Newsletter Article

Do You Have to File a Gift-tax Return?

Protection under annual gift-tax exclusion Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. You do not even have to file a gift-tax return. And the annual gift-tax exclusion limit, which has not

Tax Cuts and Jobs Act Approved – President Signs Tax Plan into Law

On December 20, Congress approved the Tax Cuts and Jobs Act, which provides sweeping changes for businesses, trusts, and individuals. The revised version of the bill carries the title “An Act to provide for reconciliation pursuant to Titles II and V of the concurrent resolution on the budget for fiscal year 2018.” The bill was

Kessler Orlean Silver & Co. Joins Wipfli LLP on January 1

We are pleased to announce that Kessler Orlean Silver & Co. (KOS) has joined Wipfli, one of the top 20 accounting and consulting firms in the United States, effective January 1, 2018. We are excited and proud to join forces with a firm that has a similar Midwestern history, culture and service philosophy. This decision

Facts and Figures

Social Security—The Social Security Administration (SSA) announced that the Social Security wage base is increasing in 2018, but not by much. It says the 6.2% Social Security tax will apply to $128,700 of wages in 2018, up from $127,200 in 2017. That’s an increase of slightly more than 1% as compared with the increase of

Tax Reform – Stay Tuned

Congress is currently considering major tax reform, with a bill already passed by the House of Representatives, and a somewhat different bill being considered by the Senate. As this is being written on November 27 the Senate bill is still being tweaked, and it isn’t clear exactly what a final Senate bill will contain. Even

Five Ideas for a 2018 Business Plan – Practical Suggestions for the Year

It is 2018… do you know where your business plan for this year is? Developing a business plan for the upcoming year is a laborious task, but it is often critical to the continued success of the operation. Although the details will vary from company to company, the best approach is to confront the challenges

Foreign Asset Reporting

Bruce Kreisman, Tax Supervisor If you own or have signature authority over foreign financial assets you may be required to file United States forms reporting these assets. Two distinct, but loosely related forms may be needed. The first is FinCEN Form 114, Report of Foreign Bank and Financial Accounts. It is often referred to as

Helpful Tips to Tackle Student Loan Debt

Colin McDaniels, Professional Staff Level 2 Paying off student loans can be an overwhelming experience. According to “The State of Student Loan Debt in 2017 Report,” at, a personal finance web based resource, the average student loan debt for a 2016 college graduate is $37,172. For many recent graduates the six month student loan

Six Ways to Improve Cash Flow

Practical Ideas to Spur Business Growth When you are running a small business, the numbers matter. This is especially true when it comes to cash flow. If you have more money going out than you have coming in, your business will not survive for very long. How can you improve cash flow? There are no

Key Tax Rules for Deducting Home Improvements

When you can claim a medical deduction Can you claim a tax deduction for a home improvement? That question is not as crazy as it sounds. It may be possible to write off part of the cost of a home improvement needed for medical reasons. However, be forewarned that there are significant tax obstacles to