Crosslin Expands Tax and Operations Teams

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Crosslin has expanded its tax and operations teams.  Jamie Templer and Katie Almond have joined as tax seniors and Karen Catron is the firm’s new human resources generalist.

Templer is a certified public accountant and most recently worked as a tax senior accountant for Cherry Bekaert in Greenville, South Carolina.  She received both her master’s degree in professional accountancy and her bachelor’s degree in accounting from Clemson University.

Almond is a certified public accountant and most recently worked as an assistant manager of the global investments tax group for American International Group.  She received both her master’s and bachelor’s degree in accountancy from Auburn University.

Catron most recently served as the human resources/payroll analyst for Noranda Aluminum.  She attended Tennessee Technological University and has received the Society for Human Resources Management Certified Professional (SHRM-CP) designation.

Sales Compensation – Be Careful What You Wish For!

Compensating sales staff can be complicated. You want to structure their compensation so that they are “hungry” to make sales yet you do not want to over pay them or make it too easy or else they may get lazy in their sales efforts. Like other positions within the company, high performing people are worth their weight in gold. Poor performing people can really put a drag on your earnings. A good balance of fixed versus variable compensation usually works well.

Customer #1: The customer was in a rapidly growing sales cycle of their business. Technology was new and quickly adapted by the market. We spend some time in the various retail locations, observing customers, employees, behaviors, and patterns. It is amazing what one can learn by walking around with the people on the front lines and asking questions. Over time, we noticed a flurry of sales activity in the first part of the month and a slower sales pace during the last part of the month. We asked a few sales people if they knew the reason. The answer may surprise you.

The sales compensation structure was set so that they were paid a bonus for hitting certain thresholds each month. Once the last threshold was hit, the sales staff would coach their potential sales to come to the store during the following month. This resulted in a “managed” sales approach which basically pushed sales into the next month in order for the sales staff to hit their quotas and reach their bonuses.

We spent some time explaining the reason to the CEO, who obviously did not want to believe this pattern. Once he finally came around to believing it, he was furious. However, he had no one to blame but himself. People were basically doing what he was paying them to do.

We revised the sales compensation structure whereby sales staff were compensated for every sale they made. Consequently, sales increased. Although sales staff made more money, the company made even more.

Customer #2: We observed sales activity over a period of time. Each week, the CEO held a conference call with his sales staff, who were distributed throughout several states. Each sales call would last two or three hours as his sales staff would make their individual report. The company even went so far as to place tracking devices on their vehicles to monitor how much time they spent driving to customers. The company spent more effort requiring a voluminous amount of sales reports, which was a waste of time. None of this increased sales.

We noticed a pattern of sales staff basically “promising” several sales every week, but nothing of any significance was being sold. We examined the sales compensation structure and noticed that approximately 80% of their compensation was fixed (or a base) while the other 20% was variable (or commission) tied to actual sales activity.

We changed the mix of fixed/variable compensation from 80/20 fixed/variable to about 40/60 fixed/variable. As you can imagine, the sales staff met this change with some resistance. However, they were well-paid and not likely to go elsewhere.

Also, we showed them that if they made their sales targets that they would actually make MORE money than what they made before. Within three months, sales began to increase, sales staff made more money, and the company made even more money.

Are you getting the sales results you want? How are you paying your sales staff?

Crosslin Accounting and Business Solutions (ABS) is here to free you up to spend time doing what you do best. Outsource your accounting and CFO needs to someone that has been doing this for years. We have the experience and expertise to help you make your business more profitable. Let us do what we do best, so you are free to do what you do best.

Please contact us to help you find cash in your business.

What is a good tax saving strategy I should be considering right now?

In this month’s Tax Tips, Kevin Hickman and Christina Manis answer the question, “What is a good tax saving strategy I should be considering right now?”  Click here to see the video.

With the stock market at record highs, one strategy to consider is the donation of stock to a qualified charity.

When a taxpayer donates appreciated stock, where you would normally have a long-term capital gain, you will be able to deduct the fair market value of the stock as an itemized deduction.

The beauty of the donation is that you deduct the higher value of the stock and avoid paying tax on the unrealized gain.  For example, if you purchased 100 shares of Apple at $100 per share and it is selling at about $400 per share, your deduction would be $40,000 and you would avoid paying tax on the $30,000 gain.

If you were to sell the stock then make the same donation, the gain would be included in your Adjusted Gross Income and would likely result in the limitation of certain itemized deductions and possibly make you subject to the Net Investment Income Tax.

This strategy avoids both of those potential negative consequences and would likely give you a better bottom line tax result.

There are some limitations and specific rules related to the donation of stock.  Publicly traded stock values are based on market quotes but closely-held stock may need to be supported with an appraisal.

If you are inclined to make substantial charitable donations during the year and have appreciated stock, you may want to consider this strategy.  Since this is an election year and market conditions may change, this may be a strategy to consider now as opposed to waiting till year end.

Finding Cash in Your Inventory

Inventory is another place where cash hides. Since buying inventory is not recognized on the income statement until it is sold, it often increases unless it is properly managed.

There are many reasons why inventory increases excessively such as:

  • No one is managing the level of inventory.
  • Personnel charged with managing inventory lack the skills needed to do so.
  • Sales people generally sell what is easiest to sell. Therefore, older, slower moving inventory may sit a while until someone notices it increasing.
  • Sales people do not want to run out of product, thereby placing pressure on Operations to carry higher than needed levels of inventory.
  • Inventory becomes old or obsolete and just sits there, which can happen quickly if your inventory is technology-based.
  • Excessively high levels of inventory tend to increase the likelihood of theft from your own employees.

Here are a few real examples of the impact of not managing your inventory.

  • Customer #1: We noticed that inventory was increasing and placing a strain on daily cash availability for the company. We met with the CEO and VP of Operations and talked about inventory turnover, but the message was not being heard. ?His position simply was, I do not want to run out of inventory. We had to convince him that by properly managing inventory levels, he would not run out of inventory but would increase the cash levels of the company.
    • Solution: We worked closely with the VP of Operations to establish some formulas and benchmarks to help keep his inventory levels in check. This was a great example of the importance of hiring the right expertise to help you manage your business.
  • Customer #2: We noticed that inventory turnover was only two times per year, meaning that inventory sat in the warehouse for six months before being sold. We met with the VP of Operations and asked, Do you understand what an inventory turnover ratio of two means? He replied, No, what is that? We explained that the higher the levels of inventory in the warehouse, the higher the stress on the cash flow of the company, which was already under extreme pressure. We asked, Would you be willing to work with us to make sure you have what you need when you need it, but not more? We will also ensure that critical pieces of inventory will be purchased in sufficient quantities so that it will not impede manufacturing. He was more than willing to work with us on this project.
    • Solution: We were able to identify critical pieces of inventory to make sure these were purchased in sufficient quantity and with sufficient lead time to have enough on hand. Within a few months, we were able to increase the inventory turnover ratio from six to two.? This meant that, on average, inventory was only in the warehouse two months instead of six. This translated into additional cash of about $2 million to the company. It also saved the customer about $100,000 per year in interest costs at 5%, and reduced G&A costs of handling, storing, and securing higher levels of inventory. This was cash that the client did not have to borrow or seek additional funding from investors.
  • Customer #3: Cash was extremely tight and we noticed that there was about $1 million in additional inventory that was not there previously. After a discussion with the owner, we determined that he had changed his business model. For years, this client received 50% of payment for materials up front from customers, which was used to buy the materials for manufacturing. All products were custom made. In an effort to increase sales, he began to build products and hold them in inventory with the intent of selling them. The economy shifted and the inventory sat on the yard for a long period of time, thus creating a negative drain on cash.
    • Solution: Once identified, we encouraged him to stop this new practice and return to the business model of build to suit which had worked for many years. An increased focus on sales helped liquidate the higher inventory levels so that additional cash was available for operations.

