Finance & Enjoyment Blog

December 17, 2015Crowe GHP Horwath Announces Acquisition of KKB‘s Tax Consulting and Compliance Practice Areas
Category: Rules and Regulations

DENVER, Colorado (December 8, 2015) – Nadine Pietrowski, CEO and Senior Principal of Crowe GHP Horwath, announced today that Crowe GHP Horwath has acquired the tax consulting and compliance practice areas of Denver-based KKB. Joining the Crowe GHP Horwath team are Bruce Kirkpatrick and Greg Pfantstiel, who have long had a primary focus in healthcare, specifically working with physicians’ practices handling tax planning and preparation, wealth management and general practice consulting. “Bruce Kirkpatrick and Greg Pfantstiel have years of experience in this specialty niche practice area. …

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November 24, 2015Year End Retirement Strategies
Category: Retirement and Exit Strategies

Year End Retirement Strategies As we bid farewell to 2015, there are several strategies and deadlines you may need to meet to qualify for credits and tax deductions. As your Denver CPA here at KKB, we put together some year end retirement strategies you can take advantage, as well as things to keep in mind before the start of 2016. After all, we all want to start the New Year off on the right foot. Last Minute Contribution to 401(k) We have written several blogs on this 401(k) contributions, but it is a very important part of retirement portfolios. As we near the end of the year, you have until December 31st to contribut …

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November 18, 2015Year End Financial Planning for Your Practice
Category: Time Management and Organization

Year End Financial Planning for Your Practice The end of 2015 is rapidly approaching. And, with the yearend come deadlines in the midst of the holiday madness. As a successful medical practice, what should you do at year end to prepare for 2016? Your Denver CPA have put together some tips to help you as we approach yearend that will help set you up for success in 2016. Accelerate Expenditure – Avoid a Low Cash Balance Some practices that are typically cash-based versus accrual-based will use cash to maximize expenditures to limit taxation. Such things could be staff and physician bonuses, medical supplies, office supplies or equipment. …

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November 11, 2015Holiday Events in Denver
Category: Entertainment and Events

Holiday Events in Denver Denver is aglow in the Holidays. The malls are bustling with shoppers and people are out on the town for special occasions and holiday parties. There are plenty of Holiday events taking place in and around the city and your Denver CPA has put together out list of favorites so you can get out and enjoy the season. In fact, some of these could become family traditions! The Performing Arts If you are seeking out the performing arts during the holiday season, just park yourself at the Denver Center for the Performing Arts. This year, their line-up of shows include the Colorado Ballet’s performan …

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October 27, 2015Year-end Tax Planning Time – Tips to Get Started
Category: Your Financial House

Year-end Tax Planning Time – Tips to Get Started It is hard to believe that 2015 is winding down. Before we know it, it will be 2016 and tax season will be upon us. As your Denver CPA, we want to ensure you have a good tax season, but preparation begins now. To help you maximize your tax refund (or minimize your taxes), we have put together several things you can do now as part of your year-end tax planning. Evaluate Your Investment Performance Now is a great time to review your stock statements. If you see some stocks that look to be underperforming, you may consider dropping them from your portfolio. Then, you can optimize your investme …

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October 20, 2015Marketing Tips for Your Medical Practice
Category: Successful Practice Management

Marketing Tips for Your Medical Practice Marketing your medical practice is very important in order to continue growth. But, today it can be easier said than done as you face a more crowded and competitive medical market in the Denver area. Simple phone book listings and hospital affiliations may not be enough to garner a strong patient base. As your Denver CPA firm with a focus on health care consulting, we have put together some marketing tips for your medical practice. Find Something Unique It is easy to think that all practices are the same. Many patients think that, too, and often medical practices can fall into thinking the s …

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October 13, 2015Maintaining a Holiday Budget
Category: Your Financial House

Maintaining a Holiday Budget It will not be long before we turn our attention to family gatherings and holiday cheer. While those times are full of festivity and fun, it is also a time of running up bills and credit card debt. As your Denver CPA, we want to ensure that all of our clients don’t feel the added stress of holidays due to over spending, so we put together some ideas to help maintain a holiday budget. Establish a Budget Before you can maintain a budget, you have to establish a budget. While it may seem tedious, having one and maintaining it will help you actually enjoy your holiday season a great deal more. W …

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October 06, 2015Planning a Holiday Getaway
Category: Vacation Destinations

Planning a Holiday Getaway Are you the type of person who likes to get away during the holiday season? If so, we at KKB, your Denver CPA firm, have put together our list of favorite places to go during the holidays. Some are close to home. Some are city. And some are tropical. So, hopefully we have included someplace that appeals to you. But, book your plans soon as airline tickets and hotel rooms can fill fast! New York City There is no place like New York City in the world. And, when the city is aglow during the holidays, the place is downright magical. From the official holiday season kick-off of the famous Thanks …

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October 01, 20152015 Tax Planning Special Announcements
Category: Rules and Regulations

Deadline Approaching for Undoing a 2014 Roth IRA Conversion If you converted a traditional IRA to a Roth IRA in 2014 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (recharacterize) your conversion. You have until October 15, 2015, to undo your 2014 conversion. (If you've already filed your federal income tax return for 2014, you need to file an amended return by the tax filing deadline if you recharacterize.) A recharacterization can help you avoid paying income tax on IRA assets that have lost value since the conversion. When you recharacter …

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September 30, 2015Still Time For 401(k) Contribution
Category: Your Financial House

Still Time For 401(k) Contribution As Denver's Accounting Professionals at KKB CPA we often get asked: “Is there still time to contribute to a 401(k) plan?” The answer is: Absolutely! There are very rare circumstances where you cannot contribute. We feel you are never too old to contribute to a 401(k) or other investment and savings plan from your employers. In fact, the older you get, the more you can contribute to your 401(k) if you feel the need to “catch-up” on the savings. When you are over 50, you are allowed to contribute up to $22,000 to your 401(k) per year. This is an additional $5,500 that you are allowed; whe …

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September 27, 2015Secrets to Productivity
Category: Time Management and Organization

Secrets to Productivity Secrets to Productivity Have you ever wondered what productivity secrets top business professionals abide by? What is it that allows them to seemingly be so productive and keep going? Here at KKB, your Denver CPA experts, we too have wondered what the secret recipe is for productivity. We did a little digging and put together the following tips. Obviously, there are many tips that you can find circulating out there, but we tried to narrow them down to what we felt were the most useful and practical to our medical practice consulting clients. Eat Your Frog While the term “eat your frog” ma …

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September 24, 2015Colorful Colorado: Fall Drive Trips
Category: Vacation Destinations

Colorful Colorado: Fall Drive Trips Fall Driving in Colorful Colorado If you’ve lived in Colorado for a while, you know that there are few places as beautiful as autumn in Colorado. If you’re new here, don’t worry, you’ll see what all the fuss is about in no time. Fall is a beautiful season all over our wonderful state, but there are some places that are considered exceptional for their diverse colors. As your Denver accounting firm, KKB CPA we think you should get the most out of every opportunity, and that includes our beautiful September weather. Take a nice drive to any of these beautiful locations, but hurry, you might h …

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September 22, 2015Easy Savings Tips from KKB Accounting
Category: Your Financial House

Easy Savings Tips from KKB Accounting Saving money can seem very daunting as daily expenses add up. As your Denver Accounting Office, we at KKB CPA understand that when you juggle numerous commitments and expenses ranging from paying off medical school, car loans and mortgage commitments to paying for kids’ soccer and kids’ college tuition, trying to find places to save can be very difficult. So, we have put together a few practical savings tips that not only help you save money, but ultimately help you better manage some of your debt. Pay Down Your Debt Debt is the biggest single inhibitor of savings. If you are like most pe …

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July 29, 2015What is Personal Financial Planning?
Category: Your Financial House

What is Personal Financial Planning? Here at KKB, as Denver wealth management consultants and Denver CPA firm, we often get asked about personal planning and what exactly is “personal financial planning”. The official definition of personal financial planning is: The process of managing your money to achieve personal economic satisfaction. This planning process allows you to control your financial situation. It goes without saying that most people want to handle their finances so they get the full satisfaction of each and every available dollar. Some typical goals could include getting a new car, a larger home, extended tra …

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July 22, 2015Tips to Make Your Medical Practice More Efficient
Category: Successful Practice Management

Tips to Make Your Medical Practice More Efficient 5 Ways to Better Manage Your Medical Practice The goal of many business owners is to find ways to better manage business. That is the case, too, with many of our medical practice clients. As your Denver Medical practice CPA consulting firm, we know medical practices too are always looking at ways to better management and promote a culture of patient safety. Not only does running your practice better help maintain and grow you bottom line, but they also help increase patient satisfaction which go a long way to creating more referrals and advocates for your practice. We uncovered five ways …

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July 15, 2015Labor Day Getaways
Category: Vacation Destinations

Labor Day Getaways Labor Day is the unofficial announcement that summer is unfortunately coming to an end. It’s the perfect time for a quick getaway from your daily life and there are some great deals you should definitely take advantage of. Even our hard working Denver CPA firm gets to enjoy Labor Day, and you should too. Here are just a few of the great places you could go to escape for the weekend! Vegas, Baby No list would be complete without encouraging a trip to Sin City! Vegas is the perfect place to take a three day vacation. While it may seem a little unconventional, Vegas offers greats deals for …

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July 08, 2015Broncos 2015 Season Outlook
Category: Entertainment and Events

Broncos 2015 Season Outlook Can you believe that Broncos regular is just around the corner? The question on everyone’s mind seems to be, what’s going to happen in 2015? With a couple of big changes, the Broncos season is up in the air. Here at our Denver CPA firm firm we’re hoping these are good changes and bring a big season for our team. Let’s take a look at what we might expect for the 2015-16 season. Gary Kubiak We’ve got a new head coach, and in the world of sports, that can make or break a team. Kubiak is an offense-driven coach. He has big plans for the Broncos offense, which could bring some great changes f …

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June 30, 2015Wealth Management Tips
Category: Your Financial House

Wealth Management Tips Many people dream about having a lavish lifestyle, but most people don’t take the measures to make it happen. What these people don’t seem to understand is that even with hard work this type of lifestyle will be out of reach unless they pay attention to personal wealth management. As a Denver CPA it is our job to guide you with information and insight to plan for a secure future. Take a look at some areas that we believe are worth your attention. Income and Expenses Take a good look at your annual income and do a little research to compare your salary to people with similar jobs. Someti …

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June 26, 2015Supreme Court Upholds Health Insurance Subsidies
Category: Rules and Regulations

Supreme Court Upholds Health Insurance Subsidies In the case of King v. Burwell (Case Number 14-114), petitioners argued that the language of the Affordable Care Act (ACA) specifically provides that health insurance subsidies can only be issued through state-based exchanges (also referred to as marketplaces) and not through the federal exchange. In a 6-3 decision issued June 25, the U.S. Supreme Court upheld the ACA by confirming that health insurance subsidies may also be offered through the federal exchange. What is the Issue? A goal of the Affordable Care Act (ACA) is to provide more Americans with access to affordable health care. On …

