Finance & Enjoyment Blog
January 12, 2012Physician Retirement and Exit Strategies
Category: Retirement and Exit Strategies
A quick Google search on “retirement and exit strategies physicians” gave me 357,000 hits. I did the same search on Yahoo and got 30,500,000 hits. While I did not look at all of these, I did scan a few pages of hits and found two words showed up quite a bit. These two words were “solo” and “group.” When I first was asked to write about this topic, I was thinking more along the lines of the 60+ year old physician looking for a lighter schedule for a year or two while the patients are transitioned to another physician …
Read The Rest of This PostJanuary 12, 2012Home Ownership Ain’t What It Used To Be
Category: Your Financial House
I was in my mid-twenties when my parents paid off the mortgage on their house. This was a momentous event in their lives, and I didn’t realize the full impact until years later. They built the home and paid for it with a 20-year mortgage. The value of the house as well as their salaried had increased several times during the 20 years they were paying down the mortgage. The income tax savings from deductions for interest and taxes were significant, and more than made up for the difference between what they would have paid for rent and the mon …
Read The Rest of This PostJanuary 09, 2012Advantages in HOA Tax Reporting
Category: Rules and Regulations
Did you know a homeowner’s association can retroactively change its tax status? By allowing this, an HOA can optimize their tax due to take advantage of certain rules. An 1120-H, which is exclusive to HOAs allows the organization to be taxed at a flat 30% on all regular and investment income. This can be advantageous under the right circumstances, while harmful in others. The alternative to this type of tax status is to file an 1120 as a corporation. The lowest tax rate under this type of status is 15%, but only up to $50,000 in income …
Read The Rest of This PostJanuary 04, 2012Vacation Destination: Disney World
Category: Vacation Destinations
One of the biggest vacation destinations for people of all ages is Disney World. It’s been ingrained as the ultimate American vacation spot since its opening in 1971. Since then, Disney World has grown into its namesake and is like an entirely different world located all inside Central Florida. There is the original park itself, The Magic Kingdom, which hosts such famous rides as Splash Mountain, Pirates of the Caribbean, and The Haunted Mansion as well as the famed Disney castle. For those who look for a more education …
Read The Rest of This PostJanuary 04, 2012KKB's 2011 Holiday Party
Category: Entertainment and Events
The holidays at KKB are typically a fun, relaxed affair, and this year was no exception. For most of us, this is the last quiet period of the year before the nonstop barrage until April 15th (April 17th this year). As a firm, we decided to close the office early on the Monday before Christmas, and have a little party. The food was prepared in-house and featured various appetizers. In addition to the food, Greg supplied the beers which were Coors’ Batch 19 and Left Hand’s Polestar Pilsner. The Polestar Pilsner, like everythi …
Read The Rest of This PostJanuary 04, 2012The 2% Payroll Tax Cut And You
Category: Your Financial House, Rules and Regulations
Much talk has been made lately of the 2% payroll tax cut that has been the holdup in Congress over the past month. At face value, the common employee would assume this will result in a straight 2% increase in their take-home pay, but there are many other factors involved that also affect this amount. Additionally, this does not extend to the employer, so that rate remains at 6.2%. First of all, this cut has been in effect since 2011 so what Congress was actually fighting over was whether or not to return to the rate to pre-2011 rates. This payroll tax is solely tied to …
Read The Rest of This PostDecember 16, 2011Reducing Your Tax Bill Before The End Of 2011
Category: Your Financial House
Reducing Your Tax Bill Before The End Of 2011 Despite only a few weeks left in 2011, there are still several things you can do to reduce your 2011 tax due. • The first thing you can do is maximize your 401(k)’s contributions from your paycheck. These deductions reduce taxable income as well as provide a great base for retirement. The max an individual can contribute for 2011 is $16,500 for people under fifty, and $22,000 for fifty and older. • Another thing you can do is claim any energy efficient appliances and home improvements made during the year …
Read The Rest of This PostJune 07, 2011Rules for Your Car Tax Deduction
Category: Rules and Regulations
Rules for Your Car Tax Deduction - A vehicle that is used for both personal and business is tax deductible for business related purposes only. There is no minimum in regards to the percentage of business use for the automobile and whether the vehicle was financed, purchased outright or leased does not matter. Either a standard mileage rate or the actual costs can be used to calculate this deduction. There are, however, several rules one must follow when taking these deductions, and only one expense method may be used. Rule # 1: Adequate written records must be kept. These should provid …
Read The Rest of This PostJune 03, 2011Best Brain Food for CPA's: Carlos Bistro
Category: Entertainment and Events
