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Year-End Tax Planning Moves for Individuals : This checklist describes actions individuals can take to save taxes.

Year-End Tax Planning Moves for Individuals

This checklist describes actions individuals can take to save taxes.
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. Don’t forget that you can no longer set aside amounts to get tax-free reimbursements for over-the-counter drugs, such as aspirin and antacids.
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 2011.
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 2012 and accelerate deductions into 2011 to lower your 2011 tax bill. This strategy may enable you to claim larger deductions, credits, and other tax breaks for 2011 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 2011. 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.
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 AGI for 2011.
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 2012.
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 2011 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 2011 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 2011. 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 2011, but the withheld tax will be applied pro rata over the full 2011 tax year to reduce previous underpayments of estimated tax.
Estimate the effect of any year-end planning moves on the AMT for 2011, 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. As a result, in some cases, deductions should not be accelerated.
Accelerate big ticket purchases into 2011 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 2011.
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, and energy efficient heaters or air conditioners. You may qualify for a tax credit if the assets are installed in your home before 2012.
Unless Congress extends it, the up-to-$4,000 above-the-line deduction for qualified higher education expenses will not be available after 2011. 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 2011 in connection with enrollment at an institution of higher education during 2011 or for an academic period beginning in 2011 or in the first 3 months of 2012.
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, 2012, 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 2011, you can delay the first required distribution to 2012, but if you do, you will have to take a double distribution in 2012 — the amount required for 2011 plus the amount required for 2012. Think twice before delaying 2011 distributions to 2012 — bunching income into 2012 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 2012 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 $13,000 in 2011 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.
These are just some of the year-end steps that can be taken to save taxes. Contact us, and we can tailor a plan that works best for you.

Source:  2011 Thomson Reuters/RIA. All rights reserved.

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ATA Announces Merger : Effective Oct. 1, 2011, Newbill and Henry CPAs will be part of Alexander Thompson Arnold PLLC.

NEWBILL & HENRY CPAs MERGES WITH ALEXANDER THOMPSON ARNOLD CPAs

Bob Newbill & Rodney Henry and the Newbill & Henry team have been providing professional accounting services since 1971. The Dyersburg-based practice is starting a new chapter on October 1, 2011 when it merges with Alexander Thompson Arnold CPAs, headquartered in Union City, Tennessee. ATA has an office in Dyersburg, which was founded in 1946.

To celebrate the merger, ATA is hosting a Ribbon Cutting and Open House on September 29 from 4 until 6 p.m. at Newbill & Henry’s office at 400 Masonic Street, Dyersburg.

To ease the transition for existing Newbill & Henry clients, Newbill & Henry staff will continue to serve clients at 400 Masonic Street through tax season. After April 15, 2012, all Dyersburg staff will work at ATA’s office at 185 North Church Street, Dyersburg.

“The joining of our firms is a win-win situation,” said Steve Carmichael, Alexander Thompson Arnold CPAs’ senior partner in Dyersburg. “ATA’s heritage is customer service centered and locally focused, which fits nicely with the culture of Newbill & Henry. We look forward to continued growth and prosperity with this alliance.”
“This is an excellent opportunity for our firm,” said Rodney Henry. “One of the reasons we decided to join the Alexander Thompson Arnold team is its local focus. ATA has the resources of a large 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.”

“Joining forces with ATA has been very exciting for Rodney and me, because we’re seeing how our clients will benefit from the additional resources,” said Bob Newbill. “Without a doubt, our clients and staff have been at the heart of this decision. We will still be working with our clients, but we’ll have so many more opportunities for growth as part of Alexander Thompson Arnold.”

Alexander Thompson Arnold CPAs is one of the largest accounting and consulting firms in the Mid-South and was named the seventh largest accounting firm in the State of Tennessee by American City Business Journals. Founded in 1946, ATA offers a comprehensive array of tax, audit, accounting, consulting and wealth management services and is a member of the BDO Seidman Alliance. Firm offices are located in Dyersburg, Henderson, Jackson, Martin, McKenzie, Milan, Paris, Trenton and Union City, Tennessee and Murray, Kentucky.