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June 23, 2015Tips to Increase Medical Practice Profits
Category: Successful Practice Management

Tips to Increase Medical Practice Profits We all know that we are living in a day and age where healthcare provider reimbursements are declining while costs continue to rise. This combines to eat away at your net income and your medical practice profits. We know it is hard to keep an eye some of the financial basics when you have a practice to run and patients to treat. So, as your Denver CPA, we have put together some tips we have found that will hopefully help you increase your medical practice profits. Work in One More Patient Daily We know that reimbursement for an additional patient is almost pure profit as most expenses ha …

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June 16, 2015Tips to Better Manage Your Time
Category: Time Management and Organization

Tips to Better Manage Your Time Managing Your Time Better Chances are that at one point or another you’ve spread yourself a little too thin due to poor time management. There are only so many hours in a day and it is easy to schedule too much in those few precious hours. There are ways to cut down on wasteful hours though, and we at KKB, P.C.. are here to help you. Chances are you don’t even realize where there is time available, so let’s break it down. Keep a Schedule Handy While it is likely you already have a schedule for work, you may also want to consider scheduling your workouts, time with your family and more …

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June 09, 2015Why Giving to Charity is Important
Category: Retirement and Exit Strategies

Why Giving to Charity is Important At KKP-CPA we realize that every dollar you work for is precious and there are endless amounts of ways to spend it. You may be saving for a fancy car or a new wardrobe, but instead of treating yourself, think about the benefits of rewarding someone less fortunate. According to a study by Harvard Business School, participants who gave money to someone else were happier than those who spent it on themselves. Here are just a few reasons why giving to charity is important. Charitable Giving Isn’t Just About Money Giving your money to charity is just one of the many ways to help others. While …

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May 20, 2015Summertime in the Colorado Rockies The States Biggest Secret
Category: Vacation Destinations

Summertime in the Colorado Rockies The States Biggest Secret Shhhh! Let’s keep this between you and us. Colorado’s claim to fame might be the state’s extraordinary winter skiing, but summer in the Rockies is nothing short of exceptional. There are plenty of activities that keep our tax planning and preparation experts busy until the sun goes down during the summer. Here are just a few things to be sure you check out this summer: White-knuckle Whitewater Rafting As the snowpack melts in the mountains, Coloradoans with a sense of adventure are gearing up for the beginning of whitewater rafting season when the runs are fabulously fierce! As the water r …

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May 13, 2015Key Indicators that Signal Progress Our Economy Is Rebounding
Category: Your Financial House

Key Indicators that Signal Progress Our Economy Is Rebounding Believe it or not, according to the U.S. National Bureau of Economic Research, the keeper of such stats, the Great Recession that began in December 2007 officially ended in June 2009. In the nearly six-year span between then and now, many people and companies still struggled; however, that is changing! Some key indicators of economic progress look good, so it’s time to feel upbeat about the future and your personal wealth! Let’s dig a little deeper into the top three key economic indicators: 1. Employment Opportunities Abundant According to the Bureau of Labor Statistics, more than 1 mill …

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May 06, 2015The Best Apps for Busy Professionals
Category: Time Management and Organization

The Best Apps for Busy Professionals In our electronic reality, there are seemingly apps for every issue we may have from fitness to finance and to-dos to time management. The challenge isn’t finding an app, it’s finding the right app among the thousands that you can adopt into your everyday life to help manage time and get you organized. Here’s a look at five apps the financial experts at KKB have found to be useful to keep on top of our schedules when we advise our clients about personal wealth management. Timers: Although there are many apps that can be used for clocks, stop watches and timers, why not start off with using t …

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April 20, 20154 Things Successful Professionals Do Before Work
Category: Successful Practice Management

4 Things Successful Professionals Do Before Work Successful people from all walks of life embrace the power of a productive morning from Margaret Thatcher who was up at 5 a.m. every day when she was Britain’s Prime Minister to Robert Iger, the CEO of Disney, who begins his workout each day at 4:30 a.m. A morning ritual that includes prioritization of projects, elements of personal care and planning leads to higher success and productivity. At KKB, P.C. we help medical practices identify opportunities to enhance profitability, and we believe in the power of a productive morning. Let’s take a look at the top things successful people focus on …

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April 13, 2015Medical Practice Succession Plans-Give it Time and Be Transparent
Category: Retirement and Exit Strategies

Medical Practice Succession Plans-Give it Time and Be Transparent When you own a medical practice, retirement considerations go beyond your personal aspirations and goals. Your retirement strategy must also include the transition plan for your medical practice and effective care coordination for your patients after you go on to enjoy retirement. Now that your medical practice is mature and retirement is no longer an elusive some-time-in-the-distant-future notion, it’s time to turn some attention to medical practice succession plans. At KKB, P.C. we find that it’s easy to underestimate the time and decision-making that goes into this transition, so we outline …

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April 06, 2015Get the Most of Your Rockies Game with These Tips
Category: Entertainment and Events

Get the Most of Your Rockies Game with These Tips Even if you are not as big of a baseball fan as we are at KKB, there’s something very appealing when the pros are back on the 20-year-old Coors Field, and we all get to experience a bit of the magic of America’s favorite pastime. Yes, for us, it also signals the end of our very busy tax planning and preparation season, and we’re ready to kick back and relax! One of our favorite annual traditions is to gather up all the employees for a trip to Coors Field, regardless of the Rockies’ stats, for a baseball game. Whether you are an avid fan or not, we compiled the top things to know when heading …

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March 25, 2015How to Be HIPAA Compliant when Responding to Negative Online Reviews
Category: Successful Practice Management

How to Be HIPAA Compliant when Responding to Negative Online Reviews Just as our interconnected online world creates efficiencies for medical practice management, it also creates unexpected snafus that require medical practice staff to develop new processes and procedures to handle these situations. With the surge of online reviews by consumers and the trend for these reviews to inform public opinion and choices, medical practices need to develop a strategy to respond to any negative reviews in a way that is HIPAA compliant. Online Reviews Changed the Way Consumers Select Doctors It is essential to have a strategy in place to respond to negative reviews poste …

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March 25, 2015Time Management Tips to Make You More Productive
Category: Time Management and Organization

Time Management Tips to Make You More Productive Have you taken classes, gotten apps and read everything in books and blogs in order to get your time management under control? Do you still feel like you’re fighting an uphill battle to get everything done even with all of that effort? Turns out we learned several time management tips over the years when helping our clients with tax planning and preparation that we are excited to share with you. 1. Document how you spend your time OK, we realize this tip might seem like we’re adding to your plate, but we think it really is time well spent. In order to improve time management, take some tim …

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March 18, 2015Great Spring Break Trips to Enjoy
Category: Vacation Destinations

Great Spring Break Trips to Enjoy Spring is here, and our financial management team at KKB just can’t wait for the warmer temperatures and fun in the sun of spring! After hibernating in the winter months, spring breakers are anxious to get out of town to escape the tedium of everyday tasks and responsibilities. Here are some spring trips to enjoy! Catch Spring Training for the Major Leagues A trip to Arizona or Florida to catch some Major League Baseball spring training might be just what you need for motivation to plow through the remaining weeks of winter. Arizona’s Cactus League features our Colorado Rockies, the A’s, Cu …

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March 17, 2015Tax Day Tips to Get You through Tax Day
Category: Your Financial House

Tax Day Tips to Get You through Tax Day The countdown has begun! We’re quickly approaching the filing deadline for your 2014 taxes. Although we love tax day, we know the majority of people don’t share our affinity for tax season. Each year, tax payers are more apt to make mistakes in the final month before the tax deadline because they are scrambling to get earnings statements, receipts and more organized to avoid penalties and to maximize their deductions and credits. If you are in this position, you’re not alone. Typically as many as 28% of Americans wait until April to file. In an effort to help you navigate tax season this year, …

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February 13, 2015Special Announcement: 2015 Tax Fraud Warning
Category: Your Financial House

There has been a lot in the news recently regarding, in particular, state filings with TurboTax and related fraudulent claims. In fact, last week some states went so far as to suspend electronic filings for a few days. What Is Happening In the past several weeks, people have filed their taxes only to find that a tax claim under their social security number has already been filed. How is This Happening This is not a TurboTax issue as their software was not breached. It just so happened that many of the fraudulent tax returns were created using their software. Instead, this looks to be cr …

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February 11, 2015401(k) Check-up: Ensure your 401(K) Is Healthy
Category: Retirement and Exit Strategies

401(k) Check-up: Ensure your 401(K) Is Healthy With higher 401(k) contribution limits for 2015—$18,000 for under age 50 and $24,000 for those 50 and over—it might be tempting to focus on the quantity of money you’re diverting to your retirement funds. However, at KKB, P.C. we take a holistic approach to personal wealth management, and encourage you to assess the quality of your 401(k) plans quarterly but at minimum annually, or risk leaving money on the table. Here are four ways to conduct a 401(k) check-up right now: 1. Rebalance It’s easy to get swept away with positive results when in a bull market. The reality is that the market w …

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February 11, 2015College Saving Strategies: Start Saving Now
Category: Your Financial House

College Saving Strategies: Start Saving Now Turns out, it’s really never too soon to save for a college education! According to Bloomberg Business, tuition costs in the United States have increased faster (3.7 percent at private nonprofit colleges and 2.9 percent for in-state four-year public schools) than the rate of inflation (1.4 percent), which seems to be a trend in higher-education costs over the last decade. If there’s a silver lining with this news, it is that increases are smaller on average this year than in recent years. However, with just a cursory glance at these facts, it’s evident that getting some expert guidance for per …

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February 11, 2015Doctors Who Return to Practice after Sabbaticals Alleviate Void
Category: Successful Practice Management

Doctors Who Return to Practice after Sabbaticals Alleviate Void As a result of the surge of patients who are now covered under the Affordable Care Act, experts in healthcare practice consulting see a great need to increase the number of practicing physicians to accommodate the influx of patients who require care. The demand is especially acute for primary-care doctors. One way that the health care industry is trying to fill this gap is by recruiting physicians who have left an active practice for one reason or another over the years. Assistance from Denver-based Nonprofit Center for Personalized Education for Physicians When the Center for Personalize …

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February 11, 20152015 Tax Planning and Preparation: Know Key Changes to the Tax Code
Category: Rules and Regulations

2015 Tax Planning and Preparation: Know Key Changes to the Tax Code Even though we are all in the 2014 tax season shuffle—compiling 1099s, W-2s, interest statements—it’s important that we pay attention to changes in the 2015 tax code because it’s never too early for 2015 tax planning and preparation. Rather than scramble at the last-minute to scrounge out 2015 tax savings before the filing deadline this time next year, a better strategy is to set things in motion now. Here are a few things to pay attention to. Higher Flexible Spending and 401(k), 403b and 457 Retirement Account Limits Although the deadline has passed for enrollment into most employer’s fle …

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January 09, 2015Get Organized for Tax Day: KKB CPAs Has the Tax-Day Prep List You Need
Category: Time Management and Organization

