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ATA Adds New Talent

FOR IMMEDIATE RELEASE
Alexander Thompson Arnold PLLC Announces New Hire
Alexander Thompson Arnold PLLC (ATA) is adding to the team with their recent hire of Kristin Thymius, who joined the firm as a newly graduated associate. In this role, Thymius is responsible for drafting financial statements, performing audit procedures on engagements, preparing audit workpapers, and assisting the seniors and managers in finalizing the audit report. When asked why she was excited to join ATA full time, Thymius said,” I’m excited to be working full-time because I love the people I work with, the work we do, and our clients. “
“We are delighted to have Kristin choose ATA Memphis to kick off her career in public accounting.  She brings fresh perspective, excitement, and energy to the office and our team.  We look forward to working with her as she grows professionally while serving our clients and the community well.”, said Cathy Sanborn, a partner in the Memphis, TN office.
Prior to being hired as a full-time associate, Thymius was an audit intern, going to school full time at the University of Memphis. While an intern, she graduated with her Bachelor’s in Accounting and began graduate school to achieve her master’s in accounting. Thymius plans to graduate with her masters in December 2019. Thymius is a Becker Professional Education Corporation Graduate Campus Ambassador at the University of Memphis for this upcoming academic year.
ATA has 15 locations in Tennessee, Kentucky, Indiana and Mississippi. ATA is an IPA Top 200 regional accounting firm who provides a wide array of accounting, auditing, tax and consulting services for clients ranging from small family-owned businesses to publicly traded companies, and international corporations.  ATA is also an alliance member of BDO USA LLP, which allows it to utilize the resources and expertise for its clients of a top five global accounting firm.
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For more information, contact:
Alexis Long, Marketing Director
731-427-8571
along@atacpa.net
www.ata.net

 

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Understanding the Contents of a Will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law.
1. Basic provisions
Typically, a will begins with an introductory clause, identifying yourself along with where you reside (city, state, county, etc.). It should also state that this is your official will and replaces any previous wills. After the introductory clause, a will generally explains how your debts and funeral expenses are to be paid. The provisions for repaying debt generally reflect applicable state laws.
Don’t include specific instructions for funeral arrangements. It’s likely that your will won’t be accessed in time. Spell out your wishes in a letter of instructions, which is an informal letter to your family. A will may also be used to name a guardian for minor children. To be on the safe side, name a backup in case your initial choice is unable or unwilling to serve as guardian or predeceases you.
2. Specific bequests
One of the major sections of your will — and the one that usually requires the most introspection — divides up your remaining assets. Outside of your residuary estate, you’ll likely want to make specific bequests of tangible personal property to designated beneficiaries. If you’re using a trust to transfer property, make sure you identify the property that remains outside the trust, such as furniture and electronic devices. Typically, these items won’t be suitable for inclusion in a trust. If your estate includes real estate, include detailed information about the property and identify the specific beneficiaries.
Once you’ve covered real estate and other tangible property, move on to intangible property, such as cash and securities. Again, you may handle these items through specific bequests where you describe the property the best you can. Finally, most wills contain a residuary clause. As a result, assets that aren’t otherwise accounted for go to the named beneficiaries, often adult children, grandchildren or a combination of family members.
3. Naming an executor
Toward the end of the will, name the executor — usually a relative or professional — who is responsible for administering it. Of course, this should be a reputable person whom you trust. Also, include a successor executor if the first choice is unable to perform these duties. Frequently, a professional is used in this backup capacity.
4. Cross the t’s and dot the i’s
Your attorney will help you meet all the legal obligations for a valid will in the applicable state and keep it up to date. Sign the will, putting your initials on each page, with your signature attested to by witnesses. Include the addresses of the witnesses in case they ever need to be located. Don’t use beneficiaries as witnesses. This could lead to potential conflicts of interest. Contact us with questions. © 2019
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News

The Ups and Downs

New federal budget figures show mixed results.

For the first 10 months of fiscal year 2019, the U.S. government recorded an estimated budget deficit of $867 billion, according to a Congressional Budget Office (CBO) report. This was $184 billion more than the deficit in the same period in FY2018.

Also compared to the same 2018 period, revenues rose by $92 billion and outlays were $276 billion higher. Individual income and payroll taxes were up $78 billion (3%) and withholding grew by $51 billion (3%). That “largely reflects increases in wages and salaries that were partly offset by a decline in the share of income withheld for taxes,” the CBO said.

Here’s the report: https://bit.ly/2OWBrH2

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Odd word, cool concept: Gamification for businesses

“Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general sense, the term refers to integrating characteristics of game-playing into business-related tasks to excite and engage the people involved.

Might it have a place in your company?

Internal focus

Sometimes gamification refers to customer interactions. For example, a retailer might award customers points for purchases that they can collect and use toward discounts. Or a company might offer product-related games or contests on its website to generate traffic and visitor engagement.

But, these days, many businesses are also using gamification internally. That is, they’re using it to:

  • Engage employees in training processes,
  • Promote friendly competition and camaraderie among employees, and
  • Ease the recognition and measurement of progress toward shared goals.

It’s not hard to see how creating positive experiences in these areas might improve the morale and productivity of any workplace. As a training tool, games can help employees learn more quickly and easily. Moreover, with the rise of social media, many workers are comfortable sharing with others in a competitive setting. And, from the employer’s perspective, gamification opens all kinds of data-gathering possibilities to track training initiatives and measure employee performance.

Specific applications

In most businesses, employee training is a big opportunity to reap the benefits of gamification. As many industries look to attract Generation Z — the next big demographic to enter the workforce — game-based learning makes perfect sense for individuals who grew up both competing in various electronic ways on their mobile devices and interacting on social media.

For example, safety and sensitivity training are areas that demand constant reinforcement. But it’s also common for workers to tune out these topics. Framing reminders, updates and exercises within game scenarios, in which participants might win or lose ground by following proper or improper work practices, is one way to liven up the process.

Game-style simulations can also help prepare employees for management or leadership roles. Online training simulations, set up as games, can test participants’ decision-making and problem-solving skills — and allow them to see the potential consequences of various actions beforegranting them such responsibilities in the real-word situations. You might also consider rewards-based games for managers or project leaders based on meeting schedules, staying within budgets, or preventing accidents or other costly mistakes.

Intended effects

Naturally, gamification has its risks. You don’t want to “force fun” or frustrate employees with unreasonably difficult games. Doing so could lower morale, waste time and money, and undercut training effectiveness.

To mitigate the downsides, involve management and employees in gamification initiatives to ensure you’re on the right track. Also consider involving a professional consultant to implement established and tested “gamified” exercises, tasks and contests. We can help you identify and assess the potential costs involved and keep those costs in line.

© 2019