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Year-end planning : Take Advantage of business provisions that may expire Dec. 31, 2011

Year-end planning: Take advantage of business provisions that may expire on Dec. 31, 2011

Although it’s only September, taxpayers are well-advised to consider how to make the most of tax breaks that are available this year but may not be around next year, or may survive only in diluted form. Given the wrenching political battle that played out in July over deficits and the debt ceiling, many tax provisions expiring at the end of this year may not be given another lease on life. Those provisions that aid a particular industry or group of taxpayers could be the most at risk. This article reviews the tax breaks for businesses that are available right now but may sunset on Dec. 31, 2011.

Tax Credits

Research credit. The research credit only applies for amounts paid or accrued before Jan. 1, 2012. ( Code Sec. 41(h)(1) ) In general, the research credit equals the sum of: (1) 20% of the excess (if any) of the qualified research expenses for the tax year over a base amount, (unless the taxpayer elected an alternative simplified research credit); (2) the university basic research credit (i.e., 20% of the basic research payments); (3) 20% of the taxpayer’s expenditures on qualified energy research undertaken by an energy research consortium.
Work Opportunity Tax Credit (WOTC). The WOTC) allows employers who hire members of certain targeted groups to get a credit against income tax of a percentage of first-year wages up to $6,000 per employee ($12,000 for qualified veterans; and $3,000 for qualified summer youth employees). Where the employee is a long-term family assistance (LTFA) recipient, the WOTC is a percentage of first and second year wages, up to $10,000 per employee. Generally, the percentage of qualifying wages is 40% of first-year wages; it’s 25% for employees who have completed at least 120 hours, but less than 400 hours of service for the employer. For LTFA recipients, it includes an additional 50% of qualified second-year wages. The term “wages” for WOTC purposes doesn’t include any amount paid or incurred for an individual who begins work after Dec. 31, 2011. ( Code Sec. 51(c)(4) )

New markets tax credit. Under Code Sec. 45D , a taxpayer who holds a qualified equity investment in a qualified community development entity (CDE) may be entitled to a NMTC. The credit is 39% of the qualified equity investment during a 7-year credit period. The investor may claim 5% in each of the first 3 years and 6% in each of the final 4 years. There is a national, annual limitation on the amount designated under Code Sec. 45D . Under current law, the last NMTC dollar limitation is for 2011. ( Code Sec. 45D(f)(1) )
Differential wage payment credit for employers. Under Code Sec. 45P , eligible small business employers that pay differential wages can claim a credit equal to 20% of up to $20,000 of differential pay made to an employee during the tax year. Differential wages are payments to employees for periods that they are called to active duty with the U.S. uniformed services (for more than 30 days) that represent all or part of the wages that they would have otherwise received from the employer. An eligible small business employer is one that: (1) employed on average less than 50 employees on business days during the tax year; and (2) under a written plan, provides eligible differential wage payments to each of its qualified employees. A qualified employee is one who has been an employee for the 91-day period immediately preceding the period for which any differential wage payment is made. This credit won’t be available for differential wages paid after Dec. 31, 2011. ( Code Sec. 45P(f) )
New energy efficient home credit. An eligible contractor can claim a credit of $2,000 or $1,000 for each qualified new energy efficient home either constructed by the contractor or acquired by a person from the contractor for use as a residence during the tax year. The credit won’t apply to homes acquired after Dec. 31, 2011. ( Code Sec. 45L(g) )

