Industries
Overview
Ken Kobiernicki started his career with ORBA in 2005. Ken 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.
Industries
Overview
Ken Kobiernicki started his career with ORBA in 2005. Ken 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.
Proactive
Ken strives to develop and maintain relationships throughout all of his engagements. He speaks with clients on a continuous basis and is always available to answer questions and provide consultation. He participates in educational seminars every year in order to stay current with new industry issues, and in turn, educates and trains his clients to help them find the solutions to the challenges they face on a daily basis.
Outside of the Office
Ken enjoys spending his free time with friends and family. An avid sports fan, Ken enjoys seeing his favorite teams play locally, as well as traveling to games in different cities across the country. He also enjoys exploring the numerous attractions and restaurants that Chicago has to offer.
Civic Activities
- Board of Directors, River North Business Association
- Board Treasurer, River North Business Association
Seminars & Events
- Practice Development and Management Challenges Conquered, Illinois CPA Society Fall Employee Benefits Conference, December 5, 2018
- Become the Employee Benefits Practice Everyone is Talking About, Illinois CPA Society Spring Employee Benefits Conference, May 22, 2018
- Employee Benefits Update From Four Professional Perspectives, Chicago, IL, October 27, 2016
- Overcoming Employee Benefit Plan Audit Inefficiencies, Illinois CPA Society Spring Employee Benefits Conference, May 17, 2016
- Employee Benefit Plan Design and Trends, ORBA, December 16, 2014
Certifications & Licenses
- AICPA Advanced Defined Contribution Plans Audit Certificate
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Illinois CPA Society Member, Employee Benefits Committee Member, Employee Benefits Conference Task Force
Education
- B.S., Accountancy and Finance, University of Illinois at Urbana-Champaign
Blogs
Is Suspending Employer Matching or Nondiscretionary Contributions the Right Move?
The current economic uncertainty due to the ongoing COVID-19 pandemic and high levels of inflation across the board has led plan sponsors to consider cost-cutting options. Historically, employer contributions to 401(k) plan accounts are high on the list of options when times are tough. In fact, during the global financial crisis of 2008 employer matching […]
How To Prepare for a Plan Audit
In most cases, the odds of receiving notice from the IRS or Department of Labor (DOL) stating that they plan to audit your retirement plan are slim. However, if that situation arises, it is important to be prepared for what lies ahead. Knowing what is involved can enable you to stay on top of your […]
Is Your Restaurant Eligible for Employee Retention Credits?
The Employee Retention Credit (ERC) is a valuable tax credit designed to encourage employers to keep employees on the payroll despite the COVID-19 pandemic’s impact on their businesses. The ERC was originally established by the CARES Act, which was enacted in March 2020. A refundable payroll credit, the ERC provides eligible employers with a tax […]
SECURE Act: Changes to 401(k) Plan Eligibility and Vesting for Part-Time Employees
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 contained the most significant legislative changes to the private-sector retirement system in decades. One of the SECURE Act’s provisions changes the 401(k) plan eligibility requirements for part-time employees. Related Read: What You Need to Know About the SECURE Act Understanding the rule Previously, part-time […]
Preventing Cyber Theft of Plan Assets Before it is Too Late
In the employee benefit plan landscape, cyber theft of participant accounts is a disaster waiting to happen. Whether or not you are liable as a plan sponsor, is a situation that you do not want to be in. Fortunately, there are steps plan sponsors can take to safeguard participant accounts from cyber theft. Plan sponsors […]
Is Your Restaurant Required to Participate in the Illinois Secure Choice Savings Program?
The Illinois Secure Choice Savings Program is a simple and convenient state-sponsored retirement savings program for employers who do not already offer a qualified plan. With Illinois Secure Choice, employers can help their hard-working employees save for their retirement. Under the Illinois Secure Choice Savings Program, covered employers do not contribute to employees’ accounts or […]
The Pros and Cons of Allowing New Employees to Enroll in Your 401(k) Plan Immediately
401(k) Plan participation eligibility requirements take on greater significance for Plan sponsors in a tight labor market. Weigh these pros and cons to help with your decision.