Get Organized for Tax Day: KKB CPAs Has the Tax-Day Prep List You Need Get Organized for Tax Day: KKB CPAs Has the Tax-Day Prep List You Need With holiday and New Year celebrations behind you, it’s time to start tax planning and preparation to get organized for tax day so that you are able to file your 2014 tax returns on time. A little preparation in January pays huge dividends with time and stress saved once tax day hits, not to mention a better chance of getting the most deductions and tax benefits. Set Up Your System It doesn’t need to be fancy, but every household should have a tax organization system in place. Even if it’s just a shoebox piled h …

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January 09, 2015KKB Reviews Medical Practice Trends for 2015
Category: Successful Practice Management

KKB Reviews Medical Practice Trends for 2015 KKB Reviews Medical Practice Trends for 2015 With the dawn of 2015, medical practices of all sizes are scheduling medical practice consulting sessions with advisors to set up their offices to best accommodate patients as well as the demands of 21st century healthcare. According to the Practice Profitability Index, 70 percent of physicians surveyed in 2014 spent more than one day per week on paperwork, an increase of 13 percent in the last year alone. As a result, many medical practice trends for 2015 are to help streamline an increase in administrative burdens. Select the Appropriate …

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January 09, 2015KKB Visions: Great Destinations for a Wonderful Winter Getaway
Category: Vacation Destinations

KKB Visions: Great Destinations for a Wonderful Winter Getaway KKB Visions: Great Destinations for a Wonderful Winter Getaway There’s no reason spring and summer should have exclusive rights to our vacation time especially when there are so many wonderful winter getaways to experience. Whether you want to hit the beach or the slopes, there are endless choices to escape the winter blahs. When we take a break from providing accounting services and support, these are some of our favorite winter getaways. Aruba Book your trip to Aruba today, and there’s no chance you’ll escape humming along with the Beach Boys’ “Kokomo.” Visit Arikok National Park …

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January 09, 2015It’s Time to Update Your Retirement Accounts
Category: Retirement and Exit Strategies

It’s Time to Update Your Retirement Accounts It’s Time to Update Your Retirement Accounts Since January is a month of resolutions and goal setting, make sure you take some time to evaluate your financial reality to make sure you are on track to hit your future financial goals. Personal wealth management isn’t something you should leave to chance—a check-in and adjustments to your retirement accounts should be done at minimum once a year. Evaluate Your Investor Profile An annual check-in of your retirement accounts provides the perfect opportunity to ensure that your investment profile accurately reflects your tolerance for ri …

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December 19, 2014Denver CPA with 2014 Tax Extenders and 2015 Mileage Rate Deductions
Category: Rules and Regulations

Denver CPA with 2014 Tax Extenders and 2015 Mileage Rate Deductions In the recently enacted "Tax Increase Prevention Act of 2014," Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as "extenders." The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly temporarily extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as "extender …

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December 11, 2014Denver CPA Firm on 5 Year-end Tax Tips
Category: Your Financial House

Denver CPA Firm on 5 Year-end Tax Tips As we bid farewell to 2014 and get ready for the holidays, it is also a time to tie up loose ends in your financial house. As a Denver CPA firm, we have put together some practical tips for your year-end tax deductions that will, hopefully, make next April a little more bearable. Charitable Giving If you think your tax return could use a little boost, giving to charities is a great way to add deductions to your tax return. You can give all the way up to December 31st. So, while pulling out the holiday decorations, you can also clean out your garage by donating old clothes and used house …

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December 11, 2014Denver CPA Brings You Key to Reducing Holiday Stress
Category: Time Management and Organization

Denver CPA Brings You Key to Reducing Holiday Stress As a Denver CPA, we know a lot about year-end stress. Last opportunities to make donations, reviewing portfolios and boosting withholdings so you don’t owe the IRS can all be part of the added chaos. Plus, the holiday season, in itself, is very busy. There is shopping, parties, commitments, family, travel and more. They all pile up and, sometimes, make for a less than joyful year-end. But, from a practical standpoint, here are some things you can do to reduce your stress and improve your peace of mind during this crazy season. Pass on Perfection Don’t be fooled by the pages of lifestyle …

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December 11, 2014CPA Colorado: The Impact of Recent Rulings on Obamacare
Category: Rules and Regulations

CPA Colorado: The Impact of Recent Rulings on Obamacare When the Affordable Care Act—better known as Obamacare—was signed into law in 2010, CPA Colorado firms like KKB knew that their work was about to change dramatically. But we didn’t expect things to still be changing. In July, two contradictory federal court rulings cast uncertainty on Obamacare’s future, and KKB outlines what might possibly happen in terms of tax planning and practice management. The Affordable Care Act has faced many challenges since its inception, from a Supreme Court case questioning its constitutionality, to repeated votes to repeal it by the House of Representative …

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December 05, 2014CPA Denver On Charitable Giving
Category: Retirement and Exit Strategies

CPA Denver On Charitable Giving As a CPA of Denver, we know that charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die. There are many ways to give to charity. You can make gifts during your lifetime or at your death. You can make gifts outright or use a trust. You can name a charity as a beneficiary in your will, or designate a charity as a beneficiary of your retirement plan or life insurance polic …

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November 14, 2014Denver Accountants Share Changes to Credit Scores
Category: Your Financial House

Denver Accountants Share Changes to Credit Scores Our Denver Accountants at KKB are always dedicated to providing as much industry information as we can to our clients. A recent change to the widely used credit score may make it more likely for struggling consumers with low scores to obtain loans. Under this new change, Fair Isaac Corporation’s newest FICO® model will change certain aspects of how a credit score is calculated on an individual’s credit report. The changes come in the wake of discussions with lenders and regulators looking to find ways to increase consumer lending without creating additional credit risks. Here are some ch …

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November 13, 2014Denver CPA Offers 2015 Social Security and Medicare Figures
Category: Rules and Regulations

Denver CPA Offers 2015 Social Security and Medicare Figures New Figures Announced The Social Security Administration (SSA) has announced that Social Security and SSI beneficiaries will receive a 1.7% cost-of-living adjustment (COLA) for 2015. According to the SSA's announcement, after the COLA, the estimated average monthly retirement benefit payable in January 2015 will be $1,328. The Centers for Medicare & Medicaid Services (CMS) has also announced next year's Medicare costs. The standard monthly Medicare Part B premium will be $104.90 in 2015, the same as in 2014. However, beneficiaries with higher incomes (individuals with taxable income …

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November 13, 2014CPA Colorado on Workplace Wellness
Category: Your Financial House

CPA Colorado on Workplace Wellness Workplace wellness programs are aimed to encourage workers to be healthier; workout more and eat balanced meals. These programs hopefully lead to happier and healthier employees. Over the past few years, these programs have been touted as successful when 2013 premiums were the lowest they have been in almost 20 years. However, according to a recent New York Times article, research shows that these programs do not work as well as advertised. Wellness programs have grown into a $6 billion industry because employers believe these programs work. In fact, asked which programs are most effective …

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November 13, 2014Denver CPA: Our Annual Baseball Event
Category: Entertainment and Events

Denver CPA: Our Annual Baseball Event One of the best things about working at KKB, a Denver CPA firm, is that we work hard, and play hard. We’re always up to something, either in our offices or out in about in our beautiful state of Colorado. One of the annual traditions at KKB is to gather up all the employees for a trip to Coors Field for a late summer baseball game. Each year our Enjoyment Committee puts together our baseball trip. The Committee is tasked with putting together all of our events throughout the year. This year’s committee did an especially fantastic job creating a great experience for every one of our employee …

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August 13, 2014Colorado Tax Accountant Practice Consulting
Category: Successful Practice Management

Colorado Tax Accountant Practice Consulting As a Colorado Accounting firm, KKB helps our clients with all steps of their financial picture by providing proactive financial guidance for all areas of their lives. One of the many additional services we provide beyond Certified Public Accounting is practice consulting. Your Denver CPA will help your practice identify areas of opportunities for profitability and growth, and develop solutions that are practical and technically sound. We are here to aid you in all areas of practice consulting, including: - Financial Management Issues - Financial and Retirement Decisions - Strategic Pl …

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August 12, 2014CPA Denver Reviews The Basics of FATCA
Category: Rules and Regulations

CPA Denver Reviews The Basics of FATCA KKB, a Denver CPA firm, wants you to be aware of the changing economic and tax issues that our clients face on a daily basis. The Foreign Account Tax Compliance Act (FATCA) is a federal law that requires US persons, including individuals who live outside the US to report their financial accounts held outside the United States, and requires foreign financial institutions to report to the IRS about their US clients. This includes withholding on payments to those foreign financial institutions that fail to comply with FATCA. As final implementation of this 2010 legislation begins, withholding on …

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August 11, 2014Back To School With Your Denver CPA
Category: Entertainment and Events

Back To School With Your Denver CPA Shh. Don’t tell your kids, but back to school is right around the corner. Your Denver CPA does not mean to be the downer to the end of summer. Our goal is to get your kids (and you) ready for the new school year. With schools around Colorado starting as early as the second week of August, it’s never too early to start getting your kids ready for the upcoming school year. First step is to get your kids looking the part. Take them shopping for new clothes, including a new pair of shoes. Nothing will make your kids feel better about going back to school than shopping for the newest fashion tre …

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August 08, 2014CPA Denver: Visit Colorado’s State Fair
Category: Vacation Destinations

CPA Denver: Visit Colorado’s State Fair August in Colorado represents a lot of things: dry heat, back to school and reflection on the summer that was. KKB, your Denver CPA firm wants to remind you that August still has a lot going on in Colorado. One of the events that spans decades of fun is the Colorado State Fair. The fair is held every year down south in the beautiful city of Pueblo. This year’s fair is going to be packed with great food, fun rides and entertainment for all ages. Check out this line up of activities: - Clay Walker and the PRCA Ram Rodeo kicks-off the fair off on August 22nd. Take in Clay’s country songs like …

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June 30, 2014Denver CPA Offers Contracts & Agreements Services
Category: Successful Practice Management

Denver CPA Offers Contracts & Agreements Services At KKB, we’re more than just tax preparation and accounting services. Our goal is to help you with your entire financial picture, including personal wealth management, practice consulting and bookkeeping services. We also help with the day-in and day-out of handling your business, including associated contracts and agreements. Our Advisors have extensive professional knowledge in contract law and business agreements, including: - Contract/Agreement Review - Payer Contract Negotiation Support - Practice Continuation Agreements - Litigation Support Interpreting contracts and agreemen …

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June 30, 2014Denver CPA Asks, What’s The Deal With The Bitcoin?
Category: Your Financial House

Denver CPA Asks, What’s The Deal With The Bitcoin? Bitcoin, the virtual currency, has been receiving a lot of attention around the world over the past five years. Bitcoin brands itself as an “open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part in it.” Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Your Denver CPA and personal wealth management partner has the background on this currency. Paying for something with a Bitcoin is similar to a digital wallet. Just as a phy …

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June 25, 2014Denver CPA Talks New Denver Restaurants
Category: Entertainment and Events

