Terry has been in the accounting industry for many years and has spent his entire career at the firm. Terry has extensive experience working with family-owned, multi-generation businesses. In addition, he leads the auditing practice at the firm.
Terry received a Bachelor of Arts from St. Mary’s University in Winona, Minnesota, with additional graduate studies at DePaul University. Additionally, Terry is a member of the Illinois CPA Society and the American Institute of Certified Public Accountants and Chartered Global Management Accountant. Prior to joining the firm in 1966, Terry’s previous work experience included positions with Harris Bank and Southtown Economist Newspaper.
Terry is a fourth generation south side Chicago native. He and his wife, Carol, have been married since 1966. Carol is a former Trustee of the Village of Indian Head Park. Their daughters Becky and Debby are also partners of the firm, and Terry is delighted to be working side-by-side with them. Terry and Carol love spending time with their two grandchildren. They also enjoy visiting with Terry’s amazingly independent 104-year-old mother, as well as taking walks with neighbors, and traveling in the off-season. Terry is a self-proclaimed “lousy golfer,” pheasant hunter, and target shooter.
Put your focus back on your business by handing your accounting work over to our firm. When you outsource your accounting function to us, you get a team of professionals working for you. We handle your complex tax and accounting work while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.
Next Generation Accounting Firms provide clients with the highest level of client service and professional support. At Coleman & Associates CPAs, Ltd., we go beyond the numbers to partner with clients—working year round to ensure you stay on a healthy financial path. We also offer an ...
Did you know you could be personally liable for a harsh penalty if payroll taxes withheld from your employees aren’t paid over to the federal government? Learn more about whom the IRS can go after at your business.
It’s important to address the 3.8% net investment income tax (NIIT) in your estate plan, because it can erode your earnings from interest, dividends, capital gains and other investments, leaving less for your heirs. The NIIT applies to individuals with modified adjusted gross income (MAGI) over $200,000. The tax is equal to 3.8% of 1) your net investment income or 2) the amount by which your MAGI exceeds the threshold, whichever is less. You can reduce or eliminate the NIIT by lowering your MAGI, lowering your net investment income, or both. Contact us for additional details.
These are several factors to consider when a business converts from C corporation to S corporation status. Here is what you should understand.