PASSIONATE - CREATIVE - RESPONSIVE

These three words encapsulate our approach to everything we do at KG&CO.

*** For a Summary of the "AMERICAN RECOVERY & REINVESTMENT ACT OF 2009" and its possible impact on your taxes, please click on the Newsletter page and you will find a downloadable PDF file under Tax Alerts . Feel free to call our office with any questions. ***

*** Attention retirees considering taking a required minimum distribution from retirement accounts in 2008 or 2009 ***

There is a possible tax planning opportunity for retirees considering taking required minimum distributions from their IRAs, 401(k)s and other arrangements at the end of 2008 or during 2009.

There has been discussion of proposed changes to the required minimum distribution (RMD) rules. On the campaign trail, President-elect Barack Obama suggested that the Treasury Department and the IRS suspend the penalty for taxpayers who do not take the RMD’s during 2009.

A growing number of lawmakers from both parties have also urged a temporary suspension of the RMD rules for 2008. Congress could take action if there is a lame-duck session in mid-November.

Please note, the above information is not yet part of the tax law and we urge you to call our office before making any decisions relating to your Required Minimum Distributions.

Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors.

KG&CO works hard to constantly enhance a culture that is flexible, technology orientated, friendly and passionate about being proactive and responsive to our clients and employee needs. We have a commitment to a professional, collaborative and fun working environment.

RECENT KG&CO SUCCESS STORIES

  • Assisted a Rochester based manufacturing firm in filing for over $35,000 of refunds for each of the past three years through the NYS Qualified Emerging Technology Credit program.
  • Successfully helped a client avoid over $50,000 in penalties assessment for late filed Retirement Plan Form 5500 tax returns.
  • Filed amended returns for a client and obtained a $114,000 refund from New York State (under the Empire Zone program) after another Buffalo based CPA firm told the client they were not eligible for the refund.
  • Coordinated and assisted a client with a cost segregation study that reduced 2007 income taxes by approximately $21,000.
  • Assisted a client that was working with another CPA firm and was on the HUD "watch list" and was scheduled to receive reduced rent subsidies due to the fact the financial statements were not filed according to HUD rules. Revamped financial statements to comply with HUD rules and successfully removed client off watch list and saved $1,000's of dollars annually in potential lost rents.
  • Filed a Private Letter Ruling on behalf of a large retail client and obtained approval to structure the transaction as designed by our team of advisors. This transaction has been structured to save the client substantial income and estate taxes on the transfer of thier closely held business interest.

    As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).

    While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.


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    • Newsletters
    Click To View ArticleRules for Charitable Deductions
    Click To View ArticleCredits Available for Energy-Conscious Purchases
    Click To View ArticlePending legislation complicates year-end tax planning
    Click To View ArticleBusinesses should consider asset purchases before 2009 tax incentives end
    Click To View ArticleHow Do I? Net capital gains and losses for year-end tax planning?
    Click To View ArticleFAQ: Can I prepay mortgage interest and taxes to maximize 2009 deductions?
    Click To View ArticleNovember 2009 tax compliance calendar
    Click To View ArticleSale of residence gain exclusion not always automatic
    Click To View ArticleCorrecting excess IRA contributions
    Click To View ArticleUsing like-kind exchanges in your business
    Click To View ArticleWriting off a home computer used for business
    Click To View ArticleBeware of complicated tax rules for certain stock options
    Click To View ArticleClient FAQ: Hiring your spouse
    Click To View ArticleTracking the tax basis of a partnership interest
    Click To View ArticleHow do I? Make and compute a charitable contribution of inventory?
    Click To View ArticleEducation tax breaks can ease the financial pain of back-to-school
    Click To View ArticleHow do I -- Time a year-end bonus to be taxed next year?