Denver CPA Talks New Denver Restaurants If you can believe it, hundreds of restaurants opened across Denver in the past year. All across the Denver Metro Area, fine (and fun) dining establishments have started to make their way into online restaurant reviews and social media channels touting Best Restaurant, Best Bar, Best Burger, Best Everything. Luckily your Denver CPA has a short list of some of the best and brightest new restaurants that you must check out. The Curtis Club – Nestled off of 21st and Curtis in Denver, this New American cuisine offers almond fettuccini, rabbit loin wrapped in crispy pancetta, and Maine lobster …

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June 24, 2014Denver CPA: Planning an Exit Strategy
Category: Retirement and Exit Strategies

Denver CPA: Planning an Exit Strategy One of our goals at KKB is to help our clients navigate all financial aspects of their practice. We help our clients with their taxes, personal wealth management, and we also offer business and practice consulting. One of the many services we provide our clients is exit planning. Planning an exit or transition strategy is not reserved for business owners looking to retire. Company owners of all ages should have a plan in place, and your Denver CPA can help with the right strategy for your business or practice. The first step is developing a succession plan. This plan will help you choose a …

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June 06, 2014CPA Denver Employees Have Some Fun
Category: Entertainment and Events

CPA Denver Employees Have Some Fun The beginning of the year is always an exciting time for us at KKB. Typically around that time of year, your CPA Denver firm is focusing on the tax season for our clients. Everyone at KKB shares the passion of helping our clients in all aspects of their finances and wealth building. When the crunch of April rolls around, we get to see all of our team helping their clients, even sometimes at three in the morning. Because we believe in enjoying each day to the fullest, we gave our employees the chance to relax and have a little bit of fun outside of the office. After the tax season settled, …

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June 06, 2014Denver CPA: Retirement Confidence Increasing
Category: Retirement and Exit Strategies

Denver CPA: Retirement Confidence Increasing Saving for retirement has always been a hot topic. As personal wealth management consultants for many of our clients, we get a lot of retirement questions: How much do I need to save? Another popular question is: Where should I invest my money? Saving for retirement has been a frequent subject of conversation for years. Your Denver CPA Firm has some good news for you: Studies have shown that retirement confidence is increasing. According to a survey released in April by the Employee Benefit Research Institute, retirement confidence has rebounded from its all-time lows of the past five years …

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June 06, 2014Our Denver Wealth Management Services
Category: Your Financial House

Our Denver Wealth Management Services You may know KKB as a CPA firm, but did you know that KKB also provides Denver wealth management services? It’s all part of our Personal Enjoyment Profile that we’ve created with our clients in mind. With this tool, together we will discover your unique financial goals and focus on what matters most to you in your life. At KKB we want to help our clients enjoy the most out of every day. With our personal wealth management suite of services, we’ll be able to help you in the following areas: - Investment Management and Advisory Services - Investment Portfolio Management - Retirement Pl …

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June 05, 2014CPA Denver: Spend Some Time At The 2014 Greeley Stampede
Category: Entertainment and Events

CPA Denver: Spend Some Time At The 2014 Greeley Stampede One of the most exciting summer events in Colorado happens June 26 – July 6 in the college community of Greeley. The Greeley Stampede has been a Colorado tradition since the late 1800s. This year’s Greeley Stampede offers families fun in sun with events for all ages: - Parades - Art Shows - Rodeo / Kids Rodeo - Concerts - Carnival with rides and games One of the biggest attractions of the Greeley Stampede (besides the rodeo) is the concerts. This year there will be no shortage of great entertainers to hit the stage at the Stampede Arena. This year’s country acts include: Jake Owen, …

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May 09, 2014Leading CPA Colorado Firm Reviews Savings in America
Category: Your Financial House

Leading CPA Colorado Firm Reviews Savings in America We hope everyone had a great tax season. At KKB, we’re dedicated to helping our clients achieve their goals. Our proactive financial guidance services stretch beyond just tax preparation. With our personal wealth management solutions, we’ll help you plan for retirement, consult on investments and provide personal money management. Recently, we came across a survey from America Saves, an organization dedicated to motivating Americans to save money and plan for their futures. Their survey found some interesting results that we would like to share with you: - Just 35% of Americans feel they ar …

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May 08, 2014Denver Accounting Firm Checks in on the Colorado Rockies
Category: Entertainment and Events

Denver Accounting Firm Checks in on the Colorado Rockies Late March, early April always signals the boys of summer back to the baseball diamond. After a couple of months of spring training under their belts, each team starts off with a record of 0-0 waiting for their shot at the pennant. The Colorado Rockies are no different than the other 29 teams looking to finish as World Series champions. Let’s take a look at the 2014 season for the Rockies. It all starts at the shortstop position for the Rockies. This is Troy Tulowitzki’s team now after Todd Helton retired at the end of the 2013 season. After an injury plagued 2013 season, Troy is looking to …

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May 08, 2014Denver CPA: The Importance of Telehealth
Category: Successful Practice Management

Denver CPA: The Importance of Telehealth Health care technology has been a statement that is almost as old as time. As your Denver CPA Firm, we’re no stranger to staying ahead of the health care technology trends. Gone are the days of doctors writing notes in charts during routine checkups. Now every exam room has a computer that is full of health information on their current patients. Doctors can now review scans from specialists and pharmacy records all with a push of a button, or more appropriately, a mouse click. Telehealth has also been given a boost over the past few months. Since the Health Care Reform started early in 201 …

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May 07, 2014Denver CPA: Organize Your Spring Cleaning
Category: Time Management and Organization

Denver CPA: Organize Your Spring Cleaning Spring is in full swing in Colorado. We were lucky enough to see temperatures in the 70s in early March, and the beautiful weather has continued in April. While many people focus on Spring Break, and other family vacations during this time of year, we want to remind you that April is also the perfect time to get a start on your spring cleaning. Hopefully we didn’t remind you of your many chores on your to do list. Your Denver CPA Firm just wants to suggest that spending some time cleaning will help you get organized for the rest of the year. Besides, getting organized helps enhance the fee …

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March 03, 2014Denver CPA: An Update on the Affordable Care Act
Category: Rules and Regulations

Denver CPA: An Update on the Affordable Care Act The Affordable Care Act (ACA) has been in full swing since early 2014; however, that doesn’t mean that there may be some changes that may affect your small business. Employers with fewer than 100 employees now have until 2016 to provide health insurance per a delay of the health law. Larger businesses will have to cover at least 70% of the workforce starting in 2015 the IRS stated in a rule in early February. This deal was made under pressure from business groups since the Affordable Care Act was implemented earlier this year. Because it was such a large undertaking for businesses, it took …

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March 01, 2014CPA Denver: A Growing Trend in Hospital Construction
Category: Rules and Regulations

CPA Denver: A Growing Trend in Hospital Construction You may have noticed a trend, or heard of an upcoming trend in hospital construction. KKB will examine the reasons why this trend is happening and why you may see it continue for the next couple of years. Since the Affordable Care Act (ACA) came into law, hospitals and health systems primarily have been focused on how to respond to the quality, clinical and economic issues associated with the legislation. Many facilities need to answer the question of”Are our existing facilities ready to manage the transition from volume-based care to value-based care?” Many hospitals around the cou …

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February 26, 2014Denver CPA: Top Spring Break Locations
Category: Vacation Destinations

Denver CPA: Top Spring Break Locations Even though the famous groundhog saw his shadow, a “solid” indicator of six more weeks of winter, our weather here in Denver has been nothing short of spectacular. Sure we’ve seen some temperatures in the 20s and 30s, but we’ve also seen temperatures in the high 60s. Not too bad for February. This got us thinking about spring and most importantly, giving our thoughts on the best places for where you and your family can go in the next couple of months. Steamboat Springs, Colorado – Let’s get started on a destination in our own state, Colorado. Steamboat Springs is a fantastic family Sprin …

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February 25, 2014CPA Denver: An Update on our February Roundtable
Category: Entertainment and Events

CPA Denver: An Update on our February Roundtable On February 19, 2014 we had the pleasure of inviting some of our clients to our first roundtable of the year. The roundtable, “The Year Ahead: Trends, Ideas and Insight Update Luncheon,” focused on various legislative and economic matters that may affect your healthcare practice in 2014. “We were so thankful for the great turnout for our first roundtable of the year. It was our pleasure to provide this informative session and to share ideas with our clients and their colleagues,” said Managing Partner, Bruce Kirkpatrick. The roundtable focused on the following topics: Are there an …

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February 05, 2014Your Financial House: Tips from KKB, Your CPA Denver Resource
Category: Your Financial House

Your Financial House: Tips from KKB, Your CPA Denver Resource Here at KKB, our passion is helping our clients navigate tax changes and providing your practice expert advice on financial matters that help your bottom line. In the past few months, we’ve talked a lot about the new Health Care Reform Act and its tax implications within the healthcare industry. Now that 2014 is here, we’d be amiss if we didn’t give you a few financial impacts to keep in mind for the rest of the year. Changing payer mix affecting margins – The aging population will start to move to Medicare or other exchange programs. This trend will negatively affect margins because patien …

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February 05, 2014Denver Accountants: 2014 Brings New Billing Changes
Category: Rules and Regulations

Denver Accountants: 2014 Brings New Billing Changes 2014 is going to be a big year for the healthcare industry; the new Affordable Care Act is probably the one change that is getting the most attention. However, one of the changes that could impact your practice from a tax perspective is the changes to billing and coding protocols. And while these changes are here to stay, your tax accountant Denver wants you to be aware of these so you can maximize your reimbursements in the coming year. Here are the three of the most important billing modifications physicians will have to make in 2014 and a few ways to help maintain a healthy revenue strea …

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January 28, 2014Colorado Certified Public Accountants: How Strong is your 401(k)?
Category: Retirement and Exit Strategies

Colorado Certified Public Accountants: How Strong is your 401(k)? No matter how old you are or what employment stage you are in, it’s always a good idea to keep an eye on your savings for retirement. Your Denver financial planner has the inside scoop as to how strong your retirement savings plans are. Back in 2006, The Pension Protection Act was put in to place to strengthen 401(k)s because 401(k)s are going to be the main savings option for people 40 years old and younger. The plan is still evolving; however here are some trends that aim to further strengthen 401(k)s: Companies are now automatically enrolling employees in 401(k) sponsored plans. Stat …

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January 27, 2014Clean That Desk Up!
Category: Time Management and Organization

Clean That Desk Up! Are you guilty of having a messy desk? It’s OK, we’ve all been there. A common New Year’s resolution is to get more organized, and as luck would have it, your CPA Denver team has all the answers on making sure your resolutions for 2014 don’t get broken. Here’s our tips on organizing a mess desk. If you have a messy desk, the first step is probably the easiest: remove everything off the top of your desk. Remove your computer, lamp, pictures, phone and the three week old coffee mug you’ve been hanging on to. From here you need to decide on which items you use the most. It’s probably going t …

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January 10, 2014IRS Announces Changes to Health Flexible Spending Arrangements (FSAs)
Category: Rules and Regulations