The purpose of Crosslin Accounting and Business Solutions (ABS) is to free you up to spend time doing what you do best. Outsource your accounting and CFO needs to someone that has been doing this for years. We have the experience and expertise to help you make your business more profitable. Let us do what we do best, so you are free to do what you do best.

Please contact us to help you find cash in your business. As always, thank you for your business.

Real Estate Tax Tips

In June’s installment of Tax Tips, Lauren Nolin and Kevin Hickman tackle the question, In Nashville’s hot real estate market, I have sold my old home and purchased a new one. What information should I keep for my 2016 tax filing? Click here for video.

In Nashville’s hot real estate market, I have sold my old home and purchased a new one. What information should I keep from my 2016 tax filing?

Nashville’s real estate market is good and many customers are selling and buying new homes. The first documents you need to keep are your settlement statements.

The settlement statement is an important document because it reconciles your purchase price or your selling price to the actual cash disbursed or received at closing.

There also are some hidden tax items in the settlement statement. These include your pro-rated property taxes as well as any points or origination fees that you paid.

These items may be deductible.

Keep in mind, too, that if in the past you had refinanced the home you sold and paid points on the refinance, you will be able to deduct any points that had not been amortized at the time of the sale this year.

Also, when you sell your home, your old mortgage may have had an escrow account. The balance in your escrow account will be refunded by your old mortgage company after the sale. This refund should not be taxable.

Providing us with the settlement statements will be essential when we begin the preparation process of your return next Spring.

IRS Warns of Student Scam

The Internal Revenue Service recently issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax: the Federal Student Tax.

Even though the tax deadline has come and gone, scammers continue to use varied strategies to trick people, in this case students. In this newest twist, they try to convince people to wire money immediately to the scammer. If the victim does not fall quickly enough for this fake federal student tax, the scammer threatens to report the student to the police.

Scam artists frequently masquerade as being from the IRS, a tax company and sometimes even a state revenue department. Many scammers use threats to intimidate and bully people into paying a tax bill. They may even threaten to arrest, deport or revoke the drivers license of their victim if they do not get the money.

Some examples of other tactics seen this year are:

  • Demanding immediate tax payment for taxes owed on an iTunes gift card
  • Soliciting W-2 information from payroll and human resources professionals
  • Verifying tax return information over the phone
  • Pretending to be from the tax preparation industry

The IRS urges taxpayers to stay vigilant against these calls and to know the telltale signs of a scam demanding payment.

The IRS Will Never:

  • Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you a bill.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Require you to use a specific payment method for your taxes, such as a prepaid debit card.
  • Ask for credit or debit card numbers over the phone.

If you get a phone call from someone claiming to be from the IRS and asking for money and you dont owe taxes, heres what you should do:

  • Do not give out any information. Hang up immediately.
  • Contact TIGTA to report the call. Use their IRS Impersonation Scam Reporting web page or call 800-366-4484.
  • Report it to the Federal Trade Commission by visiting FTC.gov and clicking on File a Consumer Complaint. Please add IRS Telephone Scam in the notes.
  • If you think you might owe taxes, call the IRS directly at 1-800-829-1040.

If you have further questions on any tax-related matters, please contact your Crosslin tax team at (615) 320-5500. As always, thank you for your business!

What should be on my 2016 tax to-do list?

Tax Advanced Team Member Christina Manis and Tax Principal Kevin Hickman answer the question, Now that tax season has officially passed, what should be one of the top items on my 2016 tax to-do list?

Check out the video here.

It seems that tax season never really ends especially with the filing of extensions.? The first thing that should be on your 2016 tax to-do list is the evaluation of the need to make quarterly estimated payments.

Quarterly estimated payments are designed to pay an amount of tax during the year that closely resembles your tax liability reflected on your 2015 tax return.

If your income is over certain thresholds and you owed tax with your return, you should consider either increasing withholding from your employer or make quarterly estimated payments.? The first of those payments are due on June 15.

The motivation for making quarterly estimated payments is to mitigate the likelihood of underpayment penalties charged by the IRS.? The general rule to accomplish this is to pay in an amount equal to your prior year tax liability.

If your income is more than $75,000 or $150,000 (depending on your filing status), that threshold could be 110 percent of your 2015 tax liability.

If you need to make quarterly estimated payments, there are some other options available to you.? As we mentioned, you could increase your withholding or compute your actual tax liability each quarter and pay that amount.

Crosslin is happy to help with your tax projections for quarterly payments or with any other tax planning and compliance matters.

Crosslin Names Head of Tax Department

kevin-hickman-crosslinKevin Hickman, CPA, CGMA, has been named principal-in-charge of the tax department at Crosslin. Hickman merged his local tax practice with Crosslin last year and has served as a leader for the expanding tax team since his arrival. With more than 35 years of experience, he has been instrumental in helping the tax department grow in both revenue and team members, as well as cultivating customer relationships and mentoring the young professionals in the department.

Before joining Crosslin, Hickman served as founding officer of Hickman & Associates and, before founding his own firm, worked as tax manager for a local accounting firm and assistant controller/tax manager for Tom James Company. In addition to his work in the tax arena, Hickman works with several high net-worth clients leading their family offices and has extensive experience with art galleries and private collectors.

He is a past national council member for the American Institute of Certified Public Accountants (AICPA) and is past chair of the Tennessee Society of Certified Public Accountants (TSCPA). Hickman has held several leadership roles within the TSCPA, including treasurer, professional education chair, public relations committee chair, and president of the Nashville Chapter Board.

Hickman received his bachelors degree from David Lipscomb University and his masters in European History from American Military University. He is an accomplished tennis player, having received numerous local and state recognitions.

Crosslin Adds Marketing Coordinator

Bridget ReynoldsCrosslin has named Bridget Reynolds as the firms marketing coordinator. She brings 10 years of experience to the marketing team and will be involved in the branding, business development, social media, and internal and external communication aspects of the firm.

Reynolds most recently served on the marketing team for another regional accounting and consulting firm. She also worked as an administrator for Belmont University. Reynolds received her bachelors degree from Belmont University.

Crosslin Named the 2016 Business with Purpose Awards Winner

Crosslin was named the 2016 Business with Purpose Awards winner in the Professional Firm category today at Lipscomb Universitys Dean Institute for Corporate Governance and Integritys Fifth Annual Business with Purpose Awards. We are so excited and honored to be presented this prestigious award.

The Dean Institute at Lipscomb University began the BWP Awards as a means of identifying the best of the best leaders and Nashville companies, both for profit and nonprofit entities. The awards are based on demonstrated individual and company/organization leadership using best practices of good corporate governance and creating cultures of high integrity. The BWP Awards have also recognized individuals and organizations that have shown significant commitments to community service and to corporate social responsibility.

Go Team Crosslin!

Crosslin Technologies Participates in Cyber Summit

Crosslin Technologies Principal Shane Clancy was a panelist at this mornings Nashville Business Journal Cyber Summit. Tackling the subject of how to keep your data secure, Shane and the other panelists broke down cyber security into simple terms to make it easier for all business leaders to understand. Crosslin Technologies also served as a sponsor for this important discussion. Great job, Shane!