Best Brain Food for CPA's: Carlos Bistro - Recently, while in Colorado Springs attending the Colorado MGMA conference we invited our friend and keynote speaker, Reed Tinsley, to join us for dinner at a local restaurant. We discovered that Carlos Bistro was highly rated by the locals, and decided to take a chance. As we were making our left turn from 21st street into the parking lot, we saw Carlo, dressed in a crisp shirt and tie, standing at the open door waving and welcoming us in. Frankly, at first I wasn't sure who he was, or who he was waving at, as this&n …
Read The Rest of This PostJune 02, 2011Cloud Computing and Your Business
Category: Successful Practice Management
Cloud Computing and Your Business - Recently, a lot of talk about cutting edge business technology involves the use of cloud computing. There are advertisements almost daily claiming that it will revolutionize the business world, but one thing these advertisements lack is any sort of explanation as to what clouds do. The following is a brief synopsis of the purpose and function of clouds, and how they may help your business. What is a cloud? A cloud is a series of powerful networked computers that hold different applications that a user can run from their own computer, but al …
Read The Rest of This PostJune 01, 2011Colorado Accounting: Depreciation Changes Likely
Category: Your Financial House, Rules and Regulations
Depreciation Changes Likely for Colorado Accounting - It is likely that this year will be the last year in which businesses can claim special depreciation on new asset purchases equal to 100% of the assets cost, if they are purchased new. This can add to significant tax savings in the 2011 tax year. With these tax savings unlikely to be extended into the future, businesses may wish to consider purchasing any new assets in the current year before this tax advantage is gone. Another depreciation change that may be coming is an increase in the tax lives for assets put in service in the fut …
Read The Rest of This PostMarch 01, 2011Health Care Medical Deductions
Category: Your Financial House, Rules and Regulations
The Latest in Health Care Tax Deductions - Due to the health care act of 2010, in the near future it will become increasingly difficult to deduct health care expenses if you itemized on your tax return. With the current rate of medical expenses being deductible by the amount which exceeds 7.5% of your adjusted gross income, this rate will increase in 2013 to the amount that exceeds 10% of AGI and then in 2017 it will increase to 10% for individuals 65 and older. There are many expenses which the IRS deems qualifying medical expenses when itemizing, these include items such as health insuranc …
Read The Rest of This PostFebruary 26, 2011Adoption Tax Credit Changes
Category: Your Financial House, Rules and Regulations
Changes to the Adoption Tax Credit - There have been several changes to the adoption tax credit this year. Many of these changes are new to this year due to the passage of the health care reform bill. Several new opportunities for tax savings in both 2010 and 2011 have been created, yet all these savings expire after 2011 unless Congress takes further action to extend them. This addition to the adoption credit allows for a maximum tax credit of up to $13,360 per eligible child, to cover processing fees and other costs directly attributable to the adoption process, with the credit extend …
Read The Rest of This PostFebruary 19, 2011CPA Advice - 10 Tips on Time Management
Category: Time Management and Organization
Top Ten Time Saving Tips - No matter how efficient a person may be, improving time management is something everyone can benefit from. These changes do not need to be extravagant or excessive, but rather can be minor tweaks here and there throughout the day to save on time, planning, energy, and stress. Here are Ten Tips on Saving Time: Have everything laid out and ready to go in the mornings. This includes food, clothing, documents, keys, etc. An enormous amount of time is spent rummaging through closets and refrigerators when it could be done the night before when time is more forgiv …
Read The Rest of This PostFebruary 18, 2011Important Information on Residential Energy Tax Credits
Category: Your Financial House, Rules and Regulations
Energy Tax Credit - What You Should Know! As you are beginning to prepare your taxes there are a couple of federal tax credits that you may want to consider this year as they may save your money. One of which you should look at for money savings is the residential energy tax credit. This tax credit can be up to $1,500 or 30% of the purchase price of items such as central air conditioning, energy efficient windows and doors. If you have purchased any of these items during the year of 2010 be sure to take this into consideration while preparing your tax information. One unfort …
Read The Rest of This PostJanuary 26, 2011Tax Planning Basics
Category: Successful Practice Management, Your Financial House, Rules and Regulations
What You Should Know About Tax Planning - For the most part, significant tax issues may be avoided by careful planning and attention to your financial situation. The goal of any tax payer should be to pay the least amount of tax, but this philosophy may lead to errors or even create more of a tax liability than what was originally saved. Tax returns filed by medical practices can be complicated, and leaving it up to Turbotax or H&R Block can have disastrous results. Usually the cost associated with hiring a CPA is made up several times over by the dollars saved on the tax …
Read The Rest of This PostJanuary 24, 2011Why Hire a CPA to do Your Tax Return?