IRS Announces Changes to Health Flexible Spending Arrangements (FSAs) The Internal Revenue Services (IRS) has modified the rules that apply to health flexible spending arrangements (FSAs?). Plan sponsors now have the option of allowing participants to carry over $500 of unused funds in health FSA to the following plan year. This now eliminates the “use-it-or-lose-it” rule that has affected FSAs in the past. The structure of FSAs will stay the same; prior to the start of a plan year, employees can decide how much they wish to contribute to a health FSA plan that is part of a cafeteria plan. The maximum amount for 2014 is $2,500. Here are all of the new rules: …

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December 28, 2013Winter Things to Do in Denver when…You’ve run Out of Ideas
Category: Entertainment and Events

Winter Things to Do in Denver when…You’ve run Out of Ideas The holidays have come and gone, and you may be extremely happy about that, or extremely sad. Either way, your certified public accounts at KKB are happy to help cure the holiday hangover with some fun and exciting events that are happening in Colorado this January and February. Schedule a trip to the National Western Complex this January 11 – 28 for the Stock Show & Rodeo. Bring the kids for a fun day of food, events and overall excitement. You’ll be amazed at the hard-hitting competition of the bull riding tour, and the overall athleticism of the performers. The Colorado Home & Gard …

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December 27, 2013It’s Never Too Early to Plan a Vacation. Top 10 Destinations for 2014.
Category: Vacation Destinations

It’s Never Too Early to Plan a Vacation. Top 10 Destinations for 2014. We hope the holiday season was very good to you and your family. By now, you’re back in the swing of things at work. And you may already be dreaming of your next big vacation. No need to worry about trying to find out where to take your next vacation because your Denver CPAs have you covered! Planning a vacation is never an easy task. There’s a lot of scheduling, logistics and planning that go into organizing a trip. Your first to-do is figuring out where to go. Our recommendations below may surprise you because they are not the standard, “Everyone goes to these places every year” vacation …

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December 05, 2013Time Management Skills For The New Year
Category: Time Management and Organization

Time Management Skills For The New Year November usually sparks some emotion in people’s minds. Whether it’s, “December is here already” or “I need this year to be over with” we’re all dealing with stress of work or stress of the upcoming holidays. Soon your house will be full of family and guests for the holidays. Some people take this time to wind down and reflect on the year that was. Others try to stay sharp and focused on what they need to get done for the New Year. No matter how you look at it, your Colorado Certified Public Accountants want you to keep your time management skills sharp for 2014. There are tons of books, In …

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December 05, 2013Your Financial House: Tax Implications on Loan Repayment Programs
Category: Your Financial House

Your Financial House: Tax Implications on Loan Repayment Programs Your Financial House: Tax Implications on Loan Repayment Programs You worked your way through years and years (and years) of college to become a professional in the health care industry. You’ve found your perfect job in the right practice. Hopefully your professional dreams are coming true, but don’t forget about those student loans that have accumulated over those college years. Even though the amount may be terrifying there’s a way to help repay those loans while helping serving communities in need. Use your education, skills and experience to give back to the community while also repay …

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December 05, 2013Try These Unique Thanksgiving Diner-Style Recipes Next Year
Category: Entertainment and Events

Try These Unique Thanksgiving Diner-Style Recipes Next Year Try These Unique Thanksgiving Diner-Style Recipes Next Year We hope you had a nice Thanksgiving! Since Thanksgiving is oue of our favorite holidays, we would like to give you the jump on next year’s Thanksgiving with some unique recipes. Turkey, mashed potatoes (or yams), gravy, asparagus, cranberry salad, stuffing and pumpkin pie are just some of the delicious food that we get to eat during Thanksgiving. This typical food trend has dated back over generations and generations as Americans sit down with their families to give thanks. Many people are fine with the normal spread of food that …

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November 26, 2013Winter Vacation Destinations: Where Should I Go?
Category: Vacation Destinations

Winter Vacation Destinations: Where Should I Go? Winter Vacation Destinations: Where Should I Go? Were you so busy this summer that you forgot to take a vacation? Do you want to celebrate the holidays in a different location? November and December are not typically a “hot time” to take a long awaited vacation, but there are many destinations that are prefect for an end of year getaway. Southern California is beautiful all year round, but the mild temperatures through November and December make it the perfect destination to thaw from the Colorado winter. New York is a great winter getaway. You can check out the Macy’s Thanksgiving P …

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October 30, 2013Spice Up Your Halloween Decorations With This Spooky Idea
Category: Entertainment and Events

Spice Up Your Halloween Decorations With This Spooky Idea Spice Up Your Halloween Decorations With This Spooky Idea Halloween is right around the corner, and if you’re looking to add some splash to your home decorations look no further than your Certified Public Accounts at KKB for ideas. We’re fans of the holidays and we’re lucky to have such a great staff that decorates the office for every holiday. This Halloween decorating idea came from one of our partners, who has been using the decorating technique at in his home for years. And we’re glad that we get the opportunity to share it with you. This decorating tip is fun, easy and only takes a …

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October 17, 2013Go to Glenwood Springs this fall; a Colorado Favorite
Category: Vacation Destinations

Go to Glenwood Springs this fall; a Colorado Favorite Go to Glenwood Springs this fall; a Colorado Favorite Colorado is a treasure trove. Our certified public accountants know that they can never see everything that Colorful Colorado has to offer, whether they are Rocky Mountain natives or have East Coast roots. So instead, KKB Denver CPAs must choose a few favorite places in the state, and one of those is Glenwood Springs. They are not alone in this choice. In fact, Rand McNally and USA Today named Glenwood Springs America’s Most Fun Town in 2011, not just for its tremendous natural beauty, but for the plethora of unique diversions the town …

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October 09, 2013Small Business and The New Health Care Exchange in Colorado and What it Means to Your Business
Category: Rules and Regulations

Small Business and The New Health Care Exchange in Colorado and What it Means to Your Business Small Business and The New Health Care Exchange in Colorado and What it Means to Your Business October 1, 2013, is a big day for small businesses and the health care reform. Small business employers can now offer their employees quality health insurance through the Connect for Health Colorado, or the new health care exchange. Depending on the size of your company, you can now offer your employees health care through the exchange that will make insurance easier, reduce costs for your business and a dedicated personal shopper to help you navigate the new law. The new law, which was passed in …

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October 08, 2013Health Care Exchanges Start on October 1, 2013, in Colorado and Around The Nation
Category: Rules and Regulations

Health Care Exchanges Start on October 1, 2013, in Colorado and Around The Nation Health Care Exchanges Start on October 1, 2013, in Colorado and Around The Nation On October 1, 2013, health care exchanges officially started in Colorado. Connect for Health Colorado, as its marketplace is being called in Colorado, has been in the planning stages for two years. Health care exchanges are in place for the un-insured or under-insured. People who have previously struggled to get insurance because of a pre-existing condition or because of financial restraints can now get coverage by a number of leading health care companies. Open enrollment starts on October 1, 2013, but covera …

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September 30, 2013Affordable Care Act Tax: Individual Tax Changes
Category: Rules and Regulations

Affordable Care Act Tax: Individual Tax Changes Affordable Care Act Tax: Individual Tax Changes in Colorado The tax landscape is going to change for all Americans beginning in 2014. Starting January 1, 2014, individuals, families and businesses will be affected by the new Affordable Care Act. As a new set of rules takes place, KKB is here to answer any questions you may have regarding changes to your individual taxes. Below is a summary of the outlined tax changes that may affect your individual tax status. You can read the full document, which details the tax changes affecting individuals and families from the government here. Individu …

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September 30, 2013Affordable Care Act Tax: Small Business Tax Changes
Category: Rules and Regulations

Affordable Care Act Tax: Small Business Tax Changes Affordable Care Act Tax: Small Business Tax Changes in Colorado The tax landscape is going to change for all Americans beginning in 2014. Starting January 1, 2014, individuals, families and businesses will be affected by the new Affordable Care Act. As a new set of rules takes place, KKB is here to answer any questions you may have regarding changes to your Colorado small business taxes. Below is a summary of the outlined tax changes that may affect your small business tax status. Read the full document from the government outlining those changes full document from the government outlining …

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September 26, 2013Tax Services and Same Sex Marriages: What You Need to Know.
Category: Rules and Regulations

Tax Services and Same Sex Marriages: What You Need to Know. Tax Services and Same Sex Marriages: What You Need to Know Major tax changes are coming to Colorado in 2014, including health care changes for individuals, families and small businesses. Another change is tax filing for same-sex marriages. Colorado does not recognize same-sex marriages, but the IRS and Treasury Department don’t see it that way. Recently, the IRS and Treasury Department issued guidance in response to the recent Supreme Court case striking down Section 3 of the Defense of Marriage Act of 1996 (DOMA), which defined marriage as the union of a man and a woman. If you are legally …

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September 10, 2013Close out the summer in Telluride
Category: Entertainment and Events

Close out the summer in Telluride Close out the summer in Telluride There’s no such thing as a boring day in Colorado. With over 300 days of sunshine, our state always provides a full slate of fun outdoor activities. Mountain biking, golf, or water parks help keep kids busy during summer vacation. Or, if you’re more inclined to keep cool during the spring and summer months, Colorado’s various indoor activities will keep your calendar full of fun activities. The Denver Art Museum, the Denver Mint, or the Museum of Nature and Science provide great breaks from the heat with the bonus of education.With fall around the corner, Col …

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September 03, 2013Pummel Procrastination, Promote Productivity
Category: Time Management and Organization

Pummel Procrastination, Promote Productivity Pummel Procrastination, Promote Productivity Nearly everyone falls victim to procrastination. These days especially, when the internet, cell phones, and social media provide such constant and convenient distraction, it is even harder to sit in front of a computer and take on a long, unpleasant task. Procrastination is not a mark of unintelligence; indeed, completely active and adept people still have trouble committing to their responsibilities, and even perfectionists will put off work for days, thinking themselves unequipped for the task at hand. But sooner or later, the chores must be done …

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August 07, 2013The Best of Boulder in Summer 2013
Category: Entertainment and Events

The Best of Boulder in Summer 2013 The Best of Boulder in Summer 2013 Whether you are a native Boulderite looking to make the most of the summer, a mountain man craving something cosmopolitan, or a Denver city-slicker in need of an out-of-town getaway, the fun never runs out in Boulder, Colorado. Bustling with culture and commerce, this laid-back college town boasts some of Colorado’s best art venues, dining options, and brewpubs. Also, Boulder is one of the fittest cities in the country, with limitless active outings to choose from. Plan your trip to Boulder around one of these summer events for a visit you won’t soon forget. …

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June 28, 2013Give A Little: Charitable Financial Planning in Denver
Category: Your Financial House

Give A Little: Charitable Financial Planning in Denver Give A Little: Charitable Financial Planning in Denver Thanks to income tax laws, it pays to give. If your family has a favorite charity or cause that you regularly donate to, do not forget to reap the tax deductions you deserve. However, the rules on filing and receiving these deductions are tricky and apt to change, so educate yourself on their nuances, and keep an eye on your accounting firm (and Capitol Hill) for updates to the tax codes. But here are the rules as they stand, which every charitable household should know before writing a check. First, in order to be eligible for any tax …