Tax Deductions

100% bonus depreciation. The 100% bonus depreciation allowance applies only for qualified property acquired and placed in service after Sept. 8, 2010 and before Jan. 1, 2012 (placed in service before Jan. 1, 2013 for certain aircraft and long-production-period property). For qualified property acquired and placed in service after Dec. 31, 2011 and before Jan. 1, 2013 (placed in service after Dec. 31, 2012 and before Jan. 1, 2014 for certain aircraft and long-production-period property), a 50% bonus depreciation allowance will apply. ( Code Sec. 168(k)(1) , Code Sec. 168(k)(5) )
Expensing allowance. The maximum amount that may be expensed under Code Sec. 179 for tax years beginning in 2010 or 2011 is $500,000. For tax years beginning in 2012, the maximum amount will be $125,000 (indexed for inflation with 2006 as the base year). For tax years beginning in 2010 and 2011, the maximum annual expensing amount generally is reduced dollar-for-dollar by the amount of section 179 property placed in service during the tax year in excess of $2,000,000 (the investment ceiling). For tax years beginning in 2012, the investment ceiling will be $500,000 (indexed for inflation with 2006 as the base year). ( Code Sec. 179(b) )
Additionally, if placed in service in a tax year beginning in 2010 or 2011, up to $250,000 per year of qualified real property is eligible for Code Sec. 179 expensing. ( Code Sec. 179(f)(1) , Code Sec. 179(f)(3) ) Qualified real property is one of the following types of property: (1) qualified leasehold improvement property, (2) qualified restaurant property or (3) qualified retail improvement property. ( Code Sec. 179(f)(2) )

15-year writeoff for specialized realty assets. Qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property placed in service after Dec. 31, 2011, will no longer be eligible for a 15-year depreciation writeoff under MACRS. ( Code Sec. 168(e)(3)(E)(iv) , Code Sec. 168(e)(3)(E)(v) , and Code Sec. 168(e)(3)(E)(ix) ) Instead, such property will have to be depreciated over 39 years.