Category: Successful Practice Management, Your Financial House
Why Hire a CPA for Tax Returns - As the beginning of the tax season is upon us, we have become immersed in advertising from the likes of H & R Block, TurboTax, and Jackson Hewitt, informing us that they will do everything in their power to get you your money back at a very low cost. While these services may be slightly cheaper than your local CPA firm, you may not be getting the best value for the dollars you spend. It is important to realize that there are many additional benefits you receive from a CPA firm these other sources do not offer. There are at least five distinct advantages …
Read The Rest of This PostJanuary 18, 2011Colorado Rock Climbing: Pushing Myself to a New Level
Category: Entertainment and Events
Rock Climbing in Colorado : We all have our own ways of pushing ourselves to a new level. Personally, I have found that climbing provides a great way to challenge myself both mentally and physically while enjoying the mountains in all their glory. The physical challenge which climbing provides is quite obvious, as it is easy to understand how pulling oneself up an overhung cliff can be exhausting. However, it is the mental challenge that has drawn me to climbing and continues to bring me back for more. The mental challenge to push yourself above what you may think is possible, to …
Read The Rest of This PostJanuary 01, 20112011 Tax Due Dates
Category: Your Financial House, Rules and Regulations
Due Dates for the 2011 Tax Season: January 15, 2011 Individuals Pay fourth installment of estimated income tax for 2010, accompanied by Form 1040-ES and for CO Form 104-ES. Corporations and S-corporations (years ending October 31, 2010) File U.S. Corporation Income Tax Return, Form 1120, or U.S. Income Tax Return for an S Corporation, Form 1120S, or an application for extension of time to file, and pay the balance of the income tax, if any. Colorado corporations are due the same day as federal. A worksheet, Form 1120-W, is availab …
Read The Rest of This PostDecember 31, 2010Brett Favre vs. Rex Grossman: Talent Comparison
Category: Entertainment and Events
A Reasonable Argument for a Revisionist Idea All Conditions Equal, is Rex Grossman Bret Favre? “Sometimes there's a man, well, he's the man for his time and place. He fits right in there.” -The Big Lebowski He’s a relentless leader on the field. Someone who isn’t afraid of a corner blitz, triple coverage, or an empty vicodin bottle. To him, the score doesn’t matter because all he wants to do is step back and see if he can be the first person to kill a receiver from throwing a football. He can toss for 400 yards with five touchdowns and zero in …
Read The Rest of This PostDecember 28, 2010New Healthcare Bill - Penalties Enforced for Employers
Category: Successful Practice Management, Rules and Regulations
New Healthcare Bill - Penalties Enforced for Employers Due to the recent Healthcare bill there will be new penalties enforced that may affect employers with over 50 full-time employees, or full-time employee equivalents. These new penalties have been enacted to encourage employers to provide employees with either health insurance or another health plan that pays for 60% of their employee’s health care costs. If an employer fails to do this they will incur a $2,000 penalty for each employee beginning in 2014, with 30 employees being exempted from the calculation of the penalty. The gove …
Read The Rest of This PostDecember 14, 2010Winter in Colorado - Ski & Snowboard Time!
