December 2023 - ATA 2.0

ATA CPAs + Advisors PLLC

227 Oil Well Rd.

Jackson, TN 38305

FOR IMMEDIATE RELEASE

MERGER UNITES MEMPHIS ACCOUNTING FIRM WITH ATA CPAs + ADVISORS PLLC

Memphis, TN. — Regional accounting firm ATA CPAs + Advisors PLLC (ATA) is adding to its West Tennessee presence through a merger with Whitehorn Tankersley & Davis, PLLC (WTD), effective January 1, 2024.

The merger with WTD adds 18 professionals to the ATA team, including Partners Lee Hood and Jeff Hunter as well as Principal Steve Davis. With this merger, ATA will be comprised of 240 employees and 16 locations across four states.

“As a firm our primary focus remains on our clients and our people. We believe that expanding our presence in the Memphis area through the addition of WTD is in line with that focus. With this merger we are adding valuable team members who can help us further expand the opportunities to better serve clients of both firms,” said Managing Partner John Whybrew. “ATA has been built on the principle of always looking for ways to improve and evolve. We believe that expanding our presence in the growing Memphis market and Covington area are another step in that evolution.”

WTD’s 47 years of expertise ranges from tax preparation and accounting services to more in-depth services such as audits, financial statements, and financial planning. It is a premier firm for trust and estate tax reporting.

“We chose to combine practices with ATA because of our common emphasis on serving clients and our core values,” Partner Lee Hood expressed. “As we integrate with ATA, this merger will enhance our capacity to expand our team and strengthen our commitment to addressing clients’ needs. This empowers us to offer customized business strategies that benefit their personal and professional objectives.”

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About ATA CPAs + Advisors PLLC (ATA)

ATA is a long-term business advisor to its clients and provides other services that are not traditionally associated with accounting. The ATA Family of Firms consists of a team of experts that can benefit every area of your business. Adelsberger Marketing offers video, social media, and digital content for small businesses; ATAES is a comprehensive human resource management agency; ATA Secure provides cybersecurity services; ATA Technologies provides trustworthy IT solutions; Revolution Partners provides financial planning expertise; and Sodium Halogen focuses on growth through the design and development of marketing and digital products.

ATA has 16 office locations in Tennessee, Arkansas, Kentucky and Mississippi. Recognized as an IPA Top 150 regional accounting firm, it provides a wide array of accounting, auditing, tax and advisory 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, a top five global accounting firm, which provides additional resources and expertise for clients.

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023 gets closer, here are some rules and reminders to keep in mind.

Health FSA

A pre-tax contribution of $3,050 to a health FSA is permitted in 2023. This amount will be increasing to $3,200 in 2024. You save taxes in these accounts because you use pre-tax dollars to pay for medical expenses that might not be deductible. For example, expenses won’t be deductible if you don’t itemize deductions on your tax return. Even if you do itemize, medical expenses must exceed a certain percentage of your adjusted gross income in order to be deductible. Additionally, the amounts that you contribute to a health FSA aren’t subject to FICA taxes. Your employer’s plan should have a list of qualifying items and any documentation from a medical provider that may be needed to get reimbursed for these expenses.

FSAs generally have a “use-it-or-lose-it” rule, which means you must incur qualifying medical expenditures by the last day of the plan year (December 31 for a calendar year plan) — unless the plan allows an optional grace period. A grace period can’t extend beyond the 15th day of the third month following the close of the plan year (March 15 for a calendar year plan).

What if you don’t spend the money before the last day allowed? You forfeit it. Take a look at your year-to-date expenditures now. It will show you what you still need to spend.

What are some ways to use up the money? Before year end (or the extended date, if permitted), schedule certain elective medical procedures, visit the dentist or buy new eyeglasses.

Dependent care FSA

Some employers also allow employees to set aside funds on a pre-tax basis in dependent care FSAs. A $5,000 maximum annual contribution is permitted ($2,500 for a married couple filing separately). FSAs are for: A child who qualifies as your dependent and who is under age 13, or A dependent or spouse who is physically or mentally incapable of self-care and who has the same principal place of abode as you for more than half of the tax year.

Like health FSAs, dependent care FSAs are subject to a use-it-or-lose-it rule, but the grace period relief may apply. Therefore, it’s a good time to review your expenses to date. Other rules and exceptions may apply. Your HR department can answer any questions about your specific plan.