Enhanced charitable contribution deductions. The following enhanced charitable contribution rules will not apply to contributions made after Dec. 31, 2011:
… C corporation’s enhanced charitable contribution deduction equal to the lesser of (a) basis plus half of the property’s appreciation, or (b) twice the property’s basis, for contributions of food inventory that is apparently wholesome food, i.e., meant for human consumption and meeting certain quality and labeling standards. The enhanced contribution is also available for a taxpayer other than a C corporation, but the aggregate amount of contributions of apparently wholesome food that may be taken into account for the tax year can’t exceed 10% of the taxpayer’s aggregate net income for that tax year from all trades or businesses from which those contributions were made for that tax year. ( Code Sec. 170(e)(3)(C)(iv) )
… C corporation’s enhanced charitable contribution deduction equal to the lesser of (a) basis plus half of the property’s appreciation, or (b) twice the property’s basis, for qualified contributions of book inventory to certain public schools if certain donee certification requirements are met. ( Code Sec. 170(e)(3)(D)(iv) )
… C corporation’s enhanced charitable contribution deduction equal to the lesser of (a) basis plus half of the property’s appreciation, or (b) twice the property’s basis, for certain contributions of computer technology or equipment (software, computer or peripheral equipment, and fiber optic cable) to schools or libraries for use in the U.S. for educational purposes that are related to the donee’s purpose or function. ( Code Sec. 170(e)(6)(G) )
Lower shareholder basis adjustments for charitable contributions by S corporations. A temporary tax incentive to encourage S corporations to make charitable donations of appreciated assets is available for contributions made in tax years beginning before Jan. 1, 2012 ( Code Sec. 1367(a)(2) ) Generally, an S corporation’s charitable contribution of property provides its shareholders with a fair market value (FMV) deduction for gifts of property. In association with the charitable gift, shareholders must reduce their basis of shares in the corporation. Under the temporary incentive, shareholders reduce their basis in the stock of the S corporation by their pro rata share of the adjusted basis of the contributed property, rather than by the FMV of the charitable contribution that flows through to the shareholder. The lower basis reduction results in a proportionately larger gain when the stock is later sold by the shareholder. Thus, the shareholder benefits by having that reduction determined by the basis of the property (which is a smaller amount) rather than its FMV (a larger amount). For example, if in 2011 an S corporation with one individual shareholder makes a charitable contribution of stock with a basis of $100 and a FMV of $500, the shareholder is treated as having made a $500 charitable contribution and reduces the basis of his S corporation stock by $100. If the S corporation makes the contribution in tax years beginning after 2011, the shareholder will be treated as having made a $500 charitable contribution and will reduce the basis of his S corporation stock by $500.
Expensing election for costs of film and TV production. Taxpayers may elect to expense production costs of qualified film and television (TV) productions in the U.S., but only for productions commencing before Jan. 1, 2012. ( Code Sec. 181(f) ) Expensing doesn’t apply to the part of the cost of any qualifying film or TV production that exceeded $15 million for each qualifying production. The limit is $20 million if production expenses are “significantly incurred” in certain low-income communities or isolated areas of distress.
Expensing of environmental remediation costs. Taxpayers may elect to treat qualified environmental remediation expenses that would otherwise be chargeable to a capital account as deductible in the year paid or incurred, but only if the expenses are paid or incurred before Jan. 1, 2012. ( Code Sec. 198(h) ) To be deductible currently, pre-2012 expenses must be paid or incurred in connection with the abatement or control of hazardous substances (including petroleum products) at a qualified contaminated site.
Domestic production activities deduction for Puerto Rico. The Code Sec. 199 domestic production activities deduction is available only if, among other conditions, the taxpayer has domestic production gross receipts (DPGR) from: (1) any sale, exchange or other disposition, or any lease, rental or license, of qualifying production property manufactured, produced, grown or extracted by the taxpayer in whole or in significant part within the U.S.; (2) any sale, exchange, etc., of qualified films produced by the taxpayer; (3) any sale, exchange or other disposition of electricity, natural gas, or potable water produced by the taxpayer in the U.S.; (4) construction activities performed in the U.S.; or (5) engineering or architectural services performed in the U.S. for construction projects located in the U.S. For a taxpayer’s first six tax years beginning after 2005 and before Jan. 1, 2012, Puerto Rico is included in the term “U.S.” in determining DPGR, but only if all of the taxpayer’s Puerto Rico-sourced gross receipts are taxable under the federal income tax for individuals or corporations. ( Code Sec. 199(d)(8)(C) )
Empowerment Zone tax breaks. The designation of an economically depressed census tract as an “Empowerment Zone” makes businesses and individual residents within such a Zone eligible for special tax incentives, including: the 20% wage credit under Code Sec. 1396 ; liberalized Code Sec. 179 expensing rules ($35,000 extra expensing and the break allowing only 50% of expensing eligible property to be counted for purposes of the investment-based phaseout of expensing); tax-exempt bond financing under Code Sec. 1394 ; and deferral under Code Sec. 1397B of capital gains tax on sale of qualified assets sold and replaced. Empowerment Zone designations expire on Dec. 31, 2011. ( Code Sec. 1391(d) )
Foreign Provisions
Subpart F exception for active financing income. Certain income from the active conduct of a banking, financing or similar business, or from the conduct of an insurance business (collectively referred to as “active financing income”), is temporarily excluded from the definition of Subpart F income, but only for tax years of foreign corporations beginning after Dec. 31, ’98 and before Jan. 1, 2012, and for tax years of U.S. shareholders with or within which any such tax year of the foreign corporation ends. ( Code Sec. 953(e)(10) and Code Sec. 954(h)(9) )
Look-through rule for payments between related CFCs under foreign personal holding company income rules. For tax years of a foreign corporation before Jan. 1, 2012, and tax years of U.S. shareholders with or within which such tax years of foreign corporations end, dividends, interest, rents, and royalties received by one controlled foreign corporation (CFC) from a related CFC are not treated as foreign personal holding company income (FPHCI) to the extent attributable or properly allocable to non-subpart-F income, or income that is not effectively connected with the conduct of a U.S. trade or business of the payor (look-through treatment). ( Code Sec. 954(c)(6)(C) )
Treatment of RIC as qualified investment entity. Gain from the disposition of a U.S. real property interest (USRPI) by a foreign person is treated as income effectively connected with a U.S. trade or business and is subject to tax and to Code Sec. 1445 withholding under Foreign Investment in Real Property Tax Act (FIRPTA) provisions. A USRPI does not include an interest in a domestically controlled “qualified investment entity.” A regulated investment company (RIC) is included within the definition of a “qualified investment entity” through 2011. ( Code Sec. 897(h)(4)(A) ).
Miscellaneous Provisions Expiring on Dec. 31, 2011

