KOS Updates Website

Please check out the KOS website!  

We have a new look, easier navigation and lots of information! 

We will be continuing to make changes and improvements over the coming months.

Check back often!

www.koscpa.com

KOS Partner Geoff Harlow on CBS 2 News

KOS Partner Geoff Harlow was interviewed by Dorothy Tucker of CBS 2 News for a segment that aired Tuesday, January 20, 2015 during the 5pm news.  Geoff spoke on the big changes that will make filing taxes more complicated for tax payers this season.

Please visit the link below to view the story.  As always, if you have any questions or need assistance, please contact your KOS advisor and they will be happy to help you.


http://chicago.cbslocal.com/video/11052499-big-changes-make-filing-taxes-more-complicated/

Thank You to all Attendees of the 2015 Economic Breakfast

Thank you to all of our KOS clients and friends who attended our 2015 Economic Outlook Breakfast on January 15th at the Chicago Botanic Garden! We are pleased to have had another successful event and have enjoyed the positive feedback from everyone.

A special thank you to our speakers as well - Mary Ellen Stanek, CFA of Robert W. Baird & Co., Spencer Klein, CFA of MB Wealth Management and Thomas Rowley of Invesco Consulting. All speakers were engaging and the presentations contained important insight and guidance to assist in making decisions and proactively plan for this year.

We plan on doing it again! Save the date!

Thursday, January 14, 2016

8:00-10:30am

Chicago Botanic Garden

KOS Promotes Two to Partner

PRESS RELEASE

FOR IMMEDIATE RELEASE

January 5, 2015

KOS Promotes Two to Partner

The Deerfield CPA firm of KOS Promotes Christie Butcher and Michael Wall to Partner

Kessler Orlean Silver Co., P.C. (KOS) is pleased to announce that effective January 1, 2015, Christie Butcher and Michael Wall have become Partners at KOS. They have both made significant contributions to the firm and are a tremendous asset to the clients. They will be instrumental in the firm’s continued growth and future. 

Christie concentrates on tax planning and compliance for all types of closely held businesses and individuals. She routinely works with industries such as construction, manufacturing and wholesalers, professional service firms and real estate. In addition, Christie assists individuals in various stages of the divorce process helping allocate support payments into taxable alimony and nontaxable child support, aid in determining the value of property settlement and tax attributes, and work out the post-divorce budgets and cash flow.

Christie graduated from the University of Illinois with a bachelor’s degree in accounting and from Northern Illinois University with a master’s degree in taxation. She is a Certified Public Accountant and a Certified Divorce  Financial Analyst and a member of the American Institute of CPAs and the Illinois CPA Society.

Michael has over fifteen years of experience working with companies during all phases of a business’ life cycle and delivers sound business advice with comprehensive solutions allowing clients to understand their numbers, make decisions, and make plans to grow and improve their businesses. Specializing in accounting and business consultation, Michael works with businesses, corporations, families and individuals handling recordkeeping, processes and ever changing tax laws.

Michael graduated from Northeastern Illinois University with a bachelor’s degree in accounting. He is a Certified Public Accountant and QuickBooks Certified Pro Advisor and a member of the American Institute of CPAs and the Illinois CPA Society.

 

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.  

Tax Extenders Legislation - Congress Passes; President Signed

On Tuesday December 16th, the Senate approved a “Tax Extenders” bill previously approved by the House of Representatives.  President Obama signed this bill on Friday December 19th.  The legislation extends for one year a number of tax deductions and credits that had expired on January 1, 2014.

We expect that the following provisions included in the legislation will be relevant for many KOS clients:

• First-year bonus depreciation of 50% is available for qualified property placed in service before January 1, 2015.  This applies to property the original use of which commences with the taxpayer but not to most real property. 
  
• For 2014 the section 179 election can be made to expense up to $500,000 of new or used tangible personal property placed in service in the taxpayer’s trade or business.  A phase-out kicks in when additions of eligible property exceed $2 million for the year. It had previously been reduced to $25,000 for 2014.
  
• The research credit and work opportunity credit are extended.
  
• The up-to-$250 above-the-line deduction for educator expenses is extended.
  
• The exclusion for up to $2 million of debt-discharge income arising from home mortgage debt is extended.
  
• The deduction for state and local sales taxes is extended.  (Taxpayers that itemized can deduct the greater of state income taxes paid or sales taxes paid.)
  