Crosslin Adds Two Directors

Crosslin has added two directors to the firm’s growing roster.  Steven Apa has joined the team as director of forensic, litigation and valuation services and Gary Aldridge will serve as director of accounting and business solutions.

Apa brings more than 30 years of accounting and consulting experience to the firm, most recently serving as a senior consultant for both Citigroup and MasterCard in New York.  He has worked as an internal audit manager and forensic investigator for the New York Power Authority and earlier with CBIZ, Cohn Reznick, and PwC.  His professional certifications include Certified Public Accountant (CPA), Certified Financial Forensics (CFF), Certified Fraud Examiner (CFE), Certified Fraud Specialist (CFS), Certified Internal Controls Auditor (CICA), and Certified Global Management Accountant (CGMA).

He is a member of the American Institute of Certified Public Accountants (AICPA), the New York State Society of Certified Public Accountants (NYSSCPA), the Association of Certified Fraud Examiners, the Association of Certified Financial Forensics, the Institute of Internal Auditors, and the Association of Certified Fraud Specialists.

Apa received his bachelor’s degree in accounting from Northwestern University.

Aldridge brings nearly 25 years of experience to the accounting and business solutions division.  He most recently served as consultant and owner of the Aldridge Firm in Ridgeland, Miss.  Aldridge also has worked as chief financial officer for Diamond Wire Technology and Amerigo Restaurant Corporation.  His professional certifications include Certified Public Accountant (CPA), Certified Valuation Analyst (CVA), and Certified Fraud Examiner (CFE).

He is a member of the American Institute of Certified Public Accountants (AICPA) and the Mississippi Society of Certified Public Accountants (MSCPA).  Aldridge received his bachelor’s degree in banking and finance from the University of Mississippi and his master’s degree in business administration from the University of Alabama.

How do I report payments made for a household employee?

In this week’s Tax Tips, Tax Principal Kevin Hickman and Tax Team Member Lauren Nolin answer the question, “How do I report payments made for a household employee?”  Click here for video.

With the popularity of Downton Abbey, some taxpayers may be compelled to employ maids, nannies or even butlers.

If you paid $1,900 or more to a household worker in 2015, you are liable under the infamous “nanny tax” rules.

This tax could apply to any household worker such as a gardener, maid, butler, housekeeper, or nanny for small children or aging parents.

If you fall under these rules, you would treat the household employee just as regular employees.  Therefore, you would withhold social security and Medicare tax and potentially federal income tax.

These wages and taxes are reported on Schedule H.  This form is included on your individual income tax return, Form 1040.  If you do not make quarterly estimated payments, these employment taxes will be paid when you file your return.

This can be a bit of surprise to taxpayers. If you know you will be liable for the “nanny tax,” you should consider these taxes when you determine your withholding levels at the beginning of the year or when your quarterly estimated payments are computed.

 

What is the significance of a Schedule K-1?”

In this week’s Tax Tips, Tax Team Member Aarika Williams and Tax Principal Kevin Hickman answer the question, “What is the significance of a Schedule K-1?” Click here to watch the video.

What’s the significance of a Schedule K-1?

If you are invested in a partnership or S corporation or a beneficiary of a trust, you should receive a Schedule K-1 that will need to be reported on your individual income tax return.

Schedules K-1 are the reporting forms that provide you with information related to the activity in these types of entities.  S Corporation returns are due March 15 and partnerships and trusts are due on April 18.

These schedules show the activity divided into different categories for tax reporting.  These can include interest income, dividend income, capital gains as well as rental income or losses and the results of the business activity.

The nature of the reporting results is the same on your return as inside the individual entities.  For example, if dividends are reported on the K-1, then they will be reported as dividends on your personal return.

Since the due date on K-1s can be close to the due date of your individual return, they may be received right at the time that your personal return is due.  We normally recommend to customers that they go ahead and provide us with the information needed to prepare their returns and then we can add the late-received K-1s to wrap up the filing.  If K-1s are received after the April 18 due date, there may be the necessity to file an extension to insure that you have reported all of your income for the year.

What kind of documentation do you need to keep for your tax return?

In this week’s Tax Tips, Tax Principal Kevin Hickman and Tax Team Member Caroline Gallagher answer the popular question, “What kind of documentation do you need to keep for your tax return?” Great answers to all of your “to keep or not to keep” questions.  Click here to see the video.

What kind of documentation do you need to keep for your tax return? 

Proper documentation is important for the preparation and defense of your tax return.  While you will receive Forms W-2, 1099s, and other items related to your income, expense documentation can present a challenge.

For example, charitable contributions of $250 or more must be supported not only by documentation of the payment but with a confirmation letter from the charity.

In addition, expenses taken as business deductions must be supported by mileage logs or records, receipts, and payment methods.

Receipts for meals and entertainment must include the 5 Ws – who, what, where, when, and why, as well as the amount.

Business expense documentation is required to be kept in a contemporaneous manner, i.e. recorded close to the time the expense was incurred.

How long should you keep records?  Generally, records used in preparing your tax returns should be kept for at least seven years.

Records related to assets owned such as real estate or stocks may need to be retained longer as those records will be important in determining the gain or loss when those assets are sold in the future.

Crosslin Adds Tax Senior Manager

Crosslin has added Dan Warren as a senior manager in its tax department.  He will assist in growing the firm’s expanding tax department and work with individual and business tax customers.

Warren brings more than 25 years of accounting experience to the firm, most recently serving in a tax management and compliance position with a regional accounting firm.

He is a member of the American Institute of Certified Public Accountants (AICPA), the Tennessee Society of Certified Public Accountants (TSCPA), and the Nashville Chapter of the TSCPA.

Warren received his bachelor’s degree in accounting from Kennesaw State University.

Crosslin Announces Promotions

Colin Neff 300 x 400Kyle Meek 300 x 400Dan Misar 300 x 400Alexis Oliver 300 x 400

Crosslin has promoted several team members in its accounting and business solutions (ABS) and audit divisions.

Colin Neff has been promoted to accounting and business solutions manager.  Neff has been instrumental in the growth and development of this recently created division, both building processes and creating a team environment to attain new business.  He has worked tirelessly to manage the departmental workload, keep the team on task, and maintain EBS division goals.

Kyle Meek has been promoted to accounting and business solutions supervisor.  Meek has worked diligently to fully serve customers while increasing his knowledge of the industry and the profession.  He also has been key in expanding the EBS team, helping to recruit and train new team members.

Dan Misar and Alexis Oliver have been promoted to advanced audit team members.  With these additional leadership responsibilities, Misar and Oliver continue to become better advisors to customers as they further develop their skills.

Tax Day 2016 Moved to April 18

It is a procrastinator’s dream come true!  Due to a combination of federal and state holidays, the 2016 tax day has been moved to Monday, April 18.

The change in date is due to the celebration of Emancipation Day, which is the day President Abraham Lincoln signed into law a bill ending slavery in Washington, D.C.  Emancipation Day is typically observed on April 16, which falls on a Saturday this year.  Because it is a federal holiday, it will be celebrated on Friday, April 15.

To add to the confusion, there is a hiccup with a state holiday observed in Maine and Massachusetts. Patriot’s Day is a statewide legal holiday that’s observed on the third Monday of April.  In 2016, Patriots’ Day will coincide with the altered federal tax deadline.  Therefore, taxpayers in Maine and Massachusetts ONLY will have until Tuesday, April 19, 2016 to file their individual income tax returns.