The 7-year straight line cost recovery period for motorsports entertainment complexes won’t apply for property placed in service after Dec. 31, 2011. ( Code Sec. 168(i)(15)(D) )
The Indian employment credit only applies for tax years beginning before Jan. 1, 2012. ( Code Sec. 45A(f) )
The railroad track maintenance credit applies through 2011. ( Code Sec. 45G(f) )
The mine rescue team training credit applies through 2011. ( Code Sec. 45N(e) )
For tax years beginning after Dec. 31, 2008, and before Jan. 1, 2012, the 100%-of-taxable-income limitation of percentage depletion for oil and gas from marginal wells applicable to independent producers and royalty holders owning interests in marginal wells is suspended. For tax years beginning on or after Jan. 1, 2012, the 100% of the taxable income limit returns for marginal wells. ( Code Sec. 613A(c)(6)(H) )
A taxpayer may claim a 30% credit for the cost of installing qualified alternative vehicle refueling property for use in the taxpayer’s trade or business (up to $30,000 maximum per year per location) or installed at the taxpayer’s principal residence (up to $1,000 per year per location). This credit won’t apply to property (except for hydrogen refueling property) placed in service after Dec. 31, 2011. ( Code Sec. 30C(g)(2) )
Under the energy efficient appliance credit, for appliances produced in 2011, and depending on their specifications, manufacturers can claim a (i) $25, $50, or $75 credit for each qualifying dishwasher; (ii) $175 or $225 credit for each qualifying clothes washer; (iii) $150 or $200 credit for each qualifying refrigerator. ( Code Sec. 45M )
The designation of the District of Columbia Enterprise Zone (DC Zone) under Code Sec. 1400(f) applies through Dec. 31, 2011. ( Code Sec. 1400(f) ) This designation renders businesses and individual residents within the Zone eligible for special tax incentives, including additional expensing under Code Sec. 179 and a 20% wage credit under Code Sec. 1396 for eligible DC Zone employers.
Accelerated depreciation for qualified Indian reservation property applies for property placed in service through 2011. ( Code Sec. 168(j) )
The election to expense 50% of the cost of advanced mine safety equipment applies through 2011. ( Code Sec. 179E(g) )
The increase in the limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands applies through 2011. ( Code Sec. 7652(f) )
The American Samoa economic development credit applies for the first six tax years of a taxpayer beginning after Dec. 31, 2005 and before Jan. 1, 2012. (Sec. 119 of P.L. 109-432 , as amended by Sec. 756 of P.L. 111-312 ).
Source: (c) 2011 Thomson Reuters/RIA. All rights reserved.

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Alexander Thompson Arnold CPAs Named 7th Largest Accounting Firm in Tennessee : August 23, 2011

Alexander Thompson Arnold CPAs Named
Seventh Largest Accounting Firm in Tennessee

Alexander Thompson Arnold CPAs has been named Tennessee’s seventh (7th) largest accounting firm by American City Business Journals. This ranking is based on the number of full-time certified public accountants with the firm. The firm is ranked eighth (8th) for total staff in Tennessee.

“We are honored by this recognition,” said ATA’s Chief Manager Al Creswell, CPA. “At ATA, we build relationships with our clients, so we can understand their challenges and devise strategies to help them succeed. Our approach combines industry experience, community involvement and continuing education opportunities to provide the highest quality accounting services. We believe this approach is why we continue to grow.”

Collectively, ATA boasts 16 partners, 130 staff members, and 10 offices. The firm’s headquarters is in Union City, Tenn., and its largest office is in Jackson. Each office reflects the community it serves and gives exceptional personal attention to clients. Because of the firm’s size, team members are able to specialize in multiple areas or focus on building expertise in one niche. The firm’s niches include: tax, governmental audit, utility systems audit, financial institutions audit and compliance, business valuation, employee benefit plan audit and administration, SSAE 16/SAS-70 audit, not-for profit audit and healthcare services. Staff members seem to like the flexibility, and clients benefit from a deeper knowledge base.

