Newsletter Article

What’s the Tax Payoff from Gambling?

Losses may offset annual winnings Do you enjoy the thrill of gambling? Whether you end up winning or losing, it is important to understand the main tax rules related to your gambling activities. Otherwise, you may end up owing considerably more tax than you normally would have to pay. Background: On the federal level, gambling


How to Safeguard Your Computer Network

Steps for improving security measures Would you ask a salesperson to hold onto your wallet or pocketbook while you go shopping in their store? Of course not. Yet, in effect, some small-business owners are doing virtually the same thing with their computer networks when they conduct business online. It is almost like giving hackers a


Managing Your Finances the Easy Way

Lais Gruman Castello, Accounting Services Staff As a young professional in the accounting field, I understand the importance of keeping accurate records and forming good financial management habits. There are many free online tools available to help you feel confident managing your money, such as LearnVest and Mint.com. First, why use one of these programs


Illinois Tax Changes Included in Budget Legislation

Geoffrey Harlow, Partner gharlow@koscpa.com Effective July 1, 2017, the Illinois individual income tax rates for individuals increased to 4.95%, up from 3.75%, and the corporate income tax rate increased to 7%, up from 5.25%. The law also added phase-outs for certain tax credits and the standard exemption, and de-couples Illinois from the federal Domestic Production


IRS Warns of New Phone Scam Involving Bogus Certified Letters

Reminds the Public to Remain Vigilant Against Scams, Schemes this Summer IR-2017-107, June 15, 2017 The Internal Revenue Service warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported


Tax Angles for Self-Employed Individuals

Numerous tax aspects to consider Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no


News Briefs

A Tax Credit Back in Session If your young children are going back to school soon, you may need to pay someone for after-school care, especially if both you and your spouse work. However, there is a silver tax lining – you may qualify for the dependent care credit. This credit is available for childcare


KOS is Hiring for Winter 2018!

We are actively seeking exceptional candidates for the following positions: Tax Interns to work next busy season, February to April 15, 2018. KOS will be on-campus during the month of September for interviews and attending career fairs at the following schools: University of Illinois at Chicago (UIC), Northern Illinois University (NIU), DePaul, Illinois State University


Save the Date!

Fifth Annual KOS Women’s Professional Empowerment Event Thursday, September 28th – 8:00-10:30 Come learn from three dynamic women who enable effective leadership, inspire, and help people gain focus. Katrina Calihan – Leadership Coach Tammy Cook – Business/Life Coach Lee Ann Piano – Corporate Trainer Chevy Chase Country Club 1000 N. Milwaukee Avenue, Wheeling, IL Breakfast


Volunteer for These Charitable Deductions

How to write off out-of-pocket expenses Do you help your favorite charity with more than just money? Although you cannot deduct the value of your volunteer services, you are entitled to a charitable deduction of your out-of-pocket expenses. Of course, the other usual rules for charitable deductions, including the recordkeeping requirements, still apply. What sort