Wednesday, April 12, 2017

Geoff Harlow on WGN-9 News April 10, 2017

Congratulations to KOS Partner, Geoff Harlow, who was on the WGN-9 newscast on Monday, April 10th giving tax return filing tips.

Geoff discussed how to get the most out of your refund this year by reviewing some commonly overlooked tax deductions. 
 
To view the video and gain helpful insight please click on the following link:

As always, if you have any questions or need additional advice, please contact a KOS Tax Advisor.

Wednesday, February 22, 2017

Congratulations to Larry Krupp on His Tax Update Presentation

On February 16, 2017, Larry Krupp, KOS Tax Director, provided an income tax update presentation at Chicago Volunteer Legal Services. He interpreted and explained the latest version of the tax code & discussed changes and concerns that can affect businesses & personal finances.
Congratulations to Larry for a job well done!


KOS Partner Geoff Harlow Quoted in Forbes - February 21, 2017

If you are in the process of planning where you will enjoy your golden years, you will want to know how different state tax laws can impact you during your retirement. 

KOS Partner Geoff Harlow offers some sound tax advice in the Forbes online article, "How To Find Your Own Retirement Tax Haven" by Ashlea Ebeling.

To read the article and gain helpful insight please click on the following link
http://www.forbes.com/sites/ashleaebeling/2017/02/21/how-to-find-your-own-retiree-tax-haven/#12433804ef9b





As always, if you have any questions or need additional retirement planning advice, please contact your KOS Advisor.

Tuesday, February 14, 2017

Geoffrey Harlow Quoted in a Forbes Online Article


Geoffrey Harlow, KOS Partner, was quoted today in a Forbes online article.  The article is titled, "The Side Gig Retirement Tax Time Play", by Ashlea Ebeling.  Geoff is a frequent contributor for several news sources supplying insight and guidance on various tax and accounting issues.

 
Please click the link below to view the full article.
http://www.forbes.com/sites/ashleaebeling/2017/02/14/the-side-gig-retirement-tax-time-play/#1ae27d282646


As always, please visit www.koscpa.com to learn more about our firm and the services we offer.



 



Wednesday, January 18, 2017

IRS Reminds Taxpayers of Common Scams

As the 2017 tax filing season unfolds, the IRS is reminding taxpayers about phishing and phone scams. Scammers have been contacting taxpayers via live and automated phone call, email, fax, regular mail, and text message.

Here is a list of some of the most prevalent scams to watch out for:

  • Students and their parents are contacted and demand is made for a fictitious tax such as the "Federal Student Tax".
  • Fraudulent IRS bills for the tax year 2015 related to the Affordable Care Act are sent out via email or letter.
  • Demand is made for payment to settle a "tax bill".
  • Requests are made for "verification of tax return information" in order to process your return.
If you receive a phone call from someone claiming to be from the IRS:
  • DO NOT give out any information. .
  • Report it to the Treasury Inspector General for Tax Administration. Use their use their “IRS Impersonation Scam Reporting” web page or call 800-366-4484.
  • Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.
If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.

Wednesday, January 4, 2017

2017 Standard Mileage Rates for Automobile Use

In December, the Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
With gas prices dropping in 2016 and vehicle prices holding steady, the optional mileage rates for business, medical and moving expenses for 2017 dropped to their lowest levels in six years.
As of January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
·         53.5 cents per mile for business miles driven (down from 54 cents for 2016);
·         17 cents per mile driven for medical or moving purposes (down from 19 cents for 2016);
·         14 cents per mile driven in service of charitable organizations (permanently set by statute).
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.
Proper use of the business standard mileage rate is optional and takes place the of deducting all actual costs of the automobile allocable to business use (such as depreciation, maintenance and repairs, tires, gasoline, oil, insurance, and license and registration fees).
The business standard mileage rate may NOT be used for an automobile after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that automobile.  In addition, the business standard mileage rate cannot be used for more than four vehicles being used simultaneously.
For more details and other requirements, visit www.irs.gov, Rev. Proc. 2010-51. 
Source: IR-2016-169, Notice 2016-79