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Ken Kobiernicki, CPA

Ken Kobiernicki, CPA

Author's details

Name: Ken Kobiernicki, CPA
Date registered: February 18, 2011



Ken started his career with ORBA in 2005. He manages audits, reviews and monthly accounting engagements for privately-held companies, including restaurants, manufacturers, maintenance contractors, professional service providers and clients in a variety of industries. He also manages audits for not-for-profit organizations and prepares all of the required tax filings for these clients. Additionally, Ken specializes in employee benefit plans, assists clients with various compliance issues as well as manages audits of 401(k) and profit-sharing retirement plans. Ken also prepares all of the necessary income, sales and benefit plan tax returns for his clients. He assists clients by providing tax planning for corporations and individuals, analysis of financial statements, as well as accounting training and support to both small business owners and not-for-profit clients.

Latest posts

  1. Correcting 401(k) Plan Loan Failures Voluntarily — August 4, 2017
  2. Do You Know Where All of Your Plan Participants Are? — January 3, 2017
  3. City of Chicago Raises Minimum Wage Effective July 1, 2016 — July 14, 2016
  4. ESOPs Facing Tougher Scrutiny — July 12, 2016
  5. Are You Counting Your Plan Participants Correctly? — December 8, 2015

Author's posts listings

Aug 04

Correcting 401(k) Plan Loan Failures Voluntarily

Participant loans are a feature of many 401(k) Plans. Participants may borrow the lesser of $50,000 or 50% of the participant’s vested plan assets. Some 401(k) Plans allow a participant to have multiple loans outstanding at one time. In that scenario, the $50,000 limit is lowered by the highest outstanding loan balance during the one-year period ending on the day before the newest loan.

Jan 03

Do You Know Where All of Your Plan Participants Are?

It is not uncommon for previously active employed plan participants to fall off the radar screen. They include retirees and former employees that move away without informing the plan administrator. Before anyone realizes it, they become “lost” participants. This article details the steps to take when dealing with these participants.

Jul 14

City of Chicago Raises Minimum Wage Effective July 1, 2016

In recent years, the number of restaurants — both national chains and local establishments — that have faced wage and hour lawsuits have been on the rise. Therefore, it is imperative that restaurant owners pay attention to the rules that dictate how employees, especially tipped employees, are to be paid under federal and state law. This Restaurant Group blog explains how the City of Chicago’s recent raise in the minimum wage will impact both employer and employee.

Jul 12

ESOPs Facing Tougher Scrutiny

Employee Stock Ownership Plan (ESOP) fiduciaries are facing closer scrutiny by the Department of Labor (DOL), while federal courts, including the U.S. Supreme Court, are weighing in on ESOP cases. This article reminds ESOP sponsors to take a fresh look at how their ESOPs are structured and overseen by fiduciaries.

Dec 08

Are You Counting Your Plan Participants Correctly?

As 2015 draws to a close, plan sponsors will begin compiling data for the year-end census and ultimately, the annual reporting filing. Although counting the number of plan participants seems like it would be simple, there are common mistakes that plan sponsors sometimes make when reporting the number of plan participants. This article highlights pitfalls plan sponsors should avoid when reporting these figures.

Sep 30

Accounting for Gift Card Breakage: Changes on the Horizon?

Many restaurants and retailers sell gift cards to consumers. From a financial perspective, gift cards are basically an interest-free loan from the consumer to the restaurant. From an accounting perspective, proceeds from sales of gift cards are typically recorded on the restaurant’s financial statements as deferred (or unearned) revenues at the time of issuance and later recognized as revenue when the gift cards are redeemed.

Apr 19

Are You Offering a Roth 401(k) Plan Option Yet?

In a Roth 401(k) plan, participants make after-tax contributions to a qualified plan and receive tax-free distributions, provided the funds are in the plan for at least five years from the date of the initial Roth 401(k) plan contribution. Thus, while participants pay a tax on the income that was the source of the contribution, the earnings on the contributions are tax-free. This blog summarizes Roth 401(k) basics and provides support for implementing a Roth option into a 401(k) plan.

Nov 11

Cash Balance Plans a Bright Spot in Dreary Defined Benefit Landscape

Cash balance plans — a hybrid defined benefit pension design — had been on a plateau until just a few years ago. This blog discusses why there has been this increase in growth and provides a refresher on cash balance plans.

Oct 15

Keys to a Profitable Restaurant

The primary goal of a restaurant is similar to any other business: Profitability. In today’s competitive market of countless restaurant options for consumers, restaurant owners are always looking for opportunities to increase revenues and profitability so that their business may both thrive and survive. This blog highlights a few key ways a restaurant can achieve that success.

Jun 04

Will Your Employees Have Enough to Retire?

While many American investors may be confident about their financial prospects, they may also be underestimating their retirement needs. Additionally, investors often admit to their lack of investment knowledge, admitting to spending more time planning home improvements and vacations or researching big purchases rather than planning for retirement. This article provides employers with suggestions for promoting financial literacy among employees.

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