All that said, just because the tax day has given everyone a bit more time, don’t use it as an excuse to delay.  Your Crosslin tax team is ready to get to work for you.  Contact your Crosslin tax team member to go ahead and begin the tax return process.  Turn in documents as quickly as possible and make a list of your questions now.

If you have any questions, please contact us at 615.320.5500.  We appreciate your business!

Protecting Americans from Tax Hikes Act of 2015

Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).  President Obama signed the Act and a FY 2016 omnibus on December 18.  The Act does considerably more than the typical tax extenders legislation seen in prior years.  

     It makes permanent over 20 key tax provisions, including the research tax credit, enhanced Code Sec. 179 expensing, and the American Opportunity Tax Credit.  It also extends other provisions, including bonus depreciation, for five years; and revives many others for two years.  In addition, many extenders have been enhanced.  Further, the Act imposes a two-year moratorium on the ACA medical devise excise tax.  To read the details of the legislation and how it may impact you, please click here.    

     To discuss further, you can reach your Crosslin tax professional at (615) 320-5500.  We look forward to working with you.

Happy Holidays from the Crosslin Team

With the Holiday Season upon us,

we find ourselves reflecting on the past year,

and our thoughts turn gratefully to those

who have helped shape our business

and made our continued success possible.

We value our relationship with you,

and look forward to working with you in the year to come.

And so, in this spirit we say, simply but sincerely,

Crosslin Names Director of Marketing

Jordan Waldron 300x400

Crosslin has named Jordan Waldron as director of marketing.

Waldron brings nearly 10 years of marketing, public relations, and branding experience to the firm.  She most recently served as vice president of marketing and public relations for FirstBank, where she was responsible for the development and execution of the bank’s marketing and public relations efforts.  Waldron also worked as an account executive for Leading Edge Communications.

She is a member of the Junior League of Nashville, the Public Relations Society of America (PRSA), and the Nashville American Marketing Association (NAMA).  She serves as president of the Young Leaders Council board of directors, an associate board member for Hospital Hospitality House, and a committee member for the American Cancer Society 2016 Nashville Gala.  She is a former board member for both the Nashville Junior Chamber of Commerce and Women in Numbers.

Waldron received her bachelor’s degree in mass communication from Auburn University.  She was named this year’s Young Leaders Council “Young Leader of the Year” and is a member of the Leadership Brentwood Class of 2016.

Has Your Company Expanded Operations Into Other States?

Has your company expanded operations and/or sales into multiple states over the years?    If your answer is yes, then there is another important question you need to answer.

Are you confident you are filing the appropriate state and local sales/use and income/franchise tax returns in the appropriate jurisdictions?

Some companies may think that the answer to the above question is obvious and others may not have given it much thought.  With the various complicated requirements and ever expanding reach for additional revenue by many state and local governments, the question may not be so easy to answer without some help from a state and local tax professional.    In many cases for those companies who chose to “assume everything is ok” or “ignore” these different requirements, there is more likely than not an unpleasant visit, and subsequent assessment for tax, penalty and interest, from a state auditor in your future.

What is Nexus?   The term “nexus” simply means a company has “sufficient presence or contact” in a jurisdiction that allows that jurisdiction to require the filing of tax returns and therefore impose that jurisdiction’s taxes.  Traditionally, sufficient presence or contact is usually caused by actual physical presence within the jurisdiction.  This would be having property like offices or warehouses and even resident employees working within the jurisdiction.  In this ever evolving digital age, states are continuing to push and expand the definition of nexus on many fronts including such concepts as “Economic Nexus,” “Affiliated Nexus,” and “Click Through & Web Nexus,” just to name a few.    These expansions extend the concept of nexus beyond the traditional physical presence in a jurisdiction to other activities and contact with a jurisdiction.   And, of course, there is little uniformity of these rules between the states and treatment can be different depending on the type of tax and what you are selling.   For example, for state income tax purposes there are federal mandated safe harbors that protect a company from having to file income tax returns under specific circumstances but those safe harbors do not extend to the sales tax.   So it is very likely for companies who sell (ship goods) into multiple states that it may not have a state income tax reporting responsibility in some states, but may very well still have a sales tax reporting responsibility.

Voluntary Disclosure Agreements:  When a company determines where it has nexus and where it has prior exposures, there are ways to limit the exposure through approved processes in each state called voluntary disclosure agreements (VDAs).   These are provisions within each state’s law that allows taxpayers, usually through a third party, to come forward and agree to report and pay any back taxes.   The benefit to the taxpayer is that in exchange for a company coming forward, the state will generally agree to limit the look-back period (usually to 3 or 4 years) and will waive any penalty due on the liability.   This can be a huge benefit to a taxpayer because if the taxpayer has failed to file the required returns over a period of time and the state on audit finds the exposure, legally the statute of limitations has not run because no returns have been filed.   Therefore, the state could conceivably go back as far as the date the company started doing business in the state and collect unreported taxes from that time and add on significant penalties and interest charges.

How We Can Help:  The state and local tax group at Crosslin performs nexus studies for clients that will determine where nexus exists and ensure that the client is filing in the appropriate taxing jurisdictions.  If it is determined there is a past liability issue, we also can assist our clients with the quantification of the liability and the voluntary disclosure (VDA) process in each state, which can significantly limit the exposure.

As the saying goes, “an ounce of prevention is worth a pound of cure,” so it can also be said of companies who may be unsure of where they are required to file the various types of state and local tax returns.    For more information on nexus studies and voluntary disclosure agreements, please contact Mark Loftis with Crosslin at (615) 320-5500 or email at mark.loftis@crosslinpc.com.

Crosslin Technologies Expands Technology Team

Crosslin Technologies has expanded its team and added Michael Thuma as senior network engineer and Ken Dixon as systems analyst.

Thuma brings more than 17 years of experience to the position, most recently having served as director of information technology for John W. McDougall Co.  He also has worked as a senior network engineer for Foundations Recovery Network and as an application security consultant for HP.    Thuma received his bachelor’s degree from Purdue University and holds the CompTIA A+, CompTIA Net+, Microsoft Certified Professional (MCP), and Global Information Assurance (GIAC-GISF) certifications.

Dixon most recently served as an emergency operations officer for the Tennessee Emergency Management Agency and brings more than 11 years of experience to the firm.  He also served as tech support for Verizon Wireless, where he was a device expert and Apple and Android developer.  Dixon is a veteran of the armed forces, having served in t the United States Army. Michael Thuma 300x400Ken Dixon 300x400

Crosslin Wins Big at the Corporate Philanthropy Awards

Crosslin was a big winner in last week’s Corporate Philanthropy Awards, sponsored by the Nashville Business Journal.  Crosslin came in 20th overall in corporate giving.  We are proud that giving is a cornerstone of our firm and love the fact that our team members get so involved.  Check out the article in this week’s Nashville Business Journal.  Go Team Crosslin!

Changes to Wage and Premium Report Filing

The Tennessee Department of Labor & Workforce Development has issued notice of a change in its wage and premium report requirements.

Effective January 1, 2016, Tennessee law requires employers with ten (10) or more employees to file the portion of the wage and premium report that contains the name, social security number, and gross wages of each individual in employment electronically in a format prescribed by the commissioner.

Effective July 1, 2016, any employer subject to this provision that fails to file electronically as prescribed shall be assessed a penalty of fifty dollars ($50.00) for each month, or portion of a month, the report is past due.  The total penalty shall not exceed five hundred dollars ($500.00).

