Quickbooks Usage and Analytics Study

Has anyone seen the box below pop up when you login to your Quickbooks file?

 

When you open your company file in Quickbooks 2015 for the first time, the above box will appear. If you use Quickbooks on a regular basis and are used to several boxes popping up at random times, you probably just clicked “Continue” and thought nothing of it. However, once you click “Continue” and go about your daily tasks, you are automatically signed up for this study and Quickbooks is tracking your usage. This box will never appear again. Unfortunately, there is no option to opt-out on this screen.

So what exactly is the Quickbooks Usage & Analytics Study? Intuit states that this study “makes it easier for us to recommend or provide customers with new features and services that are most appropriate for them.” It also “enables us to detect errors and product failures so that the product can be continuously improved.” Intuit claims that the transmission of this data is secure and encrypted, occurs in the background and shouldn’t affect the performance of your computer.

If you are not interested in participating in this study and would like to turn it off, you can go to “Help” across the top menu bar and choose “Quickbooks Usage & Analytics Study” (see image below).  Only the administrator of the company file can turn the study on and off. Once it is turned off, it cannot be turned on again.

A box, similar to the original one that originally appeared upon your first login, will appear and you will have the option to discontinue participation in the study.

KOS Welcomes New Partner

PRESS RELEASE

FOR IMMEDIATE RELEASE

November 3, 2014

KOS Welcomes New Partner

The Deerfield CPA firm of KOS Hires Bradley Greenberg, CPA, MST as Partner

Kessler Orlean Silver & Co., P.C. (KOS) is pleased to announce that Bradley Greenberg, CPA, MST has joined the firm as a Partner in its tax department. Brad adds to KOS’ ability to serve businesses and individuals by providing innovative and effective tax planning. His business philosophy aligns with KOS in being based on a genuine partnership with clients to provide superior service. He joins the firm from SS&G, where he served as a Tax Director.

Brad specializes in tax and business planning for closely held businesses, business owners and individuals, and represents clients in the manufacturing, distribution, service, publishing, real estate, transportation, technology and private equity sectors. He has extensive expertise in state and local taxes, international tax, mergers and acquisitions, research & development tax credits and cost segregation studies. A frequent speaker before business and professional groups, he is called upon to share his knowledge on topics such as tax law changes and business/tax planning ideas.

Brad graduated from the University of Illinois at Urbana-Champaign with a bachelor’s degree in accountancy with honors and from DePaul University with a master’s degree in taxation with distinction.  He is a Certified Public Accountant and a member of the American Institute of CPAs and the Illinois CPA Society. He has previously held the position of chair for the Illinois CPA Society State and Local Taxation Committee.

 

Based in Deerfield, Illinois, Kessler Orlean Silver & Co., P.C., (KOS) serves businesses and individuals in multiple states providing business consulting, auditing, accounting, bookkeeping and tax services. With an over 80 year history, the mid-sized accounting firm of KOS provides innovative accounting solutions to business owners, executives and managers, private investors, and professionals. The firm’s down-to-earth style and practical experience come from a long-time culture of helping people and feeling passionate about doing so. 

For more information, please visit www.koscpa.com

KOS is Hiring Staff Accountants

TO APPLY: Email resumes to hrdirector@koscpa.com

Our firm is currently seeking talented, entrepreneurial-minded, advancement-oriented individuals for the following opening in our Accounting Department.

 

WHO WE ARE – Kessler Orlean Silver & Co (KOS) is a 50+ person full service CPA firm located in Deerfield IL. We provide clients of all sizes in many industries primarily throughout the Chicagoland area with a wide variety of assurance, accounting, tax and consulting services. We are a family-friendly environment with an emphasis on career development and advancement.

 

SOME THINGS YOU CAN EXPECT AT KOS – Challenging work assignments and promotions based on skill; leadership development and soft skills training programs; mentoring; semi-annual performance appraisals; business casual attire year-round; flexible hours schedule; lunch and learn meetings; book discussion groups; and a thorough orientation process.