Category: Entertainment and Events, Vacation Destinations
Enjoy Winter by Skiing in Colorado With the Ski resorts beginning to open there are now new opportunities for us to go outside and enjoy our beautiful Rocky mountains. Having now lived in Colorado for a year one of the things I have fallen in love is the ability to stay active outdoors, even during the cold winter months. As many residents already know, winter is not a time to bundle up and stay indoors, but rather another opportunity to get outdoors and enjoy the slopes through skiing or snowboarding. With a host of resorts and ski areas so close to the Denver area you can leave …
Read The Rest of This PostNovember 19, 2010Denver CPA Travel Hotspot: Telluride
Category: Vacation Destinations
Telluride in October with John Fielder Legendary Telluride is said to be a contraction of the words “To Hell You Ride,” a trip described by Old West cowboys traveling through the rugged and heavily forested mountainous terrain into the incredibly beautiful box canyon where the current town is nestled. A few weeks ago we had the opportunity to attend one of John Fielder’s annual mountain workshops focused on various stunning Colorado vistas found only a few hours away from home. John Fielder is famous in Colorado for his spectacular landscapes, and we discovered that h …
Read The Rest of This PostNovember 04, 2010Denver CPA Team Member Vacations in Perdido Key
Category: Vacation Destinations
Perdido Key Remains Beautiful and Resilient Perdido Key - A Beautiful Florida Beach October is the time of migration for the Monarch butterflies that flock to the white sand beaches of Perdido Key Florida. Under the brilliant, clear blue sky, the pure white quartz sand provides a fine backdrop for a quick photo. During an early morning walk down Johnson’s Beach, on the east end of Perdido, we were thrilled to see many animals that are enjoying life after the BP oil spill. There are occasional traces of light brown stain on the beach, and the largest natural self-cl …
Read The Rest of This PostNovember 03, 2010Changes to Hospice Care
Category: Successful Practice Management
Hospice Care Changes are Coming! Due to health care legislation passed recently there will be several new changes within hospice care. One of these changes will be in the quality data requirements. Currently there are no uniform standards within the hospice care industry on what quality data should be reported. This will soon change as the Secretary for the Department of Health and Human Services has been tasked to come up with quality measures that all hospices will be required to report or risk facing a 2% decrease in their reimbursement basket increase. This reporting is to begin in …
Read The Rest of This PostNovember 02, 2010Medicare Fraud Prevention
Category: Successful Practice Management
Prevention of Fraud in Medicare Payments In response to crimes, fines for health care fraud will increase by 20-50% for crimes involving more than $1,000,000 in losses. Also, obstructing a fraud investigation will be considered a crime. There will be an expansion of Recovery Audit Contractors to investigate Medicaid, Medicare Advantage, and Part D to ensure proper payment has been made. New powers will be given to the secretary and inspector generals to investigate and audit health insurance exchanges to prevent health insurance fraud. A large part of the Health Ca …
Read The Rest of This PostNovember 01, 2010Changes to FSAs, HSAs and MSAs
Category: Successful Practice Management
Changes to Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Medical Savings Accounts (MSAs)! One of the biggest changes that occurred with the passing of the Health Care Reform Act of 2010 was with Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Medical Savings Accounts (MSAs). Starting in 2011, all over the counter medicines are prohibited from being reimbursed by these accounts. This change will be felt on many different levels as over the counter medicine is the most common purchase by these accounts. For those that plan well, this change will b …
Read The Rest of This PostSeptember 30, 2010Changes to Provider Payments from Medicare
Category: Your Financial House
Changes to Provider Payments from Medicare Starting in 2011, provider payments from Medicare for clinics will be affected as a result of the Health Care Reform Act of 2010. The purpose for these changes is to increase productivity while lowering costs. To take care of the productivity goal, there will be an annual update that includes an adjustment step. On the cost reduction side, a 1.75% reduction will occur from 2011-2015. In 2015, this reduction increases to 1.95. There will also be a provision calling for the Centers for Medicare and Medicaid Services to submit to Congress a report with …
Read The Rest of This PostSeptember 29, 2010Imaging Services: Medicare Spending Reduced
Category: Rules and Regulations
Imaging Services: Medicare Spending Reduced Provider payments from Medicare as it pertains to medical imaging procedures have changed since the passing of the Health Care Reform Act of 2010. The reasoning behind this is to curb Medicare spending on imaging services, which rose sharply from $6.6 billion in to $13.7 billion in 2006. The new legislation resulted in three changes, two of which are payment related, while the third deals with disclosing information. Effective in 2011, there will be a rise in the utilization rate assumption for calculating the payment for advanced imaging equ …
Read The Rest of This PostAugust 27, 2010Lower Utilization Rates in Hospitals Will Be Rewarded
Category: Your Financial House
With the passing of the Health Care Reform Act of 2010, Medicare payments to both inpatient and outpatient facilities have been altered. The theoretical purpose for these changes is to control costs while improving quality of care, which the bill plans to achieve by providing larger payments to facilities that meet the new standards. Effective in 2011, hospitals in counties in the lowest quartile of per capita spending will receive increased Medicare payments. By 2012, a full productivity reduction is planned to take effect. There also will be an inpatient hospital Value-Based Purchas …
Read The Rest of This PostAugust 11, 2010Physician Quality Reporting Initiative - Need to Know!
