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Jim Pellino, CPA

Jim Pellino, CPA

Author's details

Name: Jim Pellino, CPA
Date registered: September 28, 2012



Jim has been with Ostrow Reisin Berk & Abrams, Ltd. since 2008. He manages audits, reviews and monthly accounting engagements for manufacturers, private equity firms, restaurants, construction contractors, professional service providers and clients in various other industries. Jim also specializes in assisting clients with various 401(k) compliance issues and 401(k) audits.

In conjunction with the accounting and audit procedures, Jim prepares various income, sales and benefit plan tax returns for his clients. Jim has experience with entity formation and structuring, tax planning for corporations and individuals, personal investment advice, analysis of financial statements and providing accounting training and support to closely-held businesses.

Latest posts

  1. Helping Soon-to-Be Retirees Understand RMD Rules — May 5, 2017
  2. New Tax Leaves Cook County Restaurants Feeling Unsweetened — November 30, 2016
  3. IRS Eases Pain for Correcting Certain Plan Administration Errors — October 5, 2016
  4. Retirement Plan Loans: The Pros and Cons — March 2, 2016
  5. The Supreme Court Takes on 401(k) Fees — September 16, 2015

Most commented posts

  1. Attracting Customers Using Value Promotions and Discounts — 2 comments

Author's posts listings

May 05

Helping Soon-to-Be Retirees Understand RMD Rules

Employees who are approaching retirement age may be unaware of their required minimum distribution (RMD) obligations, which begin at age 70½ for both individual IRAs and 401(k)s. This article summarizes what they need to know for financial and tax-planning purposes.

Nov 30

New Tax Leaves Cook County Restaurants Feeling Unsweetened

As Illinois and its counties continue to look for more ways to generate revenue, local legislators have turned their attention to taxing items deemed unhealthy to its citizens. Cook County is no exception, as a new sugary drink tax was recently approved by Cook County Board members and will take effect in July 2017. This article analyzes how this tax works and its potential impact on local restaurants.

Oct 05

IRS Eases Pain for Correcting Certain Plan Administration Errors

We all know that nobody is perfect. The good news is, so does the IRS. The IRS acknowledges that retirement plan administrators are not infallible, and provides correction for certain administrative errors. While corrective actions can still be arduous and time consuming, the IRS has relaxed some of its rules. This article provides an in-depth look at the recent updates as to how the IRS will handle certain plan administration errors.

Mar 02

Retirement Plan Loans: The Pros and Cons

According to the Employee Benefit Research Institute, more than one-fifth (or 21%) of all 401(k) plan participants eligible for loans have loans outstanding at any given time. Looking out for the best interests of plan participants might involve discouraging them from borrowing against their savings, at least in the absence of a personal financial crisis. This blog summarizes plan loan requirements that all plan fiduciaries should know.

Sep 16

The Supreme Court Takes on 401(k) Fees

The Supreme Court may review your company’s 401(k) plan as it did in a recent case. This is what happened a few months ago when the Supreme Court ruled on the Tibble V. Edison case.

Jun 23

Are You Ready for a Higher Minimum Wage?

As most of you probably remember, the Chicago City Council passed an ordinance at the end of 2014 that significantly affects most Chicago businesses, including restaurants. The ordinance calls for businesses in the city of Chicago to raise the minimum wage it pays its employees. While the city gave businesses time to prepare for this cost increase, the time is fast approaching to implement this ordinance.

Feb 03

Examine your TDFs’ Glide Paths to Ensure Suitability

Retirement plan fiduciaries generally are absolved from liability with respect to plan participants’ selection of investments in plans that offer multiple investment choices with various levels of risk. This includes target date funds (TDFs). This blog discusses TDF basics and why fiduciaries must still act prudently in selecting them.

Aug 13

What to do When Raising Menu Prices is the Only Option

From the new Health Care Reform Act to this past year’s polar vortex, restaurateurs have recently faced a plethora of challenges. One problem they have run into this past year is the dramatic increase in food costs. This blog examines what to do when raising menu prices is the only option.

Apr 01

How to Fix a SIMPLE Mistake

Savings Incentive Match Plans for Employees (SIMPLE) IRAs offer small employers and their employees a simplified way to save for retirement. Generally, these plans allow employers and employees to contribute to traditional IRAs set up for employees. However, most plan sponsors will tell you that operating SIMPLE IRAs is not always simple. With the ever-changing retirement plan laws, mistakes can occur. This article describes the common mistakes and the steps plans can take to correct them.

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