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Volume 6, Issue 4, April 2008

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Thank You to Our Valued Clients!

Our partners and staff have had their heads buried in tax forms over the last couple of months – working long hours and taking few breaks. For that we are grateful!

Our busy tax season means that you still trust us to prepare your income taxes. We recognize that our success is driven in large part by the success of our clients, and because you continue to entrust us with your business and personal accounting and consulting needs, our public accounting business has grown exponentially over the past 50 years.

Because of clients like you, Kemper CPA Group LLP has once again been named to Accounting Today’s Top 100 Public Accounting Firms list. It is an honor to have been named to the list, and we thank you for contributing to the success of our firm. Best wishes for your continued success in 2008!

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Is There Any Good News Out There? Well,
Maybe, But…

It seems as though everything we hear, read, or see in our society today is depressing. There are the high prices for the things we need on a daily basis, such as food, gas, and medicine, and the low prices and rates for the things we depend on for the future, such as our stocks and savings accounts.

For Pete’s sake, is there any good news out there right now?

Well, there might be, but you should exercise some caution if you find it. In a time of economic uncertainty, when whether or not the United States is in a recession depends upon which ‘expert’ you ask, it is not uncommon to find a business ’offer’ that in reality is just a way for a dishonest person to make some fast money at the expense of others.

It is human nature to be drawn to an enticing opportunity, and we want to believe that the people who offer us such an opportunity are honest and hard-working, just like we are. But, unfortunately, the tougher the economic times, the more ‘get-rich-quick’ schemes you will find. Be wary, study an offer closely, and talk to as many people as you can. There are legitimate business opportunities available to you, if you wish to pursue starting your own business, and there are many resources available to you for support, planning, and advice.

Here are a few resources:

Small Business Administration

California Small Business Association

Florida Small Business Development Center

Illinois Entrepreneurship and Small Business Growth Association

Indiana Economic Development Corporation

Kentucky Cabinet for Economic Development

Yes, times are tough, but, if you have a dream of owning or starting your own business, you have many resources available to help you live out that dream. Make sure that the business opportunity you pursue is legitimate, based on factual data, and is a plausible concept for your current financial situation. The friendly professionals at Kemper CPA Group LLP are always here to provide you with a local, knowledgeable resource. We can help – contact us today!

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New Indiana Sales Tax Collection Allowances

To help offset new limits on property taxes in Indiana, House Enrolled Act 1001 increased the sales tax rate by one percent – to seven percent – effective April 1. In addition, a new sales-tax collection allowance will become effective for reporting periods beginning after June 30, 2008.

The new allowance for retail merchants will change to:

0.73% (from 0.83%) if the total sales tax collected was less than $60,000

0.53% (from 0.6%) if the total sales tax collected was between $60,000 and $600,000

0.26% (from 0.3%) if the total sales tax collected was more than $600,000

The Indiana Department of Revenue will be sending revised sales tax vouchers for the months of April, May, and June 2008; the vouchers will be mailed by April 30, 2008. If you have any questions about the new sales-tax collection allowances in Indiana, contact a Kemper CPA Group LLP office near you.

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The Check’s in the Mail…

The IRS announced recently that it will begin sending stimulus payment checks starting May 2. Taxpayers who elected to have their 2007 income tax refunds made by direct deposit will receive their stimulus payment via direct deposit; paper checks will be distributed to taxpayers who did not use direct deposit.

Stimulus payments will be distributed in order of the last two digits of the taxpayer’s Social Security Number (SSN). On joint returns, the first SSN will determine the date that the check will be sent.

The IRS will be distributing most stimulus payments according to the following schedule:

Taxpayers whose returns were not processed by April 15 can expect a delay in the receipt of their stimulus payments. Additionally, a small percentage of tax returns will require extra time to process; therefore stimulus payments for those taxpayers will be delayed as well.

If you have any questions about the stimulus payment you expect to receive, the certified public accountants at Kemper CPA Group LLP can help. Contact us today.

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Loose Change

The March/April 2008 issue of the “Loose Change” Newsletter includes the following articles:

Contact Kemper Capital Management LLC for all of your investing needs.

Investment advisory services offered by KCPAG Financial Advisors LLC, a registered investment advisor. Securities officered through Securities America, Inc., a registered broker/dealer. Member NASD/SIPC. Thomas A. Moore, John D.
Porter, Shawna D. Horne, Sheila Lautenbacher, Jessica Daugherty, Joseph M. Mendes, CA Insurance Lic. #0C62535, Gregory Meador, Marcia Elder, Registered Representatives. Insurance services offered through KCPAG Insurance Services LLC. Kemper Capital Management LLC and its subsidiaries are not affiliated with Securities America.

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Buyer Beware: Some Electronic Devices
Contain Viruses

Because electronic devices are often produced overseas to make them more affordable, security problems resulting from poor quality control are becoming more prevalent – some electronic gadgets have come straight from the box, pre-loaded with viruses capable of stealing passwords, turning computers into spam-bots, and opening back doors for hackers to enter.

Although it appears that the contamination of these electronics has been accidental – occurring during the end phase of testing when the device has been pulled from the assembly line to be checked for compatibility – it has also been identified as a means by which future organized hacking attacks may occur.

Some of the devices known to have been pre-loaded with viruses include:

MP3 players

Navigation systems

Digital photo frames

External hard drives

Before you connect a new device to your business or personal computer, make sure that your anti-virus program is installed and up to date. Many of these viruses can be detected and eliminated as soon as the device is plugged in, saving you the headache of dealing with a rampant virus later. If you have any questions about the security of your business or home computer, contact Kemper Technology Consulting today.

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Kemper Technology Consulting
Robinson, IL
618-546-5633
www.kempertc.com

Evansville, IN  •  Indianapolis, IN  •  Paducah, KY  •  Effingham, IL

Please be advised that, based upon current Internal Revenue Service (IRS) rules and standards, the advice herein is not intended to be used, nor can it be used, as the sole basis for decisions. Additional issues may exist that could affect the treatment of the individual transactions, and this narrative does not provide a conclusion with respect to all such issues.

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