 

SOMETHING NOT TO EXPECT AT KOS – Crazy, ridiculous hours, all-nighters, sleeping accommodations, and sweat-shop conditions. Yes, we work hard, but there is life outside the office and we respect that.

 

POSITION: ACCOUNTING SENIOR/SUPERVISOR 

3-7 Years Public Accounting Experience 

 

Responsibilities will include, among others:

• Preparing and reviewing workpapers for a variety of financial engagements;
• Preparing all necessary financial statements and related disclosures;
• Consulting with clients and various internal accounting related transactions;
• Providing strategic and tactical advice;
• Keeping abreast of latest technical developments;
• Coaching and mentoring junior level staff; and
• Helping manage and sustain client relationships.

 

BASIC REQUIREMENTS:

• Previous public accounting experience (other than entry level) and any experience with CCH ProSystem fx  programs and QuickBooks is a huge plus
• Strong analytical and critical thinking skills;
• Outstanding verbal and written communication skills with emphasis on the ability to articulate complex accounting, tax and financial information to clients;
• Proficiency in use of computers and computer accounting / tax software programs;
• CPA
• Comfortable working in a team environment with changing priorities and deadlines; and
• Self-motivated and detail oriented.

BENEFITS WE OFFER: Competitive salary; generous PTO policy; employee bonus program; partially paid maternity/paternity policy; 401k and cafeteria plan; health, life, dental, and disability insurance; bereavement; firm-paid CPE, membership dues and licenses.

KOS is Hiring Tax Managers/Supervisors

TO APPLY: Email resumes to hrdirector@koscpa.com

Our firm is currently seeking talented, entrepreneurial-minded, advancement-oriented individuals for the following opening in our Tax Department. 

 

WHO WE ARE – Kessler Orlean Silver & Co (KOS) is a 50+ person full service CPA firm located in Deerfield IL. We provide clients of all sizes in many industries primarily throughout the Chicagoland area with a wide variety of assurance, accounting, tax and consulting services. We are a family-friendly environment with an emphasis on career development and advancement.

 

SOME THINGS YOU CAN EXPECT AT KOS – Challenging work assignments and promotions based on skill; leadership development and soft skills training programs; mentoring; semi-annual performance appraisals; business casual attire year-round; flexible hours schedule; lunch and learn meetings; book discussion groups; and a thorough orientation process.

 

SOMETHING NOT TO EXPECT AT KOS – Crazy, ridiculous hours, all-nighters, sleeping accommodations, and sweat-shop conditions. Yes, we work hard, but there is life outside the office and we respect that.

POSITION:TAX MANAGER / SUPERVISOR 

4-8 Years Public Accounting Experience

Responsibilities will include, among others:

• The provision of tax compliance and consulting services to individuals, partnerships, trusts, corporations and tax-exempt entities in a variety of industries;
•  Review of diverse tax returns for corporations, partnerships, trusts and individuals;
• Identifying and researching tax topics of varying complexities;
• Helping develop, build and manage client relationships;
• Assisting in managing, developing and coaching professional staff;
• Expansion of technical and professional knowledge and training opportunities; and
• Involvement in networking and business development activities.

BASIC REQUIREMENTS:

• Previous public accounting experience and any experience with CCH ProSystem fx is a huge plus;
• Strong analytical and critical thinking skills;
• Outstanding verbal and written communication skills with emphasis on the ability to articulate complex accounting, tax and financial information to clients;
• Proficiency in use of computers and computer accounting / tax software programs;
• CPA; 
• Comfortable working in a team environment with changing priorities and deadlines; and
• Self-motivated and detail oriented.

BENEFITS WE OFFER: Competitive salary; generous PTO policy; employee bonus program; partially paid maternity/paternity policy; 401k and cafeteria plan; health, life, dental, and disability insurance; bereavement; firm-paid CPE, membership dues and licenses.