The firm is a member in good standing of the American Institute of Certified Public Accountants, the Tennessee Society of Certified Public Accountants, the Kentucky Society of Certified Public Accountants, the Private Companies Practice Section of the AICPA, and the BDO Seidman Alliance.

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Alecia Purtteman Earns CIA Designation : April 29, 2011

Alecia Purtteman Earns Certified Internal Auditor Designation

A Magna Cum Laude graduate of Bethel College, Purtteman joined Alexander Thompson Arnold CPAs in 2004 where she is a manager with the firm%u2019s financial institutions team. Alecia has been a driving force with the firm%u2019s internal audit department and takes a leadership role in the firm%u2019s internal audit engagements. Additionally, she is a Certified Community Bank Internal Auditor (CCBIA) and has an in-depth understanding of banks with eighteen years of community bank internal audit experience.

Alecia Purtteman, a manager with Alexander Thompson Arnold CPAs, was recently named as a Certified Internal Auditor  (CIA ) by the Institute of Internal Auditors (IIA), which is recognized as the internal audit profession%u2019s leader in certification, education, research and technological guidance.

The CIA designation is awarded to internal audit professionals who have met the rigorous requirements of the IIA%u2019s CIA program, including a four-part examination, as well as high standards of character, education and experience. The exam includes current state of the art issues in internal auditing and evaluates technical competence in important subject areas related to internal auditing practices, risks and remedies. The CIA designation is the only globally accepted certification for internal auditors and remains the standard by which individuals demonstrate their competency and professionalism in the internal auditing field.

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Jason Anderson Joins ATA – March 28, 2011 : Jason Anderson Joins Alexander Thompson Arnold CPAs

Jason Anderson Joins Alexander Thompson Arnold CPAs

Alexander Thompson Arnold CPAs is proud to announce that Jason Anderson has joined its team. He is a senior manager in the firm’s Murray, Kentucky office.

“During his 10 years in the accounting field, Jason has demonstrated his hard work ethic and high professional standards. Both of which complement ATA’s client-centered, excellence-driven focus,” said Al Creswell, CPA and chief manager for Alexander Thompson Arnold PLLC. “We are proud to have Jason on our team.”
Anderson focuses his practice on audit work, fraud investigation, individual and corporate tax and, estate planning. He has worked hard in the accounting industry and has earned several certifications, including certified public accountant (CPA), 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 and Institute of Internal Auditors.A native of Carroll County, Jason and his wife Brandy have two daughters: Annabella and Genevieve. He enjoys spending time with his family, an array of outdoor activities, reading and classical music.

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Staff Promotions January 2011 : ATA Announces Staff Promotions

Alexander Thompson Arnold CPAs Announces Staff Promotions

Alexander Thompson Arnold CPAs is proud to announce that six of its staff members have earned promotions.

They include:

  • Theresa Corley and Jenny Beth Hepler in Union City were promoted to Senior Manager;
  • Carrol Kessens in Jackson was promoted to Manager;
  • Brad Carraway in Dyersburg and Matt Wood in Jackson were promoted to Senior Accountant; and
  • Virginia Rice in Union City was promoted to Senior Bookkeeper.

“Our team members at ATA dedicate themselves to providing the highest quality accounting and auditing services to our clients,” said Al Creswell, CPA and chief manager for Alexander Thompson Arnold PLLC. “We are proud to recognize them as they excel as leaders within the firm and as professionals.”

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TSCPA Announces 2010-11 Leadership – 7/28/2010 : TSCPA Announces 2010-2011 Leadership

Tennessee Society of CPAs Announces Leadership for 2010-2011

The Tennessee Society of CPAs (TSCPA) recently announced its leadership for 2010-2011.

Alexander Thompson Arnold CPAs had representatives appointed throughout the organization.

