Overview
Adam Pechin has been with Ostrow Reisin Berk & Abrams, Ltd. since 2008. Adam is a seasoned member of the firm’s Wealth Management and State and Local Income Tax Groups. He concentrates on working with individuals, partnerships and closely-held corporations on tax and compliance. He serves clients in many industries including transportation and logistics, manufacturing and professional service businesses, as well as professional athletes and corporate executives. He is also involved in numerous engagements involving multi-state and helps his clients with various international and offshore tax compliance issues. He enjoys working with complex transactions and furthering his expertise in difficult matters.
Overview
Adam Pechin has been with Ostrow Reisin Berk & Abrams, Ltd. since 2008. Adam is a seasoned member of the firm’s Wealth Management and State and Local Income Tax Groups. He concentrates on working with individuals, partnerships and closely-held corporations on tax and compliance. He serves clients in many industries including transportation and logistics, manufacturing and professional service businesses, as well as professional athletes and corporate executives. He is also involved in numerous engagements involving multi-state and helps his clients with various international and offshore tax compliance issues. He enjoys working with complex transactions and furthering his expertise in difficult matters.
Proactive
It is important for Adam to be proactive with his clients in order to develop meaningful relationships while helping them reach their financial goals. He provides innovative financial planning to help protect and preserve their wealth. Adam remains consistent and dependable to his clients.
Outside of the Office
Whether hiking in mountains or exploring a new city, Adam appreciates an adventure.
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Illinois CPA Society
Education
- B.S., Accounting, Ball State University
- M.S., Accounting, Ball State University
- M.S., Taxation, DePaul University
Blogs
Work Opportunity Tax Credit: When Hiring Skilled Labor Is a Win-Win for Employers and Employees
Like many businesses today, manufacturers are in need of skilled workers. The Work Opportunity Tax Credit (WOTC) can provide some tax relief when you hire employees from “targeted” disadvantaged groups. Calculating the credit The amount of the credit depends on the relevant targeted group and wages paid to the new hire. For example, hiring qualified […]
Preparing for New Cryptocurrency Reporting Rules
If you have invested in cryptocurrency (for example, Bitcoin or Ether), nonfungible tokens (NFTs) or certain other digital assets, it is important to familiarize yourself with the new tax reporting requirements that take effect in 2023. The new rules will not increase your taxes. Instead, they are designed to help the IRS identify unreported digital […]
Estate Tax Planning in 2021: Uncertainty Abounds but Options Still Exist
Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax exemption and are subject to a maximum marginal gift and estate tax rate of 40%. And while the gift and estate tax exemption is scheduled to drop to approximately one-half the current amount on January […]
Donor-Advised Funds Offer a Low-Cost Alternative to Private Foundations
Charitable givers sometimes establish private foundations to manage their philanthropic activities. But foundations are costly to set up and subject to excise taxes, minimum distribution requirements and other regulatory requirements. If you are looking for a more cost-efficient vehicle for leaving a charitable legacy, consider a donor-advised fund (DAF). Tax Cuts and Jobs Act provides […]
Year-End Tax Planning for Investors
The end of the year is an ideal time to review your investment portfolio. You want to ensure that it is meeting your objectives and that the mix of assets continues to reflect your time horizon and risk tolerance. It is also a good point to implement strategies for reducing your 2018 tax bill.
Active Versus Passive Investment Funds: Should You Let Participants Decide?
According to a report by Casey Quirk of Deloitte, 72% of money invested into funds went into passive funds in 2015. While some may see this as a strong case for passive investing, it is not that simple for plan sponsors.
Even You May Benefit from a Reverse Mortgage
Higher net worth individuals may be able to use a reverse mortgage for estate and tax planning. This article discusses reducing the value of a taxable estate by using reverse mortgage funds to make annual exclusion gifts, fund college savings plans or buy a life insurance policy.
Taking the Right Steps When Using an FLP or LLC
If one wishes to transfer large amounts of wealth to his or her family at discounted values for gift tax purposes, it might be advisable to form a family limited partnership (FLP) or a limited liability company (LLC). However, a pitfall to be aware of when using an FLP or LLC is the step transaction doctrine. This article explains the ins and outs of using either vehicle.
How Liable are You for Fraudulent Credit Card Charges?
The theft of millions of customers’ credit and debit card data last holiday season was a wake-up call for consumers who underestimated their vulnerability to fraud. This blog explains the laws that help limit individuals’ liability from unauthorized charges.
For Income-Seekers, Municipal Bonds May be Worth a Look
Municipal bonds (often referred to as “munis”) can be attractive to income-seeking investors because they provide an income stream exempt from federal and, in certain cases, state and local income taxes. As this article explains, they traditionally have been of greatest use for upper-income taxpayers, but they are not without risks, such as vulnerability to higher interest rates and the risk that a bond issuer will not be able to repay its debts. A sidebar shows how to compare taxable and tax-free bonds.
Newsletters
Wealth Management Group Newsletter – Fall 2020
One of the CARES Act provisions allows eligible individuals to withdraw up to $100,000 from IRAs and 401(k)s without triggering the 10% early withdrawal penalty. ORBA’s Wealth Management Group Newsletter provides details and warns about potential pitfalls.
Wealth Management Group Newsletter – Spring 2019
Our Wealth Management Group’s Spring 2019 Newsletters offers three options to consider if your term life insurance is expiring, as well as insights on the difference between investing and speculating.
Wealth Management Group Newsletter – Summer 2018
Our Wealth Management Group’s Summer newsletter discusses the Tax Cuts and Jobs Act’s changes to the Kiddie Tax and unearned income for children, as well as insight on housing options for senior citizens.
Wealth Management Group Newsletter – Fall 2016
ORBA’s Wealth Management Group Newsletter is a quarterly publication focused on effective wealth management. The Fall 2016 issue includes two articles: “What Needs to be Done with Your Finances After Your Spouse Dies” and “Contingency Planning: Don’t Let a Disaster Disrupt Your Life.”
Wealth Management Group Newsletter – Spring 2015
ORBA’s Wealth Management Group Newsletter is a quarterly publication focused on effective wealth management. The Spring 2015 issue includes two articles, Boosting Retirement Savings with Catch-Up Contributions and Alternative Investments Seek to Balance Portfolio Risk and Return.
Wealth Management Group Newsletter – Winter 2013
Those who find themselves raising children, saving for their own retirement and helping to care for or support aging parents can consider themselves members of the “Sandwich Generation.” Although it may be personally gratifying to be able to help your parents, it can be stressful and financially burdensome. This article shows that careful planning and tax breaks may help.
News
Various Media – ORBA Elects New Directors
ORBA is proud to announce that Adam Pechin, CPA, MST, and Thomas Vance, JD, LLM, have been promoted to Directors of the firm effective July 1, 2018. Reporting media include Accounting Today, the Washington Business Journal, the Triangle Business Journal, Yahoo! Finance, the Daily Herald, and Chicago City Room. View the official press release.
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is proud to announce that Adam Pechin, CPA, MST, and Thomas Vance, JD, LLM, have been promoted to Directors of the firm effective July 1, 2018.