Category: Rules and Regulations
The Healthcare Reform Act of 2010 will bring many changes to Medicare payments to physicians. Most of these changes will occur in years after 2010, with the exception of payment amounts being increased for practices with low costs in 2010. Starting in 2011, Physician Quality Reporting Initiative (PQRI) incentive payments will be increased by .5% every year until 2014. Whereas, if physicians do not participate in PQRI programs, they may face penalties in 2015. The Department of Health and Human Services (HHS) will be developing a ‘physician compare’ website, as well as appl …
Read The Rest of This PostAugust 08, 2010Medicare Tax Increases - 2010
Category: Successful Practice Management
With the passing of the recent Patient Protection and Affordable Care Act (PPACA) there was an increase in the Medicare tax on individuals and joint filers whose income exceeds $200,000 for individuals and $250,000 for joint filers. This increase includes a .9% increase, in addition to the already enacted 1.45% Medicare tax for all income, applying to wages that exceed the above mentioned thresholds. The burden to withhold this tax increase rests solely on employers who must withhold this additional tax once the thresholds have been exceeded regardless of a spouse’s income level. However …
Read The Rest of This PostAugust 02, 2010Medicaid Undergoing Changes
Category: Rules and Regulations
Medicaid, the health program for eligible individuals and families with low incomes and resources will undergo several changes resulting from the Health Care Reform Act of 2010. The majority of these changes will be seen by the provider and are: Providers are allowed to be recognized as Accountable Care Organizations and share in cost savings on both the federal and state levels. Payment rates to primary care physicians will equal 100% of the Medicare payment rate in 2013 and 2014, this will be funded solely by the federal government. One new rule resulting from the act is tha …
Read The Rest of This PostJuly 16, 2010Health Information Technology Extension Program
Category: Rules and Regulations
The Health Information Technology for Economic and Clinical Health (HITECH Act), created by ARRA, creates a Health Information Technology Extension Program. The extension program consists of Health Information Technology Regional Extension Centers (RECs) and a nationwide Health Information Technology Research Center (HITRC). The HITRC is tasked with gathering information on effective practices and facilitating the RECs in working with one another, and with germane stakeholders to identify and share best practices in EHR adoption, successful use, and provider support. The RECs will supp …
Read The Rest of This PostJuly 14, 2010Changes to Medicare Advantage
Category: Your Financial House
Starting in 1997, Medicare Advantage allowed for Medicare Beneficiaries to receive their benefits through private health insurance plans rather than the original Medicare plans. This works by Medicare paying the private health care company a set amount every month per member. These private plans are required to offer benefits that are at least as good as that of Medicare. A positive effect of this is that beneficiaries are able to tailor their plans for their individual needs, while a negative effect is that the private insurance companies often charge an additional amount each mo …
Read The Rest of This PostApril 01, 2010What Should Small Business Be Doing in a Downturn?
Category: Successful Practice Management
Small business is a major driver of the U.S. economy. In hard times, however, smaller businesses have a tough time surviving. What should they be doing to survive and thrive? Manage Payroll - Payroll is typically one of the largest costs in a small business. The challenge is to employ just the right number of people to provide optimum customer service. This means projecting sales and staffing to meet that need. The successful business will master the art of maintaining high quality service levels, without employing excess personnel that consume the businesses pot …
Read The Rest of This PostMarch 01, 2010Denver CPA Firm's Lesson About Gratitude
Category: Entertainment and Events
Every day, I practice gratitude. Being grateful during the difficult times is not easy, and sometimes I find myself not taking the time to be grateful for the small things in life. I try to practice gratitude continuously, throughout the day. When I wake up in the mornings, I think grateful thoughts for the simple gifts in my life -- for my bed and for the unknown day ahead. I even send grateful thoughts for my shower, my clothes, my breakfast, my home and for my husband. I express gratitude for my job, and my coworkers. These simple things are blessings in life. Special moments to me are wh …
Read The Rest of This PostFebruary 27, 2010Benefit of Credit Cards, according to Denver CPA Firm
Category: Your Financial House
When we talk about credit cards, we automatically think about the high interest rate and all sorts of fees the credit card company charges us. But I recently learned that there are times we should use a credit card. The credit card benefit was an accidental lesson. It happened when my two year old Sony big screen TV was broken a month ago. I called the Costco tech support hot line and found out that the two year warranty had expired three days earlier. The Costco customer service representative noticed that I had charged the TV with American Express. He told me that American Express has an …
Read The Rest of This PostFebruary 25, 2010Helpful Hints to Expedite Your Individual Tax Preparation
Category: Your Financial House
With tax season upon us, these tips may be helpful to avoid follow up information requests and maybe even reduce your tax prep bill. 1. Read your organizer! It is a very useful tool. On the right side everything you reported in 2008 is listed. Use this guide to enter (or gather) the necessary information for your 2009 taxes. 2. Remember to include ownership tax information for your car. On the organizer, it’s listed just below real estate tax as “personal property tax.” Simply refer to your auto/boat/motorcycle/trailer registrations …