Acceptable means of submission can be found at this link on the Department of Labor & Workforce Development’s Web site.

If you have any questions, please do not hesitate to contact a member of the Crosslin tax team at 615.320.5500.

Crosslin Names Director of State and Local Tax

Mark Loftis 300 x 400

Crosslin has named Mark Loftis, CPA, as director of state and local tax.

Loftis brings nearly 35 years of state and local tax experience to the firm, which provides a new and exciting expansion in the area of state and local taxation for the tax practice at Crosslin.  He most recently served as senior manager of state and local tax for a regional accounting firm where he assisted clients from a variety of industries in meeting their state and local tax obligations and in minimizing their tax burden.  Additionally, he has served as senior state and local tax manager for Nortel Networks and, in that role, received numerous awards for his achievements including the Nortel Finance Award of Excellence.

He is a member of the American Institute of Certified Public Accounts (AICPA), the Tennessee Society of Certified Public Accountants (TSCPA), and the Institute of Professionals in Taxation (IPT) and a former member of the Council on State and Local Taxation (COST).  With such a deep level of expertise, Loftis also is a frequent blogger on state and local tax subjects for several media outlets.

Loftis received his bachelor’s degree in accounting from Lipscomb University.

Could You Be A Victim Of Tax Identity Theft?

Recently, the IRS has investigated more vigorously identity theft schemes which steal taxpayers’ refunds. These acts of fraud can not only significantly delay an individual’s refund, but they can cause a great deal of time and stress to resolve. This article, authored by our partner BDO, describes how tax identity theft typically works, information on how to protect yourself and how to proceed if you become a victim of identity theft.

How Tax Identity Theft Works

A typical tax identity theft involves someone who uses another taxpayer’s identity and Social Security number to deceitfully file a tax return and receive a refund from the IRS. The victim is commonly apprised of the fraud only when he or she files a tax return and the IRS informs them that the return has been rejected because a tax return was already filed for the same year under that Social Security number. The refund is then delayed until the IRS can determine the validity of the taxpayer.

Steps to Take to Protect Yourself From Tax Identity Fraud

There are a number of ways thieves can obtain your Social Security number to file a tax return:  hacking business or personal computers, calling an individual under the guise of an official or business requesting confidential information or even stealing personal statements from a mailbox or trashcan. While there is no way to completely protect yourself from tax-related identity theft, there are some steps you can take to minimize your risk:

  • Be proactive by visiting the IRS website. This site has valuable information under the tab Taxpayer Guide to Identity Theft. It also reports the most current phishing and email schemes.
  • The IRS requests that you report suspicious online or emailed phishing scams to phishing@irs.gov. For phishing scams by phone, fax or mail, call 1-800-366-4484. You can also report IRS impersonation scams by filling out the Treasury Inspector General for Tax Administration form.
  • Remember that the IRS only uses the U.S. mail to contact taxpayers. It does not make contact by phone or use electronic communication or social media.
  • Shred any documents with personal identifying information.
  • Avoid divulging your personal information on the phone or through email.
  • Strengthen the security of your computers by using a variety of security programs.
  • Frequently change your online account passwords; every three months is the recommended frequency
  • Thwart refund fraud by filing your tax return as early as possible.
  • Only provide your Social Security number to a business or medical provider if it is required.
  • Your Social Security card should always be kept in a secure place such as a safe deposit box or home safe.
  • Check your Social Security Administration earnings statement annually.
  • Check your credit report at least once a year for any suspicious activity.

What Actions to Take if Your Identity is Stolen

If you are a victim of tax refund fraud, the IRS will contact you BY MAIL after it is verified that your return has been previously filed. They will provide identity confirmation via the Identity Certification Service (IDVerify) on IRS.gov or at a toll-free number provided. It is also advisable to prepare and submit an Identity Theft Affidavit on IRS Form 14039. In addition, make a report on the IRS Tax Fraud Hotline at 1-800-829-0433. Once your account has been resolved, the IRS will issue and mail to you an Identity Protection Personal Identification Number (IP PIN). This number will verify that you are legitimate when you file future tax returns and it will prevent the processing of fraudulent returns.

If you are the victim of an identity theft crime, file a complaint with the Federal Trade Commission (FTC). Also, contact your local police. Closely monitor your credit card accounts and contact one of the credit report companies (Equifax, Experian or TransUnion) to have a Fraud Alert placed on your account.

If you have any questions, please feel free to contact a member of the Crosslin tax team at (615) 320-5500.

Crosslin Expands Audit and Tax Teams

Crosslin has expanded its audit and tax teams.

Adam Buckheister joins the firm as audit advanced team member. He most recently served as an audit associate for Harper, Rains, Knight & Company in Washington, D.C., where he worked on several governmental accounts. Buckheister received both his master’s and bachelor’s degrees in accounting from the University of Mississippi. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Association of Government Accountants (AGA).

Joining as audit team members are Andrew Bach and Katherine Farris. Bach previously worked as an assurance associate for PricewaterhouseCoopers in Milwaukee, Wisc. He received his bachelor’s degree in accounting from the University of Alabama. Farris most recently served on the administrative team for Jackson Thornton & Co. She received her degree in accounting from Middle Tennessee State University.

Lauren Nolin joins as a tax team member. She most recently completed an internal audit internship for the Hospital Corporation of America. She received her master’s degree in accounting from Belmont University and her bachelor’s degree in business from Middle Tennessee State University.

Recommended Reading: “All Boards Need a Technology Expert”

Crosslin Technologies Principal Shane Clancy recently came across an article in the Harvard Business Review that discusses today’s corporate environment and the absence of technology expertise at the executive level. “All Boards Need a Technology Expert” points out that executive leadership typically has broad leadership and management experience rather than a specialized expert focus, such as information technology. With that in mind, the article suggests that corporations look to its board for direction regarding its information technology updates, refreshes and/or complete overhauls. Click here to read this excellent article, which provides specific recommendations to ensure that corporate governance includes a sufficient oversight of technology. And, the team at Crosslin Technologies is always on hand to help your corporation with its IT needs. From analyzing your organization’s technology needs to helping you fully understand the cyber threats out there, Crosslin Technologies can provide the expertise you need to get your organization moving in the right direction.

Sides Authors Patient-Centered Medical Home Report

Rhonda W. Sides, Principal for Healthcare Services, has co-authored a recent study on “The Cost of Sustaining a Patient-Centered Medical Home: Experience From 2 States.” This study’s objective was to assess direct personnel costs to practices associated with the staffing necessary to deliver patient-centered medical home (PCMH) functions as outlined in the National Committee for Quality Assurance Standards.

The group’s report has been published and will hopefully serve as a learning model as the healthcare industry explores patient-centered medical home functionality. To view the report in full, please visit PCMH Study.

Congratulations, Rhonda, on your hard work!

Start Your Year-End Tax Planning Now!

As we begin to usher in fall, year-end tax planning will become a hot topic for many individuals.  Whether it’s the closely held business owner or a high net worth individual, income taxes represent a significant outflow for our clients. With top rates of 39.6% on ordinary income, 20% for long term capital gains plus a 3.8% Net Investment Income Tax (NIIT), our tax environment requires us to find favorable opportunities that generate tax savings for clients.

If not already addressed on a regular basis, year-end planning is the last chance to evaluate opportunities before the year comes to a close. As conversations begin to shift towards year-end planning, click here to read more suggestions to assist in your planning.  Also, make sure to touch base with your Crosslin tax professional to put your plan into action.  We look forward to working with you! 

