June & July 2019
If you have an IRS or
State of Michigan tax
issue that you would
like to discuss give
my office a call at
Michael Franskoviak, CPA President
Should I invest in a 529 Plan for My Kid’s College Expenses?
If you start saving when your kids are young and you have 10 or more years between now and when you need to use the college savings funds than you should definitely consider investing that money instead of letting it sit in a savings account earning little to no interest.
With a stretch over a decade or more, investing can help you take advantage of compounding returns that should contribute substantially to your investment into your child’s future.
Many people saving for college choose 529 plans as their investment vehicles because the 529 plans offer tax advantages that you cannot get with other savings programs.
Last month Mike Franskoviak and John Foran spent 3 days at an IRS Tax Resolution seminar in Ft. Lauderdale Florida advancing their knowledge base in the area of tax resolution.
Welcome Our New Staff Member, Qun Fang Lu (pronounced Quinn)
Qun previously worked with another local accounting firm in Troy handling accounting, payroll and income taxes for small businesses and individuals.
Qun is licensed to practice before the Internal Revenue Service as an Enrolled Agent.
She also has Bachelors Degree in Accounting from Walsh College. In her free time Qun likes; listening to music, cooking and spending time with her family.
Rate Our Services
“There’s more honor in investment management than in investment banking.”
~ Charlie Munger
Previous to hiring Franskoviak I attempted to solve the problem with another company. Too often I would have to contact that firm to find out what was going on with my case. Nobody ever followed up with me.
With Franskoviak, I always felt that I was kept informed and that they were working on my case. When I asked questions, I received answers promptly. No one wants to deal with tax problems, but they made it relatively painless, considering the circumstances.
The end result made me very happy. The previous firm that I worked with told me my debt could not be negotiated. John Foran negotiated a great settlement, one that I could afford.
Working with Franskoviak throughout the whole process I felt that I had someone handling my problem, so I didn’t have to focus on it every day and worry about when a hammer would fall from the IRS. They alleviated a lot of stress.
Personal: owed $59.420.54
settled for $12,000 / settlement rate of 20%
Business: owed $144,058
settled for $15,732.00 / settlement rate of 11%