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June 28, 2013Maximize Efficiency and Revenue at Your Denver Medical Practice
Category: Successful Practice Management

Maximize Efficiency and Revenue at Your Denver Medical Practice Maximize Efficiency and Revenue at Your Denver Medical Practice Whether you are a sole practitioner doctor in the process of starting a new practice or you are an existing medical practice with years of experience, increasing revenue can seem like a daunting task. You might think you are doing everything right—cutting expenses, monitoring annual reports, contracting professional accountants—but money keeps slipping through the cracks, and no matter how hard you work, your profitability stays put or declines. If you think you have already tried everything, read these clear steps and suggestion …

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May 07, 2013Denver Dining Ideas - Who is up for Some Canadian Dining?
Category: Entertainment and Events

Denver Dining Ideas - Who is up for Some Canadian Dining? Who Is Up For Some Canadian Dining? While the dish was invented in Quebec, Canada in the late fifties, the origins of its name remain a bit of a mystery. One story we particularly like is that of a chef, when inventing the dish, who said "it will make a damn mess." Since he said it in French, he actually said "ça va faire une maudite poutine." For this version of Denver dining ideas, we bring you the very Canadian dish: poutine. The broadest definition of poutine is "fries with cheese and gravy," and if that is all you are looking for, you might want …

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May 07, 2013Vacation at Yellowstone National Park: See Geysers, Canyons, Hot Springs and More
Category: Vacation Destinations

Vacation at Yellowstone National Park: See Geysers, Canyons, Hot Springs and More Vacation at Yellowstone National Park: See Geysers, Canyons, Hot Springs and More Every year, about 3 million people visit Yellowstone National Park which is located mostly in Wyoming but also spills over into Idaho and Montana. However, there are so many things to do in the park, which has an abundance of geysers, mountains, waterfalls and canyons, that there’s room enough for everyone. U.S. News and World Report ranks the park the #1 tourist destination in the U.S., ahead of New York City which comes in at #2. Here are a few things to do at Yellowstone: Old Faithful Geyser: Although …

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May 07, 2013Three Time Management Ideas To Achieve Work and Personal Goals
Category: Time Management and Organization

Three Time Management Ideas To Achieve Work and Personal Goals Three Time Management Ideas To Achieve Work and Personal Goals Time is an important issue for most of us, and we feel like we never have enough. At the end of a long day, we often come home feeling exhausted and unable to do anything except watch a few hours of TV and go to bed. However, there are various methods we can use to improve our time management. Here are a few of the best known time management ideas we can use to improve efficiency: 1. The ABC method: This is probably the simplest of methods; it involves taking your tasks and prioritizing them in the following way: A—This inc …

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May 07, 2013Revel in Art and Music at Free Denver, Colorado Events
Category: Entertainment and Events

Revel in Art and Music at Free Denver, Colorado Events Revel in Art and Music at Free Denver, Colorado Events Spring in Denver, Colorado means longer days, warmer weather and ample amounts of sunshine. It’s also the season in which Denver’s gorgeous high-plains weather combines with its thriving cultural scene to bring numerous festivals to the community every year. Before the fair, spring weather turns to summer heat, head outdoors in for these entertaining and free Denver, Colorado events. Five Points Jazz Festival Five Points Jazz Festival is an all-day cultural and musical event located in Denver’s Five Points district. Happening on May …

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March 28, 2013Spring Cleaning for Your Personal and Practice Finances
Category: Your Financial House

Spring Cleaning for Your Personal and Practice Finances Your Financial House: Spring Cleaning for Your Personal and Practice Finances The phrase “Spring cleaning” isn’t necessarily just about sweeping floors and airing out rugs in your home. Take a few minutes over the next few weeks to review your finances to see if there are some financial cobwebs that need to be cleaned out. Consider consolidating debt. If you have outstanding balances on credit cards or other revolving debt, it’s always a good idea to check with your bank or credit union to see if consolidating these accounts makes sense. If you use a credit card on a regular basis, conside …

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March 22, 2013Time Management Ideas for Greater Efficiency and More Free Time
Category: Time Management and Organization

Time Management Ideas for Greater Efficiency and More Free Time Time Management Ideas for Greater Efficiency and More Free Time Most of us struggle to get our to-do lists done while still having some free time for ourselves. Sometimes it feels like there are just not enough hours in a day to get everything done. If you are feeling overwhelmed and feel as though you don’t have enough hours in the day, check out these time management ideas to boost your efficiency and get more out of the day: 1. Take a look at your typical day. Try a new exercise routine and record your activities for a short period of time for three days in a row. You can use a spreads …

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March 21, 2013Check Out the Breckenridge Spring Fever Festival
Category: Vacation Destinations

Check Out the Breckenridge Spring Fever Festival Check Out the Breckenridge Spring Fever Festival Take a break from city life and welcome spring to Colorado in a fun and thrilling way. Beginning March 17th and running through April 14th, the town of Breckenridge, Colorado will throw its annual Breck Spring Fever Festival. This festival is the largest event of its kind and features contests, camps, concerts and more. Check out the freestyle snowboarding and skiing at Park and Pipe Camp which is scheduled for the weekend of March 22nd through 24th. Children’s camp is $350 for 2 days and includes freestyle lessons, lunch, exhilarating activ …

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March 21, 2013Indoor Skydiving at Skyventure Colorado
Category: Entertainment and Events

Indoor Skydiving at Skyventure Colorado Indoor Skydiving at Skyventure Colorado Winter in Colorado is more than great ski slopes. There are plenty of unique ideas that don’t involve tumbling down an uncharted mountain. If you’re not quite an adrenaline junkie, but are still interested in the extreme, you might want to look into booking a flight at Skyventure Colorado. Located in Lone Tree, Colorado, only an hour north of Colorado Springs, Skyventure Colorado offers a safe and fun-for-all-ages flying experience. Visitors can take turns flying on a cushion of air generated by Skyventure’s state of the art wind circulation system …

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February 20, 2013Entertainment and Events: It's Time for Denver Restaurant Week 2013
Category: Entertainment and Events

Entertainment and Events: It's Time for Denver Restaurant Week 2013 It's Time for Denver Restaurant Week 2013 Denver dining ideas are a frequent enjoyment topic in the KKB CPA blog. If you like to eat out in Denver, you’ve probably been looking forward to this time of year as Denver Restaurant Week is here again. As an added bonus, Denver Restaurant Week now actually lasts for 14 days. The festivities kick off February 23rd and conclude on March 8th. During this time participating restaurants offer a multi-course dinner for the fixed price of $52.80 for couples or $26.40 for single diners. This annual event is so popular that some restaurants have re …

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February 19, 2013A Not-So-Fun, but Critical Post: Protecting Your Practice from Embezzlement
Category: Successful Practice Management

A Not-So-Fun, but Critical Post: Protecting Your Practice from Embezzlement A Not-So-Fun, but Critical Post: Protecting Your Practice from Embezzlement I had a brand new client referred to me by a fellow CPA for an internal control review. That CPA had expressed some concerns to the five physician-owners about their controller and the ability to get certain pieces of information from him in the tax return preparation process. After putting the engagement letter together and reviewing the timeline for the review to be done, the interviews with the staff were ready to begin. A list of pertinent items (financial reports, job descriptions, organizational chart, et …

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February 18, 2013Your Financial House: When “Married Filing Separately” Might Make Sense
Category: Your Financial House

Your Financial House: When “Married Filing Separately” Might Make Sense Your Financial House: When “Married Filing Separately” Might Make Sense We are frequently asked if a married couple should file separate returns. The question most frequently arises with newly married couples, couples in the process of a divorce, and when one spouse has unusual circumstances like an unusually large income or big medical expenses. Your marital status is determined on the last day if the year. If you are married you can file a joint return or you can choose the filing status of Married Filing Separately. You may not file as a single individual. The answer, which is the r …

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February 10, 2013Vacation Destinations: Explore Amelia Island, Florida
Category: Vacation Destinations

Vacation Destinations: Explore Amelia Island, Florida If you’re looking for a unique vacation destination for an extended weekend escape from the winter cold of Colorado, consider heading to Amelia Island, Florida. Amelia Island offers a different experience than the tropical getaway of south Florida because, quite frankly, it still gets cool in north Florida in January and February. But if you want to enjoy a few rounds of golf, a relaxing ocean view, unique shopping experiences and world class dining, then Amelia Island has it all. Depending on your tastes and budget, you can reserv …

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January 20, 20132013 Tax and Accounting Fact Sheet
Category: Your Financial House

2013 Tax and Accounting Fact Sheet We wanted to share a high-level Fact Sheet you can refer to for your tax and accounting questions during 2013. If you have more detailed questions or would like to find out more about how everyone at KKB CPAs can make your life more enjoyable, give us a call at 303-815-1100. FICA Employee Tax – This tax goes back to 6.2% from 4.2% as the payroll tax holiday ended December 31, 2012 FICA maximum wage base will go from $110,100 to $113,700 COLA – Social Security benefits will increase by 1.7% 401(k) Contribution Limits - 401(k) Electiv …

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January 17, 2013Summary of American Taxpayer Relief Act of 2012
Category: Rules and Regulations

Summary of American Taxpayer Relief Act of 2012 Everyone at KKB hopes your 2013 is off to a great start. We wanted to write a brief summary of the American Taxpayer Relief Act of 2012 that was recently passed by Congress. The legislation allows tax rates to rise on the nation's highest earners while also extending dozens of tax cuts for individuals and businesses. Specifically, the bill: Raises the top tax rate to 39.6% for married couples earning $450,000; single taxpayers earning $400,000. These amounts will be indexed for inflation. Raises long-term capital gains and qualifying d …

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January 17, 20133 Easy Time Management Tips for Greater Efficiency
Category: Time Management and Organization

3 Easy Time Management Tips for Greater Efficiency In our everyday lives, we all are challenged to get our to-do lists done, while still having time for family. But sometimes it feels like there are just not enough hours in a day to get everything checked off. If you are feeling like you just don't have enough time, check out these time management ideas from KKB CPAs to boost your efficiency and get more out of the day: - Take a look at your typical day: Try an exercise in which you record your activities for a short period of time, such as three days. You can use a spreadsheet to easily t …

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January 04, 2013Vacation Destinations: Visit Puerto Rico
Category: Vacation Destinations

Vacation Destinations: Visit Puerto Rico KKB focuses on making your life more enjoyable through sound financial planning that includes vacations as well as any other lifestyle improvement goals you might have. Whether you’re looking for cultural enrichment, adventure or just a place to kick back and relax, a Puerto Rican vacation has something for everyone. The capital of Puerto Rico, San Juan, has an old-world charm, its main attractions being the two forts, Castillio El Morro and Castillio San Cristóbal, where you can learn about Puerto Rican history and check out the displays of artiller …

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December 31, 2012Colorado Entertainment: Celebrate New Year’s Eve in Denver
Category: Entertainment and Events