Nonprofit Newsletter Released

Crosslin has released the latest edition of the Nonprofit Standard, its newsletter specifically related to the business of running a nonprofit organization.  Topics in this quarter’s issue include successfully communicating success, the overhead myth conversation, and why nonprofits need to measure and monitor program impact and outcomes.  To read about these topics and more, click here.  

Changes to Tax Return Filing Due Dates

President Obama recently signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed as a three-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates for partnership and C corporation returns and revised extended due dates for some returns. Though the new changes will not take place until 2016, below is an overview of these provisions:

Revised Due Dates for Partnership and C Corporation Returns
Domestic corporations (including S corporations) currently must file their returns by the 15th day of the third month after the end of their tax year. Thus, corporations using the calendar year must file their returns by March 15 of the following year. The partnership return is due on the 15th day of the fourth month after the end of the partnership’s tax year. Thus, partnerships using a calendar year must file their returns by April 15 of the following year. Since the due date of the partnership return is the same date as the due date for an individual tax return, individuals holding partnership interests often must file for an extension to file their returns because their Schedule K-1s may not arrive until the last minute.

Under the new law, in a major restructuring of entity return due dates, effective generally for returns for tax years beginning after Dec. 31, 2015:

• Partnerships and S corporations will have to file their returns by the 15th day of the third month after the end of the tax year. Thus, entities using a calendar year will have to file by Mar. 15 of the following year. In other words, the filing deadline for partnerships will be accelerated by one month; the filing deadline for S corporations stays the same. By having most partnership returns due one month before individual returns are due, taxpayers and practitioners will generally not have to extend, or scurry around at the last minute to file, the returns of individuals who are partners in partnerships.

• C corporations will have to file by the 15th day of the fourth month after the end of the tax year. Thus, C corporations using a calendar year will have to file by Apr. 15 of the following year. In other words, the filing deadline for C corporations will be deferred for one month.

Keep in mind that these important changes to the filing deadlines generally won’t go into effect until the 2016 returns have to be filed. Under a special rule for C corporations with fiscal years ending on June 30, the change is deferred for ten years – it won’t apply until tax years beginning after Dec. 31, 2025.

Revised Extended Due Dates for Various Returns
Taxpayers who cannot file a tax form on time can ask the IRS for an extension to file the form. Effective for tax returns for tax years beginning after Dec. 31, 2015, the new law directs the IRS to modify its regulations to provide for a longer extension to file a number of forms, including the following:

• Form 1065 (U.S. Return of Partnership Income) will have a maximum extension of six-months (currently, a 5-month extension applies). The extension will end on Sept. 15 for calendar year taxpayers.

• Form 1041 (U.S. Income Tax Return for Estates and Trusts) will have a maximum extension of five and a half months (currently, a 5-month extension applies). The extension will end on Sept. 30 for calendar year taxpayers.

• The Form 5500 series (Annual Return/Report of Employee Benefit Plan) will have a maximum automatic extension of three and a half months (under currently law, a 2½ month period applies). The extension will end on Nov. 15 for calendar year filers.

FinCEN Report Due Date Revised
Taxpayers with a financial interest in or signature authority over certain foreign financial accounts must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Currently, this form must be filed by June 30 of the year immediately following the calendar year being reported, and no extensions are allowed.

Under the new law, for returns for tax years beginning after Dec. 31, 2015, the due date of FinCEN Report 114 will be Apr. 15 with a maximum extension for a 6-month period ending on Oct. 15. The IRS may also waive the penalty for failure to timely request an extension for filing the Report, for any taxpayer required to file FinCEN Form 114 for the first time.

Crosslin Announces Tax Promotions

Crosslin has promoted several team members in its tax division.

Ashley Culpepper has been promoted to tax supervisor. Culpepper has worked diligently to fully serve customers while increasing her knowledge of the industry and the profession. With a strong work ethic and commitment to accountability, she serves as a valuable asset to customers.

Tiffany Beckham and Christina Manis have been promoted to advanced tax team members. With these additional and leadership responsibilities, Beckham and Manis continue to become better advisors to customers as they further develop their skills.

Nonprofit Summer Newsletter Released

Crosslin has released the summer edition of the Nonprofit Standard, its newsletter specifically related to the business of running a nonprofit organization.  Topics in this quarter’s issue include successfully communicating success, the overhead myth conversation, and why nonprofits need to measure and monitor program impact and outcomes.  To read about these topics and more, click here.  

As always, thank you for your business.  If you have any questions or need additional information, please give us a call at (615) 320-5500 or visit www.crosslinpc.com. 

Sides to Speak at the Tennessee MGMA 2015 Annual Legislative-Payer Conference

Rhonda W. Sides, Principal for Healthcare Services, Forensic/Valuation and Litigation Support Services at Crosslin, will speak at the upcoming Tennessee MGMA 2015 Annual Legislative-Payer Conference in Memphis. The session entitled, “Value Based Reimbursements” will be part of the August 20th agenda.

To learn more about the conference or to register, please click here.

ICD-10 Transition: Are You Where You Need To Be?

The transition to ICD-10 is right around the corner and there is one question everyone is facing – are you where you need to be?

If you are feeling a bit nervous, let STAT Solutions help. On Wednesday, August 5, STAT’s Director of Operations Kathi Carney, will offer a brief and informative training on the ICD-10 transition and what to expect. Details include:

Topics Covered: What areas of your practice will be affected, how ICD-10 differs from ICD-9, and tips for a successful ICD-10 transition

Time: 6 – 7:30 p.m.

Date: Wednesday, August 5, 2015

Location: Conference Room at STAT Solutions, 3803 Bedford Avenue, Suite 103, Nashville 37215 (parking in the back)

For those of you unable to attend in person, STAT also will provide a webinar option. When submitting your RSVP, please indicate whether you will attend in person or via webinar. To register, please e-mail info@statsolutionsusa.com. We look forward to helping you prepare for ICD-10.

Carney to Speak at KAMGMA Meeting

Kathi Carney, Director of Operations for STAT Solutions, will be speaking at the July meeting of the Knoxville Area Medical Group Management Association (KAMGMA) on Thursday, July 16 from 11:30 a.m. – 1:00 p.m. at the Bearden Banquet Hall about the ICD-10 transition and what to expect. To register, visit www.kamgma.com. We hope you can attend and get up-to-speed on this very important change to healthcare.

Nonprofit Tax-Free Renewal Certificates

The tax and audit teams at Crosslin & wanted to make all of its not-for-profit customers and colleagues aware of a recent memo released by the Tennessee Department of Revenue regarding nonprofit tax-free renewal certificates. You can read the memo below in its entirety. As always, if you have any questions, please do not hesitate to contact us at (615) 320-5500. Thanks and we appreciate your business!

The Department of Revenue has completed a periodic review of all registered nonprofit organizations eligible to purchase tangible personal property and taxable services tax-free. These entities have been issued new exemption certificates with an effective date of July 1, 2015. This new certificate is valid through June 30, 2019.

Effective July 1, 2015, exemption certificates issued with an effective date prior to July 1, 2015 are no longer valid for tax-exempt purchases.

A copy of the new nonprofit tax-exempt certificate must be placed on file as verification of tax-free sales on or after July 1, 2015. For audit purposes, copies of previously issued certificates must be retained as documentation of purchases made prior to July 1, 2015.

Out-of-state organizations with 501(c)(3) tax-exempt status from the Internal Revenue Service need only present a copy of their 501(c)(3) exemption to purchase goods and services tax-free. In-state 501(c)(3) organizations must present a Tennessee non-profit exemption certificate when making purchases.

