, a subsidiary of ATA, offers a wide-range of information technology services, including managed services, IT consulting, computer forensics and cloud services.

Alexander Thompson Arnold PLLC is a regional accounting firm that offers its clients the resources and expertise of a large firm and the personalized service of a small firm. The firm has 14 partners and approximately 150 staff members and offers a complete range of accounting, auditing, tax, and consulting services to a diverse portfolio of clients. In addition to Nashville, its offices are located in Dyersburg, Henderson, Jackson, Martin, McKenzie, Milan, Paris, Trenton and Union City, Tennessee and Murray, Kentucky. Each office reflects the community it serves and gives exceptional personal attention to its clients.

To read more about ATA, click here.

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Healthcare News

October 1 Healthcare Reform Deadline : Employers Must Mail Letters to All Employees about Exchanges by Oct. 1

Employers Must Mail Letters to All Employees about Exchanges by Oct. 1, 2013

Most employers — even those with just one employee — are required to send a notice to all employees via first-class mail by Oct. 1 informing them about the new public health insurance exchanges. This notification requirement applies to companies with at least one employee and $500,000 in annual revenue. The letters must be sent to all employees, full-time, part-time and temporary regardless of their benefits plan status. After Oct. 1, new employees must receive the letter within 14 days.

The letters must inform employees that the exchange exists and provides details to help employees understand how the exchange could help them. They must include these specific items:

  • The existence of the exchange;
  • A description of the services provided by the exchange;
  • How to contact the exchange to request assistance;
  • The employee’s potential eligibility for subsidized coverage on the exchange if your company’s group health plan doesn’t provide “minimum value,” which means the plan’s share of the total allowed cost of benefits provided under the plan is less than 60 percent of such costs; and
  • The fact that the employee may lose the employer contribution (if any) toward health insurance coverage if he or she chooses to purchase individual coverage on the exchange.

It is not permissible to use electronic means to send the letter.

If you have any questions or need assistance about implementing these mandates, don’t hesitate to call us.

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News

Dennis Dycus Joins ATA As Governmental Consultant : Alexander Thompson Arnold CPAs is proud to announce that Dennis Dycus, CPA, CFE, CGFM has joined its team. He is a consultant with the firm’s Governmental Audit Team.

DENNIS DYCUS JOINS ALEXANDER THOMPSON ARNOLD CPAs AS GOVERNMENTAL CONSULTANT

Alexander Thompson Arnold CPAs is proud to announce that Dennis Dycus, CPA, CFE, CGFM has joined its team. He is a consultant with the firm’s Governmental Audit Team.

“Governmental auditing is a significant part of ATA’s accounting practice,” said Al Creswell, CPA and chief manager for Alexander Thompson Arnold PLLC. “Dennis’ career with the State of Tennessee and extensive experience fits nicely with our focus on governmental services. This combination means better service and a more effective and efficient audit for our clients, and it means higher standards for governmental audit services in the region.”

Dycus recently retired after 39 years as the director of the Division of Municipal Audit with the State of Tennessee Office of the Comptroller of the Treasury. As a governmental consultant with ATA, he will be using his experience to continue helping governmental organizations throughout the Southeast reduce fraud and eliminate waste. His experience includes the oversight of the financial audits of local governments and conducting investigations related to fraud, waste, and abuse in local governments. ATA clients benefit from the dynamic combination of his career experience and ATA’s governmental auditing depth.

Since its inception, ATA has provided accounting, auditing and consulting services to governmental entities, utility systems, and not-for-profit organizations of various sizes. As a matter of fact, the firm provides services to over 200 governmental, utility systems, and nonprofit organizations throughout the Southeast. ATA is currently the largest governmental auditor in Tennessee and has a significant presence in Kentucky.

Alexander Thompson Arnold PLLC is a regional accounting firm that offers its clients the resources and expertise of a large firm and the personalized service of a small firm. The firm has 16 partners and approximately 140 staff members and offers a complete range of accounting, auditing, tax, and consulting services to a diverse portfolio of clients. Its offices are located in Dyersburg, Henderson, Jackson, Martin, McKenzie, Milan, Paris, Trenton and Union City, Tennessee and Murray, Kentucky. Each office reflects the community it serves and gives exceptional personal attention to its clients.

 

ATA Governmental experience

Since its inception, ATA has provided accounting, auditing and consulting services to governmental entities and not-for-profit organizations of various sizes.  ATA is currently providing services to over 200 governmental and nonprofit organizations.  This means better service and a more effective and efficient audit for your organization.

 

Services for governments:

  • Audit Services, including Yellow Book and A-133
  • SSAE 16/SAS 70
  • GASB 54 Consulting
  • Employee Benefits Audits
  • Monthly, Quarterly Accounting Services
  • Assistance with Preparation of Management Discussion Analysis
  • Audit Services, including Yellow Book &  A-133
  • Fraud & Forensic Investigations
  • Financial Consultation Services
  • Internal Control Procedure Development
  • Information Technology Audits & Consulting
  • Risk Assessment Studies
  • Regulatory Filings
  • School System Activity Fund Audits
  • Penetration Testing
  • Inspector General Readiness