Read The Rest of This PostFebruary 23, 2010KKB Teammember speaks on "Why I live in Buffalo Creek Colorado"
Category: Vacation Destinations
While flying to CougarVille, Washington a few weeks ago; for my stepdaughter’s graduation I was thinking this was going to be a great weekend. However, as usual, when I travel I always wish I were spending my time at home. Let me tell you why: The place I call home, Buffalo Creek, Colorado is just 50 short miles southwest of Denver. If any mountain bike riders are reading this, you may know exactly what I’m talking about. Bikers seem to nearly fill our ranger station parking lot on most Sunday mornings. But you are okay, guest. You’re basi …
Read The Rest of This PostFebruary 17, 2010Roth IRA Conversions
Category: Your Financial House, Retirement and Exit Strategies
Roth IRA’s (named after Representative Roth who was chairman of the House Ways and Means committee at the time) have been in existence since 1998. They are only available to individuals with earned income and adjusted gross incomes below established levels. Roth IRA’s are advantageous because: Virtually all future income, growth and withdrawals are tax-free You are not required to take distributions after age 70 1/2, as you are with traditional IRA’s Taxpayers with adjusted gross incomes below $100,000 have been permitted to convert traditional IRA& …
Read The Rest of This PostFebruary 11, 2010Prepare for the RAC Attack
Category: Successful Practice Management, Retirement and Exit Strategies
RAC Audits Are Coming! Have a sample of your claims reviewed by an outside coding expert. Be sure your compliance manual is up to date. Look for your most frequently used and highest dollar claims, and be sure coding is accurate. These will be among the first areas of RAC examination. Monitor the RAC’s Web site for the items at the center of their attention, and scrutinize your practice for all that apply. CMS requires that RACs inform the public of specific areas of interest. Connolly’s Web site is: www.connollyhealthcare.c …
Read The Rest of This PostJanuary 21, 2010KKB in the Community
Category: Successful Practice Management
Oftentimes in our lives we get so caught up in our careers and focus so intently on them that we may forget the importance of community and the need, as humans, to do what we can to improve the world around us. Volunteering is just one way, I believe, that enables us to do this. I hope you are able to see from my own experiences the joy that can be found in giving up ones time for the benefit of others. As well as how easy it is to become a volunteer. After recently moving to Lakewood from Iowa it was important to me to find ways I could give back to the place I now call home. I was luc …
Read The Rest of This PostDecember 23, 2009First Time Home Buying - My Home Buying Nightmare!
Category: Your Financial House
It was a dark and stormy night in Southeast Denver and my apartment lease was weeks from expiring. I had spent the last few weeks of April trying to find the perfect home to rent so I could have a yard for my basset hound to play. May 1st rolled around and I realized that maybe renting isn’t the best option for me. A friend asked me, “Why don’t you buy a house?” To which I immediately laughed. “Are you crazy?” But later that night I took a step back and I realized the idea wasn’t that crazy after all. If you take …
Read The Rest of This PostDecember 02, 2009My African Adventure
Category: Vacation Destinations
No, it's not a motorized safari! It's a world where transportation is by donkey or by foot. This is a place where the day's meal is slow-cooked over an open fire; and vibrant people move slowly and savor time with their friends and relatives. At the edge of the Sahara where people live in thatch homes, and life is harsh, hearts are kind and people live in peace. In January 2010, I'll travel to the village of Guéoul, Sénégal in western Africa to volunteer with Friends of Guéoul. Friends of Guéoul Friends of Guéoul is a Color …
Read The Rest of This PostNovember 27, 2009Your Time Management - Raising an ADD or ADHD Child
Category: Time Management and Organization
I made it! Both of my boys were diagnosed with ADD or ADHD at a young age. What a struggle it has been getting them through school. My youngest is a senior in high school and by the grace of God he will graduate in May. There have been many obstacles to overcome during their school years. For my oldest, staying focused on homework, or just a simple task that was out of the ordinary, were his biggest obstacles. He has ADHD. Trying to keep him in a chair for more than 2 minutes was such an effort. There were many days when he was younger that we would have t …
Read The Rest of This PostNovember 24, 2009KKB Sox Game 4
Category: Entertainment and Events
Lessons learned from last night's game four: most athletic events between a sports bar and an accounting firm will usually end with the sports bar winning. So what if we lost 4-25 to JD's Bait Shop? Let's challenge them to an "1120 Death Duel" and see who wins. "Two teams enter, retained earnings leave!" All joking aside, we actually played very well last night. Linda graciously decided to help us out since we were one (wo)man short, and did an excellent job fielding the ball. In fact, both she and Colleen had several crucial stops while field …
Read The Rest of This PostNovember 24, 2009KKB Sox - Game 5
Category: Entertainment and Events
If you want to see the key to our game 5 victory, look for further than the picture below, taken from last night's game. That's right, Jon "Capital Gains" Alfano won it for us last night with his Herculean level hitting. Even with the opposing team's outfielders playing deep, he still drove it to the fences for two or three RBI's every at bat. Other noteworthy news from the game involved Angela and Phil playing catch between the pitcher's mound and first base for a couple of innings, resulting in a three up, three down lineup from the Rabid Squirrels. Let's hope they tr …
Read The Rest of This PostNovember 18, 2009The Enjoyment of Working at KKB!