• Individuals who are older than 70 ½ can make direct transfers of up to $100,000 from their IRA to charities.  Under the provision the amount transferred from the IRA is not included in taxable income nor is the amount treated as a deductible charitable contribution.  But by reducing adjusted gross income this approach can reduce the itemized deduction haircut, the portion of Social Security benefits subject to tax, and may even reduce Medicare insurance premiums.

The above does not list all of the items affected by the extenders legislation.  If you have any questions or seek further clarification please contact your KOS professional.

Kessler Orlean Silver & Co., P.C. (KOS) and Ruzicka & Associates, Ltd. Announce Merger

PRESS RELEASE

FOR IMMEDIATE RELEASE

December 15, 2014

                                                Contact:

Kristin Kentra, Marketing Director

847-580-4100

kkentra@koscpa.com

 

Kessler Orlean Silver & Co., P.C. (KOS) and Ruzicka & Associates, Ltd. Announce Merger

Two firms join forces to expand scope of services offered to clients

Kessler Orlean Silver & Co., P.C. (KOS) is pleased to announce that it has merged in Ruzicka & Associates, Ltd. of Northbrook, IL effective December 1, 2014. Ruzicka & Associates, Ltd. and its three principals have moved into the KOS offices in Deerfield, IL and operate under the KOS name.

Founded 38 years ago, Ruzicka & Associates, Ltd. provides a full range of accounting and tax services with a strong specialty niche servicing not for profit (NFP) clients. KOS has a long history of providing innovative accounting solutions to business owners, executives and managers, private investors and professionals. The merger will enhance KOS’s presence in the not-for-profit arena and provide Ruzicka’s clients access to a wider range of tax, accounting and business consulting capabilities.

Anne, Carl and Tony Ruzicka strongly believe that this combination positions their clients to be served with an even broader range of expertise. “We know that our combined resources will benefit our clients, KOS clients and all prospective clients,” stated Anne.

“Our firms share a common culture and a desire to provide superior service and expertise to our clients,” KOS Managing Partner Jeff Arnol said in a statement. “This enhances both of our existing niche sectors and strengthens new business opportunities. We look forward to working together to provide excellent service and deep expertise to current and future clients.”

In addition to expanding niche specialty areas for both firms, the merger also provides clients with additional depth of experience in core services such as audit, tax, accounting and business advisory services. The Ruzickas and Arnol both commented that the management teams of both firms will remain intact and will continue their management and leadership roles within the new firm.

The KOS offices are located at 1101 Lake Cook Road, Suite C, Deerfield, IL 60015 and the main number is 847-580-4100. For more information, please visit their website at www.koscpa.com.

 

IRA Year-End Planning

Thanksgiving is this week.  December 1st is next week.  The holidays will be here before we know it and we will be ringing in 2015. As you plan your shopping and family gatherings, this is also a good time to start thinking of some year-end tax strategies that might benefit you.

•  If you have multiple accounts, distributions do not need to be made from each account. You can total all your account balances (using last year's December 31 balances) and take the distribution from any account you choose. Just make sure you notify the custodians that you will satisfy your RMD from other accounts.

• To calculate your RMD you can go online and search for RMD calculators, go to the IRS website at www.irs.gov and download publication 590 and use Table III in Appendix C, or contact your KOS advisor and they can provide you with a current table.
• When taking a distribution, you must designate whether or not you want tax withheld. If you do not have tax withheld, any balance due because of the distribution will be payable when you file your tax return and might be subjected to underestimated penalties.
• People are permitted to make a distribution and repay it within 60 days without tax or penalty. One strategy for those that underpaid their estimated taxes for 2014 is to take a distribution, have all or most of the money paid as withholding tax either to the IRS and/or your state; and then repay those funds from another source within 60 days. These withholding tax payments will be allocated by the taxing authorities as if they were made on time throughout the year and you'll avoid a penalty.
• If you are in a low tax bracket this year, you might want to consider rolling over your traditional IRA to a Roth IRA. Once in the Roth IRA for five years, any distributions will always be tax-free and the RMD rules will not apply. All earnings in the Roth IRA will be income tax-free.
• If you are still working and are not a more than 5% owner, you are not required to take RMD from your employer's 401(k) plan that you participate in.

Year-end planning with IRAs and retirement accounts is important and can provide opportunities to save substantial tax. Now is the time to contact your KOS advisor to help you work through any questions you may have.