Disclosure Obligations of Plan Sponsors
Plan sponsors of qualified retirement plans, such as 401(k) plans, are required to provide certain information to plan participants. Although plan sponsors often rely on recordkeepers, third-party administrators or other advisors to help, it is ultimately the responsibility of the plan sponsor to make sure the disclosure requirements are met.
Reaching the Tipping Point – Service Charges vs. Tips
After much debate, the IRS determined – in Revenue 2012-18 – that automatic gratuities are service charges–not tips. This ruling, which went into effect on January 1, 2014, increased the paperwork burden and payroll tax commitment for restaurant owners.
The Importance of Target Date Fund Oversight
Target date funds as a 401(k) Plan investment option have grown in popularity in recent years. Target date funds are mutual funds composed of a group of other mutual funds. These funds are often designed to initially invest fairly aggressively, and then gradually reallocate to become more conservative as it gets closer to that assumed retirement year— the target date.
The Rise in Cash Balance Plans
Cash balance plans, a defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan, has grown in popularity in recent years. According to the statistics per the most recent IRS Form 5500 filings, these hybrid plans have increased by approximately 17%, whereas traditional 401(k) plans increased by a more modest 3% over the same time period.
The Impact of Tax Reform on Restaurants
The Tax Cuts and Job Act of 2017 is the most dramatic reform to the U.S. tax code in more than 30 years, impacting both restaurants and employees.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Annual Reporting of Tip Income for Restaurants
Employers who operate a “large” food or beverage establishment are required to report the income of employees earned in the form of tips. Learn about the three criteria the IRS requires to define your business as a “large” food or beverage establishment and how to file for this tax season if you are.
News
ORBA’s Kenneth Kobiernicki has been mentioned in the media for being awarded AICPA’s Employee Benefit Plans Audit Certificate. Reporting media outlets include the Dayton Business Journal, the Chicago Business Journal, the Minneapolis/St. Paul Business Journal, Markets Insider, and the Pittsburgh Post-Gazette, among others.
ORBA’s Ken Kobiernicki, CPA, was mentioned in the media as having been appointed to the Illinois CPA Society’s Employee Benefits Committee. Reporting media include Bizjournals.com, New York Business Journal, International Business Times, Milwaukee Journal Sentinel, Quotemedia, AP Newsroom.com and the Foreign Press Association (FPA), to name a few.
ORBA’s Ken Kobiernicki was mentioned in the media as being named to Illinois CPA Society’s Employee Benefits Conference Task Force. Reporting media include Reuters, BizJournals.com, The Business Journal of Greater Milwaukee, The Chicago Commuter and AP Newsroom, to name a few.
ORBA’s Kenneth Kobiernicki Awarded AICPA’s Employee Benefit Plans Audit Certificate
ORBA is pleased to announce that Kenneth J. Kobiernicki has earned the American Institute of Certified Public Accountants’ (AICPA) Advanced Defined Contribution Plans Audit Certificate.
ORBA’s Ken Kobiernicki Reappointed to Illinois CPA Society’s Employee Benefits Committee
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that the Illinois CPA Society (ICPAS) has reappointed Ken Kobiernicki, CPA to serve a third term on its Employee Benefits Committee, effective as of April 2017.
Illinois CPA Society Reappoints ORBA’s Ken Kobiernicki to Its Employee Benefits Committee
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that the Illinois CPA Society (ICPAS) has appointed Kenneth Kobiernicki, CPA to serve a second term on its Employee Benefits Committee, effective as of April 1, 2016.
ORBA’s Ken Kobiernicki Named to Illinois CPA Society’s Employee Benefits Committee
CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, announces that Kenneth Kobiernicki, CPA, was recently appointed to the Illinois CPA Society’s Employee Benefits Committee.
ORBA’s Ken Kobiernicki Named to Illinois CPA Society’s Employee Benefits Conference Task Force
ORBA announces that Ken Kobiernicki, CPA, was recently appointed to the Illinois CPA Society’s Employee Benefits Conference Task Force. The Task Force’s main function is organizing the Spring 2015 ICPAS Employee Benefits Conference which will be held in Chicago on May 12, 2015.