Newsletter Article

Equifax Data Breach

Considerations for protecting your finances On September 7, 2017, Equifax, one of the three main American credit reporting agencies, announced a massive cybersecurity incident that exposed consumer information – including names, addresses, birth dates, and Social Security numbers – leaving millions vulnerable to identity theft. Here are some things to consider to help protect your


Five Year-End Moves for Small Businesses

Top Ideas for Your Business Operation As with individuals, year-end tax planning for businesses remains somewhat uncertain. However, the Protecting Americans from Tax Hikes (PATH) Act of 2015 preserved certain tax benefits that can be incorporated into a logical year-end plan. Here are five ideas for small-business owners to consider: 1. Speed up equipment deductions.


Seven Time-Tested Year-End Tax Tactics

Practical approaches for individuals At this point, it is still uncertain whether any significant tax reform will be enacted this year. Keeping that in mind, individual taxpayers may stick with “tried-and-true” methods to reduce taxes owed at year-end. Here are seven prime examples: 1. Harvest capital gains or losses. Typically, you might realize capital gains


Tax Pros and Cons of Municipal Bonds

Balanced view of investment tax aspects Municipal bonds (often called “munis” for short) may be attractive to high-income taxpayers, but there are a number of potential tax drawbacks as well. Here is a brief look from both sides of the fence. Tax Pros of Munis First, and most important, the interest income is exempt from


Employers’ Beware of New Form I-9 and Employment Eligibility Verification Rules

All US employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. This form is used to verify the identity and employment authorization to work of all paid employees. It includes citizens and noncitizens. The form is not required for unpaid volunteers or for contractors. You


Four Top Retirement Plans for Self-Employeds

Weigh all retirement plan options At one time, pension plans and other qualified retirement plans were usually offered only by larger companies, but now, many small companies have caught up. In fact, if you are self-employed with just one or two employees—or maybe just yourself—you still have plenty of retirement plan options at your disposal.


KOS is Hiring!

Help us spread the word! We are actively seeking exceptional candidates for the following positions: Tax Interns to work next busy season; February to April 16, 2018 Temporary Front Desk Receptionist and File Clerk; February 26 to April 16, 2018 KOS will be on-campus during the month of September for interviews and attending career fairs


RSVP Today!

Fifth Annual KOS Women’s Professional Empowerment Event Thursday, September 28th   8:00 -10:30am   This Year’s Speakers Are: Katrina Calihan – Leadership Coach Tammy Cook – Self Management Coach Lee Ann Piano – Leadership Trainer & Coach   Chevy Chase Country Club 1000 N. Milwaukee Avenue, Wheeling, IL Breakfast Buffet Will Be Served Cost: Free  


Understanding Installment Sales

Jeffrey Butler, Director jbutler@koscpa.com Most of us are not familiar with how an installment sale works. An installment sale is a transaction structured whereby the seller receives payments over a period of time rather than all at once. It can be beneficial to both the buyer and seller. In addition to making it easier for


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