Category: Entertainment and Events
"To be successful you have to enjoy doing your best while at the same time contributing to something beyond yourself." Mihaly Csikszentmihalvi The enjoyment of working at KKB! Central to the core of office culture is the Enjoyment Committee (EC). The committee is comprised of staff volunteers and with it's excellent intellectual capital and modest budget invest in great ideas, camaraderie and shared memories. The enjoyment committee has provided various activities to assist in making KKB a more enjoyable place to work. The first outing was a company ski day in …
Read The Rest of This PostNovember 17, 2009Theory Behind The Sneeze
Category: Entertainment and Events
The receptionist in our office has a nose disease that causes her to sneeze all of the time. I mean, all of the time. The poor thing will have sneezing attacks that last for minutes. She told me about this right after she started since I sit next to hear and she didn't want me to worry about always having to say "Bless you". But there was no way that I was not going to say "Bless you" every time. I have to. Now let me explain why. My dad was always very strict about my sister and I having good manners. We were to always say "G …
Read The Rest of This PostOctober 20, 2009Computer Crime and Abuse
Category: Rules and Regulations
Popular business press, from the Wall Street Journal, various cable news networks, other business magazines and websites; frequently publish stories about newly discovered cases of financial fraud relating to or carried out by using computers. KKB would like to increase awareness of these problems and aid in devising controls to prevent them or reduce the damage they can cause to your company. A computer crime is the manipulation of a computer or computer-generated data to dishonestly obtain something of value for personal gain, or to cause loss. Statement on Auditing Standards No. 99: Cons …
Read The Rest of This PostOctober 16, 2009KKB Recommends La Dolce Vita!!
Category: Vacation Destinations
When people think about getting outside on a weekend in Colorado, the first thing that comes to mind is heading for the mountains. And while the mountains provide everything an outdoor adventurer is looking for, what adventures exist for those who don’t like camping and hiking? Well, if you enjoy great food and a family atmosphere, then Festival Italiano at Bel-Mar is right up your alley. Festival Italiano is an annual festival held at Bel-Mar, a vibrant shopping, dining and residential community in Lakewood. Bel-Mar, located at Alameda and Wadsworth, is the host of …
Read The Rest of This PostOctober 15, 2009KKB Sox Game 3
Category: Entertainment and Events
I believe last night’s game three was what’s called a “black and blue” game. Muscles were sore and aching but that didn’t seem to stop us from playing excellent defense. Our defense played so well we were able to finish the game holding our opponents with back to back scoreless innings. Due to these scoreless innings, and a few well timed hits by KKB team members, we won the game, 13-9. Last night’s fielding was unquestionably the best performance we’ve had all year. Let’s credit the excellent work from the entire infield as well as strong pi …
Read The Rest of This PostSeptember 23, 2009KKB Team Member - Small Town Girl to the Big City
Category: Vacation Destinations
Have you ever been so set in your ways in life that it is hard to adjust to new changes? Something as new and bold as moving from one state to another? I recently moved from my home state of Texas that I have known my entire life, and where my entire family resides, to another state that is way out of my comfort zone. Yeah! Talk about a HUGE change! I know, I know, you are probably thinking, "Oh geez! That's easy! I've done that plenty of times and it is not THAT hard." Well, I am a small town girl, moving to a big city. So, this is definitel …
Read The Rest of This PostSeptember 17, 2009Estate Tax Changes
Category: Rules and Regulations
Estate tax is defined by the Internal Revenue service as "A tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death." In 2001, Congress enacted sweeping changes to the estate tax, gradually increasing the exemption amount from $675,000 to $3,500,000 today in 2009. Because this legislation passed in the Senate with fewer than 60 votes, the changes could not be made permanent. If Congress does not address estate tax in 2009, the tax will disappear as of January 1, 2010, …
Read The Rest of This PostAugust 18, 2009KKB's Take on Proposed Healthcare Reform
Category: Rules and Regulations
Healthcare Reform, or Health Insurance Reform as it is currently being called, is the hottest topic on many people's minds right now. The House has passed a complex bill that is over 1,000 pages long; there are many, many provisions in this bill, and I doubt anyone can say that they know what it all means. Democratic senators and congressmen rely on advisors who are guided by Mr. Obama's team for a political script for their public communications. I wonder if any one of them has read the entire bill. There are provisions within the bill that are highly questionable, such as …
Read The Rest of This PostAugust 13, 2009Identity Theft and Red Flag Rules
Category: Rules and Regulations