Colorado Entertainment: Celebrate New Year’s Eve in Denver Now that we know that the whole Mayan Calendar mess was as momentous as the car odometer rolling over to 100,000 miles (i.e. mildly impressive, but not signifying the "Car Apocalypse"), we can turn our gaze to the future. Specifically December 31st, and as we look around at Events in Colorado, we see that the city of Denver has a festive celebration downtown. New Year's Eve Fireworks Downtown is the event, with two huge fireworks shows on tap. The first takes place at 9 p.m. (so the kids can get to bed at a decent hour) and anothe …

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December 17, 2012Tax Tips: Medicare Surcharge on Wages in 2013
Category: Your Financial House, Rules and Regulations

There has been much talk about the 3.8% Medicare surcharge on investment income that will occur in 2013, but another tax increase many tax experts have glossed over is the .9% Medicare surcharge on wages and self-employment income above certain thresholds. For individuals, this threshold is $200,000 while couples will meet the threshold at $250,000. This extra medicare charge is only assessed on the employee's share of the Medicare payment, and the employer does not owe anything extra except the already existing 1.45%.   The IRS has instructed the employer to withhold the extra per …

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December 05, 2012Your Life: What's Wrong With The Lakers?
Category: Entertainment and Events

  At one time they were the preseason favorites to make the NBA finals, now the Lakers seem to be on the edge of the playoffs after a quarter of the 2012-2013 NBA season. The additions of Dwight Howard, Antawn Jamison, and Steve Nash were supposed to boost the team to the level of the Heat, Thunder, and Spurs, but after last night’s loss to the Houston Rockets, the team now sits at 8-10 and just starting a stretch where six of their next seven games are on the road. So what exactly is happening with this supposed super team? Well, the most noticeable problem has been Dwight Howard …

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December 03, 2012Retirement: Medicare Premium Changes In 2013
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

In 2013, the basic Medicare Part B premium will rise $5 to $104.90 a month. This monthly rate will be higher for seniors with modified income above $170,000 for married and $85,000 for singles. Modified income means regular income plus tax-exempt interest, education bonds, and excluded foreign earned income. Higher income seniors will also owe a surcharge on premiums for Medicare Part D. This surcharge ranges from $11.60 to $66.60 depending on how much those seniors modified income is above $170,000 for married and $85,000 for singles. Marrieds filing separately will be hit especially hard if …

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November 30, 2012Your Life: Which Tablet To Choose?
Category: Time Management and Organization, Entertainment and Events

  There’s currently a tablet cold war going on between Apple and Amazon with no clear winner in sight. Well, except for the consumer that is. The reveal of the iPad Mini and the Kindle Fire HD function as the latest two shots in this ongoing feud that began several years ago when the original iPad came out as more than just a simple E-Reader like Amazon’s Kindle. Since that time, the two companies have competed side by side in the tablet war, but what’s the difference between the two? For Apple, the iPad serves as a connection between the e-reader community and the mob …

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November 20, 2012Tax Tips: W2 Reporting Requirement Changes For 2012
Category: Successful Practice Management, Rules and Regulations

  Starting in the calendar year 2012, employers will be required to report the health insurance cost on their employees’ W2s. In other words, the W2s that employees will receive at the beginning of 2013 will need to show the cost of coverage inside box 12 on the W2 under the DD code. This amount should include both the portion paid by the employer as well as the employee. The purpose for this reporting requirement is for informational use only and is in no way taxable to the employee. Its intention is to inform the employees the cost of their coverage and allow for comparisons to o …

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November 19, 2012Tax Tips: Rate changes and other items for 2013
Category: Successful Practice Management, Your Financial House, Rules and Regulations

  See below for a guide to all tax changes taking effect in 2013. Please note that some things such as the tax rates may be subject to change depending on Congressional action.   The top tax brackets rising from 33–35% to 36–39.6% Long-term capital gains taxes rising from 0–15% to 10–20% Dividends taxed at ordinary income tax rates up to 39.6% and the expiration of the quali­fied dividend rate of 15%  The expiration of the FICA payroll-tax cuts from late 2010 will raise the rate from 4 …

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November 06, 2012Your Financial House: Should I start my Social Security Early?
Category: Your Financial House, Time Management and Organization, Retirement and Exit Strategies, Rules and Regulations

Should I start my Social Security Early?   A good friend of mine just turned 62. He announced to me he was going to start his Social Security. I have analyzed this several times and knew this would not be the best economic answer. The reduction they impose for starting early is significant. So I asked him to wait, and send me the amounts he would receive now, and the amounts he would receive if he waited until his normal retirement age at 66. He has a pension from his career employer that is decent, so I knew he would have respectable income without Social Sec …

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November 02, 2012The Fiscal Cliff: Sequestration
Category: Successful Practice Management, Your Financial House, Retirement and Exit Strategies, Rules and Regulations

The Fiscal Cliff: Sequestration   We discussed the big ticket item of the Bush Tax Cuts in the last blog.  The next biggest item is sequestration. Until the Budget Control Act was signed in August, 2011 most people had probably not heard of the word before. The Wikipedia definition of sequestration is “A U.S. legal procedure in which automatic spending cuts are triggered, notably implemented in the Budget Control Act of 2011.” This Act established the so called “Super Committee, which was tasked with putting together a bipartisan piece of legislatio …

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October 21, 2012Tax Tips: The Dangers of Tax Software
Category: Your Financial House, Time Management and Organization, Rules and Regulations

If you use programs such as Turbotax, ACTtax, or many of the other home tax preparation software, and there turns out to be an error in your return, your reliance on the software is not a valid excuse for relief from any penalties assessed by the IRS. Unlike using a CPA or third party preparer, the court's classify returns prepared through the use of tax software as self-prepared returns. Depending on the severity of the error, the IRS could impose significant penalties so it's crucial the return is properly reported when filed.

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October 19, 2012The Fiscal Cliff: The Bush Tax Cuts
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

  As of this writing, the tax cuts signed into law back in 2001 and 2003 are set to expire at the end of 2012. As there is not enough room in a blog to go through all of these expiring cuts in detail, we will highlight those that will have the biggest impact on our clients in 2013.   Income tax brackets will change.   Currently there are six tax brackets, with the lowest at 10% and the highest at 35%. In 2013, there will be five brackets, with the lowest at 15% and the highest at 39.6%. For a couple with $50,000 of taxable income, their taxes are expected …

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October 17, 2012The Fiscal Cliff: An Introduction
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

  We recently attended Colorado Medical Society’s annual meeting and Colorado Medical Group Management Association’s Fall conference. We enjoyed meeting many of their members and discussing a topic that is looming larger every day. That topic is the “Fiscal Cliff” that our nation is facing come January 1,, 2013.    The term “Fiscal Cliff” was coined by Ben Bernanke, the current Chairman of the Federal Reserve,. In February of 2012, he used this to term to describe “a massive fiscal cliff of large spending cuts and tax i …

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October 01, 2012Tax Tips: Education Savings Plans
Category: Your Financial House, Rules and Regulations

              Despite all the uncertainty with taxes for 2012, there are some tax planning items parents can do now to minimize their tax bill for the year. These tax planning items come in the form of 529 accounts and Coverdell education savings accounts.             529 accounts provide payouts for postsecondary education, and are completely tax free. These costs include tuition, room and board, books, and supplies. Many states cap this contribution at a certain amount, b …

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September 09, 2012Tax Tips: Medicare Surcharge On Investment Income
Category: Your Financial House, Retirement and Exit Strategies, Rules and Regulations

In 2013, a new tax will take effect that will apply to all upper-income earners on their investment income. The source of this new tax is a surcharge to provide an additional revenue stream for Medicare and will charge 3.8% on the lesser of taxpayer’s investment income or total adjusted gross income above $250,000 for married individuals and $200,000 for singles. In other words, if you’re married and have $50,000 in investment income (dividends, capital gains, etc) while your total income for the year is $270,000, then you’ll owe an extra $760 in taxes [(270,000-250,000) x 3.8%]. Howe …

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June 10, 2012Tax Credits for Health Insurance
Category: Your Financial House, Rules and Regulations

Starting in 2014, affordable insurance exchanges will provide a cost effective way for individuals who do not receive insurance through their employers the option to pick up coverage. This is just one of two ways the federal government plans to make insurance affordable. The other is by setting up tax credits to go along with these affordable insurance exchanges. These tax credits will be available to individuals and families with incomes between 100% and 400% of the federal poverty line. Some phase-out rules apply and things like Medicare, Medicaid, and employer-sponsored plans are not in …

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June 10, 2012Tax Strategy for Small Business Owners
Category: Successful Practice Management

If you are an owner in an S-Corporation and in a high tax bracket, it may be a smart tax strategy for you to switch to a C-Corporation. In an S-Corp, income from the business flows through to the owners who then taxed at this income at their marginal rates which could be as high as 35%. A C-Corp on the other hand pays taxes at the corporate level which can range anywhere between 15% and 35%, but more deductions are allowed which lower taxable income. Also, the C-Corp will pay the owners dividends instead of disbursements, and these dividends are taxed at 15%. In many cases, it is found that th …

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May 25, 2012Considerations When Converting To Or From A Roth IRA
Category: Retirement and Exit Strategies

When it comes to IRA to Roth conversions, estimated tax should be the number one factor in your decision. Future tax rates are the key in determining whether a Roth conversion is worth it. In other words, would you rather take the tax hit now or later? To compare the types of retirement accounts, a normal IRA is not included in normal income at the time you contribute money to the plan and is only taxed at the time of distribution whereas a Roth IRA is taxed as normal income when the contribution is made, but the distributions are taken tax-free. When converting from an IRA to a Roth, the …

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May 25, 2012Gifting Your IRA To A Charity
Category: Your Financial House

Did you know you can transfer up to $100,000 of your IRA to charity and receive several tax benefits? As long as you're older than seventy and a half at the end of the tax year, you can have your IRA custodian transfer the money directly to the charity and you won't be taxed on it. Plus, in addition to this, you can also deduct the amount as an itemized deduction, thereby reducing your tax liability. Please note this charitable contribution is limited to 2% of your adjusted gross income.