Rhonda Sides Named HealthCare Hero by Nashville Business Journal

Rhonda Sides Healthcare HeroRhonda W. Sides, Principal for Healthcare Services, Forensic/Valuation and Litigation Support Services at Crosslin, has been named to the 2015 HealthCare Heroes in the HealthCare Professional Services category. The Nashville Business Journal made the announcement at a recent luncheon, where Rhonda was joined by colleagues and customers, and the article appears in this week’s edition of the NBJ. This is the second time Rhonda has received this accolade. The Crosslin team is extremely proud of Rhonda and all she does for our customers. Way to go, Rhonda!

Crosslin Announces Promotions and New Hire

Crosslin has promoted several team members and hired one in its tax, audit, and accounting and business solutions divisions.

Kristopher Miller, CPA, has been promoted to tax director. Since joining the firm, Miller has demonstrated a commitment to excellence and strong leadership capabilities. In this role, he will continue to advise tax customers as well as develop new business for the growing tax practice.

Jennifer Manternach, Ben Nichols, and Erica Saeger have been promoted to audit senior managers. Each has contributed significantly to the growth of the firm’s audit department over the last several years and has displayed a strong commitment to mentoring younger staff members.

Colin Neff has been promoted to supervisor in the firm’s accounting and business solutions division. Joining the entrepreneurial group at its inception, he has been instrumental in the expansion of this line of services and the development of the division’s management, policies, and procedures.

Kathleen Galloway and Daniel Smith have been promoted to audit seniors. Both have worked diligently to fully serve our customers while increasing their knowledge of the industry and the profession.

David Middlebrook joins the firm as a tax team member. He most recently worked as a senior staff accountant for Scripps Networks Interactive in Knoxville. Middlebrook received his bachelor’s degree in accounting and finance from the University of Tennessee and his master of business administration degree from Lincoln Memorial University.

Crosslin Acquires Local Tax Firm

Crosslin has expanded its tax and accounting services base by acquiring Hickman & Associates, CPAs, P.C., an accounting and consulting firm located in Nashville. With the combination of companies, Crosslin is now able to offer family office services providing families with their own CFO to care for their financial well-being in addition to its staple tax compliance, tax planning, entrepreneurial business, and bookkeeping services.

“In looking toward the future, Crosslin was ready to expand its base of tax and accounting services,” said J. Dell Crosslin, managing principal. “By acquiring Hickman & Associates, we will be able to add services and expertise while continuing to embody the same commitment to excellence and high quality service that both companies have delivered since inception.”

Continue reading “Crosslin Acquires Local Tax Firm”

Crosslin Sponsors Food Drive

Crosslin and its sister companies, Crosslin Technologies and STAT Solutions, recently held a food drive to benefit Second Harvest Food Bank. Employees were divided into four teams and competed against one another to see who could raise the most money and food. It was a tough competition, but the “Rutubagas” pulled out the victory. The real winner, however, was Second Harvest Food Bank. In total, the firm raised $1,075 in monetary donations and 968 pounds of food. Incredible!

Crosslin and STAT Solutions Promote Two

STAT Solutions and Crosslin have promoted two team members within the companies. Kathi Carney will now serve as Director of Operations for STAT Solutions and Elisabeth Harper has been promoted to forensic and valuation consultant.

“Kathi and Elisabeth are integral parts of the STAT and Crosslin teams,” said Rhonda Sides, Principal for Healthcare Services, Forensic/Valuation and Litigation Support Services for STAT Solutions and Crosslin. “We are extremely pleased that they will continue to serve our team and our customers in these new roles.”

Carney is a certified professional coder, a certified coding instructor, a certified professional medical auditor, and has eleven years of physician medical coding. Additionally, she spent 19 years as a practice manager, billing manager, and business manager of physician practices with the specialties of cardiology, pulmonary and critical care, and family practice. She received her associate’s degree from Hudson Valley Community College in Troy, New York. She is a member of the American Academy of Professional Coders and past president of the New York State Capital District Professional Coders.

Harper has more than 6 years of experience in public accounting and holds a bachelor’s degree in economics from Furman University, a master’s degree in business administration from Middle Tennessee State University, and a doctor of jurisprudence from the University of Memphis. She is a member of both the Rutherford CABLE board and the Rutherford CABLE Foundation board. Additionally, Harper is a member of Nashville CABLE, the Kiwanis Club, Junior League, and the United Way Community Investment Panel.

Crosslin Recognized for Volunteerism

Crosslin was recently recognized for its outstanding volunteerism at the Nashville Business Journal’s Corporate Giving Awards.  Crosslin was a recipient in both categories – hours per employee (2nd place) and dollars per employee (12th place). We are extremely proud of our team and their giving spirit.

Crosslin Technologies Acquires Local IT Company

Crosslin Technologies has expanded its information technology base by acquiring ProAccura, a managed IT services provider and consulting firm located in Nashville. With the combination of companies, Crosslin Technologies now offers managed IT and managed communications services in addition to its existing security and compliance consulting and IT forensic services.

“In looking toward the future, Crosslin Technologies was ready to expand its base of IT services provided,” said Justin D. Crosslin, Jr., Managing Principal of Crosslin Technologies. “By acquiring ProAccura, we will able to add services and expertise while continuing to embody the same commitment to excellence and high quality service that both companies have delivered since inception.”

With this expansion, Crosslin Technologies has added several new team members. Bryan White joins as a principal, Steve Moore as an IT director, Ben Fortenberry as a security consultant, Bruce Coots as a technician, Jeremy Sayne and Keith Blazic as senior account executives, and Paula Wallace as an account executive.

Before joining Crosslin Technologies, White served as member and vice president of business development for a regional managed IT services provider. He also has worked as a team leader for Dex Imaging and Mailing. White was a service member in the U.S. Navy, where he served as an information systems technician and technical control supervisor.

Moore brings more than 20 years of experience, most recently working as IT director and virtual chief information officer and server administrator for a regional managed IT services provider. He was a service member in the U.S. Navy, where he served as an engineering and information systems technician. He also was part of the Naval Reserve in that same role. Moore studied information science at Indiana Vocational Technical College in Evansville, Ind., and Southwestern Oregon Community College in Coos Bay, Ore.

With approximately 15 years of experience, Coots most recently served as systems administrator for a regional accounting firm. He is a veteran of the United States Army and studied computer science and business at the University of Cincinnati.

Before joining Crosslin Technologies, Fortenberry served as senior security engineer at ProAccura. He also has worked as an information security and technology manager for Group Data Services. He received his bachelor’s degree in business information systems from Mississippi State University. He is a Certified Information System Security Professional, Certified Information Security Manager, Certified CheckPoint Security Engineer, Certified Citrix Administrator, Certified Novell Administrator, Field Certified Extreme Network Engineer, and SonicWall Certified Internet Security Administrator.

Sayne brings more than 10 years of experience, most recently working as a senior account executive at a regional managed IT services provider. He also served as the staffing manager and sales account manager at Robert Half International. He attended Pellissippi State Community College in Knoxville.

Before Crosslin, Blazic worked as a senior account executive at a regional managed IT services provider. He is a graduate of the University of Central Florida with a degree in hospitality management/restaurant management. Blazic also has received a Service Excellence Certification from the Service Development Institute.

Wallace brings more than 25 years of experience in banking, customer service, and support. She most recently served as the image operations manager and regional sales consultant for Group Data Services. She attended Jackson State Community College.