The Red Flag Rules were developed to address identity theft issues through creditor handling of personal consumer information. In theory, finding identity theft early in source transactions and taking proactive steps to stop the damage should lessen financial losses to organizations, and protect consumers from becoming victims. The FACT Act, of which the Red Flags Rules are a part, is a significant piece of legislation that amended the Fair Credit Reporting Act (FCRA) and requires businesses to implement the law through a number of regulations. According to the Federal Trade Commi …
Read The Rest of This PostAugust 13, 2009KKB Softball Team's Game #2
Category: Entertainment and Events
I know these games are meant to be played for fun, but that doesn't stop last night from hurting any less. The cause for the roller coaster ride of emotions came from the top of the third inning with what we thought would be our final at bat, down 8-3. Slowly but surly, their lead began to decrease until finally it was 8-5 with two outs, the bases loaded, and the home run king himself, Tyler Cline, steps up to the plate. What happened next was a powerful hit that shot the first pitch straight to center field, finally rolling to a stop at the outfield fence. Despite a …
Read The Rest of This PostJuly 20, 2009KKB's CPA Softball Game!
Category: Entertainment and Events
The best victory is when the opponent surrenders of its own accord before there are any actual hostilities... It is best to win without fighting. – The Art of War After Wednesday night’s game with Racks & Balls, we all can certainly attest to that statement. Unable to field enough females to play, the game began with a forfeit that led to a scrimmage between the available players on both teams. Unless an event occurs where we win without actually leaving the house, last night will likely go down as the easiest win of the year for the KKB Sox. This improves the Sox record to a …
Read The Rest of This PostJuly 19, 2009First-time Homebuyer
Category: Your Financial House
For those of you considering taking the plunge into home ownership, there may be no better time to buy then right now. With the depressed housing market and foreclosures at an all time high, many individuals are looking to take part in the American dream and become first-time homebuyers. In order to help facilitate you, the American Recovery and Reinvestment Act of 2009 (ARRA) has enhanced the first-time homebuyer credit for those who are eligible to take it. Who can take the credit? An individual is considered a first-time homebuyer if he (or spouse, if married) had no presen …
Read The Rest of This PostJuly 18, 20092009 Potential Tax Changes
Category: Rules and Regulations
2009 is shaping up to be active and perhaps even baffling year. The following paragraphs outline some of the key activities that seem to support this forecast. Our team of tax professionals at KKB will be following these and other changes as they occur. Recently Nancy Pelosi, Speaker of the House of Representatives, said the House would have its version of healthcare reform out by July 31, 2009, yet no mention was made about how it would be funded. The most pressing tax issue for 2009 is the existing estate tax exemption. On Ja …
Read The Rest of This PostJuly 16, 2009Internal Controls - Financial Health of Your Business
Category: Your Financial House
How’s the financial health of your business? You probably check the pulse of the business financial health by regularly watching the cash flow and even reading the monthly financial statements. But have you examined the internal financial structure of your business recently? To conduct a business self-assessment, answer “yes” or “no” to this list of questions: Do you know how transactions flow through your business? Do you know who in your organization is responsible for specific financial functions? (deposits, check writing …
Read The Rest of This PostJuly 15, 2009Lease vs. Buy
Category: Successful Practice Management
Clients frequently ask me whether to buy or lease a certain piece of equipment for the medical practice. Before I can answer that question I must consider a great number of facts about the client’s specific circumstances. The first thing we look at is the current cash flow situation. Is there enough cash in the practice currently to buy the equipment outright? If the cash is there, we can save interest charges that a loan to buy the equipment would incur. With interest rates on savings accounts being almost zero these days, and credit being tough to find, paying ca …
Read The Rest of This PostJuly 14, 2009Thoughts on Influencing Organizational Culture
Category: Successful Practice Management
The organizational culture of your business defines the way you relate to your customers and to the people you work with. Your customers will be served best when the entire team works together with the same well-defined positive orientation towards service and customer care. As a customer, you inherently know when you are working with a competent individual who cares about what you want and need. It doesn’t take long for you to determine if the sales person before you is attentive and knowledgeable about store products. There was a time when “customer service& …
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