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May 10, 2012April In A CPA Office
Category: Time Management and Organization

     April in a CPA office is a mad dash to the tax deadline followed by a few of the slowest weeks of the year. It's a weird thing to go through. One week it's ten hour days Sunday through Saturday, the next week it's only a thirty-two hour week since the day after the tax deadline is a holiday.       The week before the deadline is one of tireless work all in order to gain an estimate of owed taxes for extension purposes. The printers run nonstop, the telephones constantly ring, and for the first time all year, the pile of tax returns waiting fo …

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May 10, 2012Fresh Start Tax Relief
Category: Rules and Regulations

     Since the recession started in 2008, the IRS has implemented a “Fresh Start” program designed to allow those who owe taxes and penalties a bit of relief. They do this through an extension of the penalty period and also allows for installment payments for large balances.      Please note that “Fresh Start” relief is only available to those who have been unemployed for thirty consecutive days during the year or self-employed individuals who have seen a 25% decrease of their business income. Also singles can not have income ove …

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May 10, 2012The Rising Cost Of Student Loan Interest
Category: Your Financial House

     A stunning report was recently released estimating that student loan debt will exceed $1 trillion in 2012. This massive debt has numerous implications on the economy. For example, instead of purchasing manufactured goods and services that actually attribute to the nation's economy, a large portion of future salaries will go toward the interest on this debt. Also, having this much debt can lead to a possible bubble or even a recession. A massive default scenario is especially troubling considering the employment outlook facing recent college graduates. To put this in pe …

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May 10, 2012Starting A Business With A Spouse
Category: Successful Practice Management

     For some burgeoning entrepreneurs, starting a business with a spouse can be a daunting proposition. It adds a whole new dimension to a relationship since not only do you have your personal lives together, but you also have your business life. There are a few things to keep in mind when starting a business with a significant other.   1. Household chores. Do you and your spouse find the chores and easy task or are they a constant struggle to finish. This can be a great indicator whether or not you will be able to handle something as stressful as a business togeth …

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April 05, 2012Common Tax Scams in 2012
Category: Your Financial House

Common Tax Scams In 2012 Every tax season brings with it several new scams and schemes in an attempt to defraud the taxpayer. For 2012, the IRS has identified five of the most common scams that will affect taxpayers. Identity Theft: Due to the advancement in technology, identity theft has quickly grown into the most common scam a taxpayer will face. If you receive two notices from the IRS about filed taxes, you may have been a victim of identity theft. Phishing: Phishing scams typically come in the form of a website address, whether it be in an email or in a link from another site. …

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April 05, 2012March In A CPA Office
Category: Time Management and Organization, Entertainment and Events

March In A CPA Office In a word, March in a CPA office is hectic. It’s a non-stop rush that frequently features 10+ hour days for six or sometimes even seven days a week. There’s the corporate deadline on the 15th which serves as the catalyst for the initial crunch, but individuals, partnerships, trusts, and non-profits provide plenty of work through the rest of the month. Another thing that makes March such a busy month is that our monthly work still gets done. Whether it is retirement planning, payroll, bookkeeping, analyzing, or consulting, the work still gets done One …

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April 05, 2012March Recipe: Gluten-Free Corned Beef and Cabbage
Category: Entertainment and Events

March Recipe: Gluten-Free Corned Beef and Cabbage Nowadays, living a gluten free lifestyle really isn’t too difficult.  Awareness is increasing rapidly. Therefore, there are many gluten free products and recipes out on the market.  The following is a recipe for Corned Beed and Cabbage (Recipe was taken from Celiac.com and allrecipes.com): Enjoy! Corned Beef and Cabbage 5 pounds corned brisket of beef 6 peppercorns, or gluten-free packaged pickling spices 3 carrots, peeled and quartered 3 onions, peeled and quartered 1 medium-sized green cabbage, quartered or cut in we …

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April 05, 2012Restaurant Review: Pasquini's Pizzeria
Category: Entertainment and Events

Restaurant Review: Pasquini's Pizzeria New to the Cherry Creek, Pasquini's Pizzeria is a welcome addition to the neighborhood. Of course, being a pizzeria means their #1 dish are pizzas, but they also have delicious pastas, salads, and sandwiches available. Plus, not only do they offer a wonderful lunch and dinner experience, but by being open until 2 AM on Fridays and Saturdays allows them to serve late night meals after the local bars stop serving food. In addition to their food, they also have a wide ranging beer and wine selection that is comparable to the standard Cherry Creek bar. Al …

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March 05, 20122013's Medicare Tax Increase And How You Can Avoid It
Category: Your Financial House, Retirement and Exit Strategies

2013's Medicare Tax Increase And How You Can Avoid It A Medicare tax increase going into effect in 2013 may have a significant impact on your investing strategy. A 3.8% levy on unearned income will be assessed to single filers with adjusted gross income (AGI) over $200,000 or $250,000 for those joint filers. The 3.8% levy will be applied against the smaller of the filer’s net investment income or the excess of AGI over the threshold. To show an example of this, if a single filer has $300,000 and $50,000 of investment income, then they would pay the 3.8% against the investment income. Ho …

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March 05, 2012February In A CPA Office
Category: Successful Practice Management, Entertainment and Events

February In A CPA Office February in an accounting office is when things really start to ramp up for tax season. It's a month where emphasis is placed on corporate tax returns since their deadline is March 15th. We also finalize any outstanding 1099s that need to be mailed to their recipients as well as getting them together to send to the IRS since the deadline is the end of the month Typically, our corporate returns are followed by the preparation of the owner's individual tax return. We do this for several reasons, the most obvious is convenience. Getting everything completed at the sa …

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March 05, 2012March Recipe: Gluten-Free St. Patty's Day Sugar Cookies
Category: Entertainment and Events

March Recipe: Gluten-Free St. Patty's Day Sugar Cookies Nowadays, living a gluten free lifestyle really isn't too difficult. Awareness is increasing rapidly. Therefore, there are many gluten free products and recipes out on the market. The following is a recipe for Shamrock Sugar Cookies just in time for St. Patty's Day.(Recipe was taken from Celiac.com and allrecipes.com): Gluten-Free Shamrock Sugar Cookie Recipe Gluten-free shamrock sugar cookies are buttery good, easy to make and a charmin' St. Patrick's Day cookie. You will need a small (about 3/4-inch diameter) shamrock cookie cutte …

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March 05, 2012Over $1 Billion in Refunds From 2008 Still Outstanding
Category: Your Financial House, Rules and Regulations

Over $1 Billion in Refunds From 2008 Still Outstanding Did you know the IRS has over one billion dollars in tax refunds from 2008 that are still waiting to be claimed? According to their records, over one million people have not yet filed a return for that year, and because of this, these refunds were never claimed. The estimated median refund is $637 which certainly should serve as an incentive for those delinquent filers to complete the process. Why is it important to file this year? There is only a three year window for recovering owed amounts from delinquent tax returns. After the three …

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February 10, 2012Yellow Ribbons Sessions
Category: Entertainment and Events

Yellow Ribbons Sessions My son recently deployed to Afghanistan with the Army. He is a senior drill sergeant. Their unit's mission originally was to train the Afghan soldiers. I say originally because things are changing rapidly with our country's mission there, and I'm not sure anyone (most importantly our nation's leaders!) really knows what to expect next. Last December we were invited to attend sessions called "Yellow Ribbon" by the Army. They were held at a nice hotel in a suburb of Dallas. The sessions were designed for soldiers and their families to provide information about what to e …

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February 06, 2012January In A CPA Office
Category: Successful Practice Management

January In A CPA Office January in a public accounting office can be argued as the second busiest month of the year. For tax preparation, March is considered the busiest by far, but since April only consists of a half-month of tax work and February typically is more of a lead-in to March, January is the next in line for busiest. This is due to the particular deadlines January features – namely W2s and 1099s. W2s are only difficult when it involves large companies with many different benefits. Certain items such as 401k deferrals are deducted from gross wages while things such as health …

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February 06, 2012What Brought On The Buffett Rule?
Category: Rules and Regulations

What Brought On The Buffet Rule? The Buffett rule has been the talk of congress for several months now, but many people don't understand what caused Warren Buffett to have a lower tax rate than his secretary. Many of the tax rules Warren Buffett utilizes are not understood by the most people. All they hear is he pays a lower rate than his secretary, but none of the reasons why are given. Almost all of Warren Buffett's income is derived from investments which are taxed at a flat 15% rate. His secretary, on the other hand, is taxed at normal income rates that pertain to all non-investment …

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February 06, 2012The CPA Exam: Financial Accounting And Reporting
Category: Rules and Regulations

The CPA Exam: Financial Accounting And Reporting The financial accounting and reporting section is widely regarded as the hardest of the four sections of the CPA test. There are several reasons for this, the most obvious being its massive size compared to the others. The amount of material is roughly the size of the other three sections and covers everything from the financial statements, profit sharing plans, time value of money, non-profit, and governmental accounting just to name a few. In addition to the AICPA expecting the participant to know all these topics, the exam also is used …

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February 06, 2012Qualifying For The First Time Homebuyers' Credit
Category: Your Financial House

Qualifying For The First Time Homebuyers' Credit The recently announced first time home buyers' credit can be a tremendous benefit to those who qualify, but the rules and regulations that govern this credit are very specific and not known by many people. In order to claim this credit for a house bought in 2011, you must be a first time home buyer or a long time resident of the same main home. A first time home buyer is defined as someone who meets all of the following rules: You or your spouse is a member of the uniformed services, foreign services, or an intelligence agency. You purchas …

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February 06, 2012The Timing Of IRS Refunds
Category: Your Financial House

The Timing of IRS Refunds The timing of IRS tax refunds has always been something that depends on a variable of factors. Thanks to technological improvements, the amount of time between filing a return and receiving a refund is now much easier to predict. The IRS typically issues refunds twenty-one days after a return is filed, but recent years has seen this number decline and has been seen to be as low as ten days. E-Filing is by far the simplest, quickest, and easiest way to get a return processed. Also, in order to speed up a refund, it is recommended to use direct deposit as opposed to …

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January 12, 2012Physician Retirement and Exit Strategies
Category: Retirement and Exit Strategies

Physician 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 in the practice or to someone who …

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January 12, 2012Home Ownership Ain’t What It Used To Be
Category: Your Financial House

Home Ownership Ain't What It Used To Be 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 salaries 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 monthly PITI …

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January 09, 2012Advantages in HOA Tax Reporting
Category: Rules and Regulations

Advantages in HOA Tax Reporting 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. Since this is a margi …

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January 04, 2012Vacation Destination: Disney World
Category: Vacation Destinations

Vacation Destination: Disney World 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 educational experience, Epcot has become a te …

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January 04, 2012KKB's 2011 Holiday Party
Category: Entertainment and Events

KKB's 2011 Holiday Party 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 everything else Left Hand Brewery does w …

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January 04, 2012The 2% Payroll Tax Cut And You
Category: Your Financial House, Rules and Regulations

The 2% Payroll Tax Cut And You 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 sole …

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December 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. This credit will not be renewed n …

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June 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 …

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June 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 had never happened to us before …

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June 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 …

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June 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 …

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March 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 …

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February 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 …

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February 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 …

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February 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 …

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January 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 …

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January 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 …

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January 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 …

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January 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 …

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December 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 …

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December 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 …

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December 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 …

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November 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 …

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November 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 …

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November 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 …

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November 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 …

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November 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 …

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September 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 …

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September 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 …

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August 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 …

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August 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 …

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August 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 …

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August 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 …

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July 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 …

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July 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 …

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April 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 …

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March 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 …

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February 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 …

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February 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 …

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February 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 …

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February 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& …

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February 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 …

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January 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 …

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December 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 …

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December 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 …

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November 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 …

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November 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 …

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November 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 …

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November 18, 2009The Enjoyment of Working at KKB CPAs in Denver, Colorado!
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 at KKB, Denver Colorado's CPAs, 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 …

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November 17, 2009Theory Behind The Sneeze
Category: Entertainment and Events

Theory Behind the Sneeze 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 …

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October 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 …

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October 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 …

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October 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 …

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September 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 …

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September 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, …

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August 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 …

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August 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 …

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August 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 …

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July 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 …

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July 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 …

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July 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 …

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July 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 …

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July 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 …

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July 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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