Alexander Thompson Arnold representatives are serving in the following positions:

      • Board of Directors – Art Sparks, Jr., Union City
      • West Tennessee Chapter Immediate Past President – Stephen M. Eldridge, Jackson
      • West Tennessee Chapter Treasurer – Carrol Kessens, Jackson
      • Council Members – Art Sparks, Jr., Union City, and Carrol Kessens, Jackson
      • Construction Conference Committee – John Whybrew, John E. Hudson and Charles Allison, Jackson
      • Employee Benefit Plan Conference Committee – Jerry Smith, Paris
      • Financial Institutions Conference Committee – Jack Matthis, Jr., Milan
      • Governmental Committee – Mike Hewitt, Jackson, and Glendora Greenway, Dyersburg
      • Legislation Committee – Stephen M. Eldridge, Jackson
      • Nominating Committee – John Whybrew, Jackson
      • Peer Review Committee – Art Sparks, Jr., Union City
      • Small Business Committee – Kevin Howell, Dyersburg
      • Taxation – State Committee – Tamara Stanfill, Jackson
      • Young CPA Committee – Karie Spencer, Milan

TSCPA is the state professional organization of CPAs with more than 8,000 members in all areas of public practice, government, education, business and industry. The West Tennessee Chapter is one of eight chapters across the state and has 300 members in 18 counties. TSCPA is headquartered in Brentwood, Tenn.

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Al Creswell Serving on Tennessee State Board of Accountancy – 7/12/2010 : Al Creswell Serving on Tennessee State Board of Accountancy

Al Creswell Serving on the Tennessee State Board of Accountancy

The Tennessee State Board of Accountancy recently announced its leadership for 2010-2011. Alfred Creswell, CPA, chief managing officer for Alexander Thompson Arnold PLLC, is serving the third year of his second three year term.

The Tennessee State Board of Accountancy (http://tn.gov/commerce/boards/tnsba/) is part of the Department of Commerce and Insurance, which works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee.

For over 30 years, Creswell has dedicated his life to providing quality accounting services. He has been a partner with Alexander Thompson Arnold CPAs since 1981, where his practice focuses on tax and firm administration. He serves on the Licensing and Law & Rules committees of the Tennessee State Board of Accountancy. He is an active member of the American Institute of CPAs and Tennessee Society of CPAs.

A graduate of the University of Tennessee at Martin, Creswell is active in his community. He is the president-elect and treasurer of the Union City Rotary Club and a Paul Harris Fellow. He’s a board member for the Discovery Park of America, Obion County Distinguished Speakers Foundation, and University of Tennessee at Martin Athletics Board. He is a trustee for the Alpha Tau Omega Fraternity at UT Martin and a member of the Union City Shrine Club. He and his wife Michelle are also members of Union City First United Methodist Church.

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Mike Hewitt Fills AICPA Leadership Position – 11/22/2010 : Mike Hewitt Named to AICPA Leadership Position

Al Creswell Serving on the Tennessee State Board of Accountancy

The Tennessee State Board of Accountancy recently announced its leadership for 2010-2011. Alfred Creswell, CPA, chief managing officer for Alexander Thompson Arnold PLLC, is serving the third year of his second three year term.

The Tennessee State Board of Accountancy (http://tn.gov/commerce/boards/tnsba/) is part of the Department of Commerce and Insurance, which works to protect consumers while ensuring fair competition for industries and professionals who do business in Tennessee.
For over 30 years, Creswell has dedicated his life to providing quality accounting services. He has been a partner with Alexander Thompson Arnold CPAs since 1981, where his practice focuses on tax and firm administration. He serves on the Licensing and Law & Rules committees of the Tennessee State Board of Accountancy. He is an active member of the American Institute of CPAs and Tennessee Society of CPAs.

A graduate of the University of Tennessee at Martin, Creswell is active in his community. He is the president-elect and treasurer of the Union City Rotary Club and a Paul Harris Fellow. He’s a board member for the Discovery Park of America, Obion County Distinguished Speakers Foundation, and University of Tennessee at Martin Athletics Board. He is a trustee for the Alpha Tau Omega Fraternity at UT Martin and a member of the Union City Shrine Club. He and his wife Michelle are also members of Union City First United Methodist Church.