Business Introspection for Small Business Owners

In working with some successful individuals, we always ask "How have you developed the skills or characteristics that make you so successful in your vocation?" A common answer received from most of them is quite simple. At some point in the day, they make an investment of time devoted to thinking about how things went and what changes they can make in their business to improve. As small business owners, there are two resources that are always in short supply, time and money. An exercise that many business owners implement is a simple journaling exercise that they use to capture these thoughts. They then successfully apply the ideas that that they discover to improve themselves and their organizations.

There are two elements to this exercise:

Daily – Answer the following three sets of questions (do not take more than 15 minutes for this exercise, best done at end of the day).
    What went well today? Why did it go well? What change can I make to increase the impact of this success?
    What didn’t go well today? Why didn’t it go well? What needs to change to avoid this in the future?   
    How did I do at implementing the change I committed to last week today? (skip this for your first week).

Weekly – Read through your entries and look for a pattern of behaviors in your questions. Pick one item and resolve to make a change in your business. Usually this change consists of completing a task or changing a habit. If it is a task, be intentional and put this task on your calendar and get it done (even if the task has multiple steps, committing to the first step inspires you to finish the task). If it is a habit, write it down in clear bold letters and put it somewhere you look often.

This journaling exercise is a small investment of time and money to start on the path of taking a critical look at how your business is doing and make positive changes that will impact your future success. Please contact your KOS Advisor if you have any questions.

Small Taxpayer Safe Harbor Election

The Repair Regulations put in effect on January 1, 2014, contain several elections and safe harbors.  We have previously covered the de minimis safe harbor election (http://koscpa.blogspot.com/2014/08/de-minimis-safe-harbor.html), the routine maintenance safe harbor (http://koscpa.blogspot.com/2014/09/routine-maintenance-safe-harbor.html), the capitalization election (http://koscpa.blogspot.com/2014/09/capitalization-election.html), while this article will address the small taxpayer safe harbor election.

By now, it may appear the Repair Regulations on the surface are cumbersome and costly to many small taxpayers. In response to these concerns, the IRS implemented the Small Taxpayer Safe Harbor Election for taxpayers with average annual gross receipts of $10 million or less over the prior three years.

This Small Taxpayer Safe Harbor Election is available on buildings with an unadjusted basis of $1 million or less (i.e. generally cost). If the taxpayer leases the building, the unadjusted basis of a leased building is determined based on the total rents to be paid over the lease term, taking into account reasonably expected renewals.

 

Under this exception, the small taxpayer can make an annual election to expense repairs, maintenance, and improvements that are made with respect to an owned or leased eligible building property for which the total cost for the tax year does not exceed the lesser of $10,000 or two percent of the unadjusted basis of the building. The safe harbor is applied separately to each building owned or leased by the taxpayer.

If the total repair, maintenance and improvement costs for the tax year exceed $10,000 for an eligible building property, or if the unadjusted cost of the building is greater than $1 million, the election is not available for that property for that tax year. 

(Note the amounts deducted under the de minimis rule or the new safe harbor for routine maintenance is counted toward the $10,000 limit.)

The election is made annually by attaching the requisite statement to a timely-filed (including extension) original federal tax return for years beginning on or after January 1, 2014. Please contact a KOS Advisor today if you would like to discuss how this election may apply to you or the next steps needed to obtain available tax benefits under the new regulations.

IRS Phone Scam

Be aware of any phone calls purporting to be from the IRS, threatening with arrest over alleged unpaid back taxes. It’s a pervasive scam, and has received a lot of attention lately. The scammers are good, as many people are shaken and distraught by the calls.

If you are contacted by a similar call be assured that it is a scam, and under no circumstances should you meet with the caller or give them money.

 

Here’s a link to a story that the NY CBS affiliate recently ran on the matter: http://newyork.cbslocal.com/2014/09/19/scammers-pose-as-irs-threaten-arrest-if-you-dont-fork-over-money/

Here’s a story that was in the Chicago Tribune last week: 
http://www.chicagotribune.com/suburbs/hinsdale-clarendon-hills-oak-brook/ct-phone-scam-hinsdale-1002-20140926-story.html

As always, if you have any questions, please contact your KOS Advisor.