Tuesday, October 27, 2015

To Our KOS Friends...News You Can Use

How clients can avoid taxes on a home sale legally: Knowing the step-up basis can help clients curb the tax impact when selling their homes, according to Huffington Post. Capital gains of up to $250,000 for individuals or $500,000 for couples will be exempted from tax, provided the property involved has been the seller's primary home for two of the five years before closing the deal. The step-up in home basis should be considered when selling the property, especially if the home value has appreciated or depreciated considerably over time, and hiring a professional can help how the step-up basis can be applied to reduce the tax liability. -- Huffington Post
Partner Insights
State tax perks and 529 plans: While 529 plans are exempt from federal taxes, clients who consider investing in college-savings plans are advised to consider the state-specific tax benefits of these plans before deciding whether to stay in-state or pick an out-of-state 529 plan, according to Morningstar. State-specific tax benefits will spell the difference among 529 plan options that share similar investment merits but have differing fees, or plans with the same fees but less-competitive investment choices. Clients have the best incentives to stay if their 529 plan's tax benefit is equivalent to at least 5 pecent of their investment in the first year. – Morningstar

Wednesday, October 14, 2015

Authorities warn of 'bogus firm' scamming Illinois corporations

To our KOS Friends...

Reposted from the Chicago Sun-Times
Written By Alexandra Kukulka Posted: 10/12/2015, 05:35pm

Authorities are warning businesses of a scam targeting Illinois corporations.

A firm called Illinois Council for Corporations is contacting Illinois businesses in an attempt to collect a $125 fee to fill out a corporation’s Annual Minutes Records Form, according to a statement from the Secretary of State’s office.

The Illinois Business Corporation Act does not require corporations to file a “Minutes Records Form” or pay such a fee with the state or any private entity. The annual report fee is normally the only fee a corporation would pay to the Secretary of State Business Services Department, according to the statement.

“This bogus firm is sending out a form that looks similar to the Secretary of State’s annual report form,” said Secretary of State Jesse White in the statement.

Business owners who believe they’ve been targeted by this scam should file a complaint with the Attorney General’s Office, according to the statement.

“Posing as government officials is a tactic frequently used by scammers, so it’s important that business owners be vigilant,” Attorney General Lisa Madigan said in the statement. “If business owners are asked to submit fees and forms they are unfamiliar with, I encourage them to first contact my office.”

Businesses can file a complaint with the Illinois Attorney General’s Office Consumer Fraud Bureau at (800) 243-0618.  If you have any questions or concerns, please contact your KOS Advisor.

Tuesday, October 6, 2015

Visit the KOS Website to View our Two New Videos!

After months of preparation, dedication and hard work to prepare for this exciting day, KOS is delighted to officially announce the launch of our new videos to our website.

Our company overview video can be viewed at: www.koscpa.com.

Our careers video can be viewed at www.koscpa.com/careers.

The goal for the videos is to provide our visitors with an overview of our firm describing our culture and what makes KOS different and unique. So, whether you are “just looking” or you are seeking more specific details about our services or pursuing a career at KOS, we are here to help you learn more as you visit our site.
If you have any feedback or require any assistance, please contact us.

1101 Lake Cook Road, Suite C
Deerfield, IL 60015