Crosslin Technologies is a member of the Crosslin family of companies.

Cyber Threats to an Organization’s Image

Shane Clancy, principal at Crosslin Technologies, recently presented “Cyber Threats to an Organization’s Image” at David Lipscomb University.  The audience came from a wide variety of sectors including schools, universities, not-for-profits, governmental agencies, and religious organizations.  Feedback was extremely positive, with comments including it was extremely informative without being too technical.

 To view the 30-minute presentation with Q&A to follow, please fill out the form below:

Fill out my online form.

John Crosslin wins Nashville Emerging Leader Award in Financial Services

John Crosslin, Managing Audit Principal at Crosslin, recently won the Nashville Emerging Leader Award in the Financial Services category. Presented by the Nashville Chamber of Commerce and YP Nashville, the NELAs recognize Nashville’s young professionals for significant accomplishments in their chosen career fields, as well as their commitment and contribution to the community. Attached is an article and video from the Tennessean web site. Way to go, John!

Crosslin Adds New Team Members

Crosslin has expanded its audit, business development, and accounting and business solutions teams.  The firm’s audit department welcomed Angie Hoke, CPA, as an audit principal and Connor Courtemanche, CGFM, as an audit manager.  Mike Sparta has joined the firm as business development manager and Elizabeth Koch as accounting and business solutions staff.    Continue reading “Crosslin Adds New Team Members”

Crosslin Team Member Earns Two Designations

Robert Eddy, CPA, Forensic Valuation Consultant, recently received two professional certifications in the business valuation industry.  He successfully completed the certification process with the National Association of Certified Valuation Analysts (NACVA) to earn his designation of Certified Valuation Analyst (CVA) and with the American Institute for Certified Public Accountants (AICPA) to earn the Accredited in Business Valuation (ABV) designation.  Robert has been providing business valuation and litigation consulting services for several years and, with this designation, increases his knowledge base and qualifications.  Continue reading “Crosslin Team Member Earns Two Designations”

STAT Solutions Team Members Complete ICD-10 Training

Two members of the STAT Solutions coding team recently received Certificates of ICD-10-CM Proficiency.  Kathi Carney, CPC, and Donna Baker, CPC, both senior coding auditors, completed the voluntary training and certification. 

In October 2014, changes in federal law mandate a conversion to ICD-10 diagnosis coding from ICD-9 that has been in place for decades.  STAT Solutions felt it was critical to stay current on all updates in order to best serve its customers. 

“The STAT team works tirelessly to provide our healthcare customers with the best possible coding services,” noted Rhonda Sides, Principal for Healthcare Services, Forensic/Valuation and Litigation Support Services.  “I am proud of Kathi and Donna for taking the extra step to stay informed on the latest changes in the coding industry.” 

Crosslin Team Members Join Boards

Crosslin Principal John Crosslin recently joined the board of the Music City Youth Orchestra (MCYO).  The MCYO provides a dynamic atmosphere for students across Middle Tennessee to explore a diverse repertoire for string orchestra.  Students who might not have had the opportunity to even play a musical instrument are now welcomed on some of the biggest stages in Nashville through the work of this worthwhile organization.  With a love of both children and music, Crosslin is excited to begin his work with the MCYO.

Tax Senior Manager Kristopher D. Miller joined the Tax Advisory Council in Tennessee for the National Federation of Independent Business (NFIB).  This council helps to promote and protect the rights of NFIB members to own, operate, and grow their businesses. The Tax Advisory Council leaders are comprised of CPAs, tax attorneys, and CFOs in Tennessee.  They expertly assist NFIB’s advocates at the state Capitol by interpreting complex tax proposals, as well as help to ensure pro-business policies are adopted and adverse policies to the small business community are defeated.

Thanks to John and Kris for continuing to serve our community! 

Crosslin & Associations Sponsoring Two Events

Crosslin is sponsoring two events this weekend and we’d love for you to come out and join us!

Our firm proudly supports the community in which we work.  We look forward to seeing you there!

Consultant’s Corner November 2013

You only get one chance to make a first impression.  I have heard that said my entire life and I believe it to be true.  First impressions are extremely important, particularly in a business situation. When first meeting a customer, you should arrive early, dress professionally, demonstrate a knowledge of their business and the issues they may be facing, be prepared to listen and to discuss possible solutions.  Those things will get you in the door.  But what about keeping you there?  Read more…

Consultant’s Corner October 2013

The Internal Revenue Service (IRS) released its long-awaited rules regarding what taxpayers can deduct currently as repair costs verses what must be expensed over a longer period of time (capitalized and depreciated). At over 200 pages in length, the IRS regulations have significantly impacted most taxpayers with a tight timetable for compliance beginning in tax year 2014.  Read more…

 

Consultant’s Corner September 2013

The Health Insurance Portability and Accountability Act (HIPAA) was enacted on August 21, 1996.  During that same year, Microsoft released Windows NT 4.0 and Internet Explorer 3, the Spice Girls were ruling the air waves, Clinton defeated Dole and Perot, and a little company called Ebay first tested the digital waters of the Internet.  Read More…

Consultant’s Corner August 2013

Family owned businesses play a large role in the U. S. economy. 99% of U.S. businesses are family owned, from the corner store to mega-companies such as Mars, Inc. and L.L.Bean, Inc.

Most family owned businesses sooner or later focus on what is referred to as “succession planning.” The focus of succession planning is the continuity of a business from one group of owners or management to the next in line.  The primary goal is the financially viable continuation of the business. Read more…

Consultant’s Corner February 2013

Even with the recent changes in the Federal Estate Tax exemption, extending the lifetime combined estate and gift tax exemption amount to $5,000,000 per person, the annual gift tax exclusion is very much alive and well. The annual exclusion amount is in addition to the lifetime exemption, and even with a $5,000,000 lifetime amount, many taxpayers utilize the annual gift exclusion to further maximize the total assets that may be transferred with no tax cost. Read More…

Crosslin Moving to New Location

Crosslin is pleased to announce the firm will close the year 2012 by moving to a brand new Nashville location.  As of January 2, 2013, the firm will be located at The Astoria, 3803 Bedford Avenue, Suite 103, Nashville, TN 37215, right in the heart of Green Hills. This brand new building was custom-outfitted to meet the needs of Crosslin’s growing accounting and consulting practice.

Continue reading “Crosslin Moving to New Location”

Crosslin Announces Audit Department Promotion

Nashville, Tennessee – Crosslin is pleased to announce promotion of John Crosslin to Principal-in-Charge of the Audit Practice.

Crosslin has been with Crosslin more than 14 years and has held positions of increasing responsibility through the years.  He holds a Bachelor’s Degree from Goizueta Business School of Emory University, and a Master’s Degree from Owen Graduate School of Business of Vanderbilt University.   Additionally, he is a CPA in the states of Tennessee and Florida, a member of both the Florida and Tennessee Societies of Certified Public Accountants, and a member of the American Institute of Certified Public Accountants.

Crosslin Announces New Marketing Director

Nashville, Tennessee – Crosslin is pleased to announce the promotion of Kim White to Marketing Director.  Kim is responsible for the marketing and branding functions at Crosslin.  She previously held the position of Marketing Coordinator.

White joined Crosslin nearly five years ago as an administrator to the tax department.  She transitioned to the marketing department in 2009 where she has been an integral part of the firm’s proposal process and marketing efforts.  White holds a Bachelor of Arts Degree from O’More College of Design.