Newsletter Article

Do You Have to Pay the NII Tax?

Computing tax liability on 2016 returns As the deadline for filing 2016 tax returns approaches, some taxpayers are still struggling with the rules for the 3.8% tax on “net investment income” (NII). The tax law provision authorizing this special tax was included in the Affordable Care Act (ACA), the law known as Obamacare. Although the

Immediate Tax Benefits for Business Property

Section 179 provides generous tax break There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,” or currently deduct, the cost of qualified property placed in service during the year, up to a

Answers to Commonly Asked Questions About Roth and Traditional IRAs

By: Diana Spatoulas, KOS Senior Accountant Individual Retirement Accounts, or IRAs, play an important role in retirement planning. Part of the planning process includes determining whether a Roth IRA or Traditional IRA is best for you. Presented below is a list of commonly asked questions regarding IRAs, the purpose of which is to provide

Getting out of Credit Card Debt

Do you need a Snowball or an Avalanche? By: Diana Spatoulas, KOS Senior Accountant Now that 2017 is in full swing, the recent holidays of 2016 may seem like a distant memory. Colorful decorations and bright lights have been packed away and are out of sight. If it has not happened yet, soon a

Adjustments in Retirement Plan Limits

The IRS has announced its annual cost-of-living adjustments for certain retirement plan thresholds. Due to relatively low inflation rates, the adjustments for 2017 are minimal or nonexistent, as shown below. Maximum annual dollar benefit for a defined benefit plan                                

IRS Reminds Tax Payers 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

Charitable Contribution Deductions

Jeffrey Arnol, KOS Managing Partner Most people are aware that contributions to qualified charitable organizations are deductible for tax purposes. That being said, it is important that everyone is knowledgeable about the substantiation requirements for both cash contributions as well as the rules that apply to contributions of non-cash property such as clothing or

KOS Book Club: The Productivity Project

By: Bruce Kreisman, Kathy Stanley, Olga Bernick, Cameron Kinley and Abigail Schaffer At KOS we recognize that a successful professional utilizes various skills while servicing our clients. The most obvious are technical skills, whether in accounting, auditing, tax or consulting. But a well-rounded professional will also be strong in the so-called “soft skills,” things they

Should You Join in Crowdfunding?

Modern means for start-ups Do you need an influx of cash to launch a business venture devoted to your personal passion? You can do things the old-fashioned way and issue an initial public offering (IPO) for review by prospective investors. Although IPOs remain viable for some types of businesses, especially larger ones, they can cost

KOS is Hiring!

Help spread the word! We are actively seeking exceptional candidates for the following positions: Accounting and Auditing Supervisors and Managers (4-6 years of previous public accounting experience required) The KOS Difference Direct Client/ Partner Contact*Great People*Challenging Work*Flex-Time*Work Variety Tell your friends, networks and college age students to spread the word and check KOS for a