Renowned chef and restaurateur Michael Kornick opened mk, the restaurant (yes, it's all lower case) in 1998 in River North with an eye toward an understated sense of elegance and sophistication.

"I wanted the diner to be the most important aspect," Michael has said.

Perhaps one restaurant reviewer summed it up best when he wrote: "The cooking expertise of owner Michael Kornick shows in this snappy, contemporary American restaurant. Menu choices are well balanced. This is good food with no pretense; it is what it says it is." Add to this glowing account, an extensive wine list, top notch service and an inviting atmosphere marked by wood floors and exposed brick walls blended perfectly with contemporary furniture and you have all the ingredients for a winning recipe.

The restaurant has been acclaimed and received three stars from the Chicago Tribune, Chicago magazine and the Chicago Sun Times. CondeNast Traveler selected mk as one of the "Hottest Restaurants in the World," and Esquire chose mk as one of the "Top Restaurants to Open in 1999." Most recently, Michael was nominated for the prestigious James Beard Foundation's "Best Midwest Chef' award.

On September 25, Michael and partners Caryn Bobrowski, Lisa Koch Kornick and Mindy Segal opened mk North, a casual, family friendly, sophisticated environment that captures the elegance of the original mk. The new restaurant, located at 305 South Happ Road in the Northfield Square Shopping Center, provides diners contemporary American fare with an emphasis on fresh fish, charcoal grilling and wood‑burning items.

The culinary team at mk North consists of executive chef Jon Novak and Mindy Segal, a critically acclaimed pastry chef whose desserts are labeled "a dream." If you have a sweet tooth, mk is the place to satisfy it with desserts like "Amazing Apples," warm farmer's market apple crostada with roasted apple and caramel ice cream with candied pecans. Not to be missed is Segal's one banana, two banana, the original, banana brioche bread pudding with hot fudge, creme Anglaise and unsweetened creme. Segal also teaches private cooking classes in home for any occasion.

 The Magic of mk

At a time when the economy is suffering a slowdown and consumers are saving more than spending, the mk restaurant group is busier than ever. "What's the magic at mk"‑ repeats Michael. "I really undcrstand the marketplace `~ I love to eat out and I understand the needs of Chicago diners," says the man who has built his career as a chef, advisor and business partner to some of Chicago's most recognized and most successful restaurants. "I am not caught up in the ego of recreating the wheel when I cook; instead, I am interested in creating a positive eating experience for diners. My favorite food is lobster and I love to prepare lots of different lobster dishes." Michael adds: "The staff at our restaurants posses an ampathetic attitude toward service‑we believe it's a privilege to provide service and a professional skill when it's done well. We try to hire people who believe that philosophy and practice it. Our key to success is that we've identified consumer needs and fulfilled them."

 In still another venture, Michael currently serves as a consultant‑partner for the restaurant Nine in Chicago. In November, Kornick and two partners opened a second Nine restaurant in the newly opened Palms Hotel in Las Vegas.

Giving Back

The famous golfer Gary Player once said, "The harder you work, the luckier you get." Michael admits he has been lucky. "I think I've been fortunate beyond my wildest expectations. Because we have enjoyed such success at mk, I believe it's our responsibility to contribute money and time and awareness to charitable causes that meaning something to us. Giving back to worthwhile causes gives us a true sense of accomplishment."

Michael and his wife, Lisa, and the staff are involved in many fundraising activities and support a variety of causes. At Halloween, Michael solicited the help of various Chicagoland businesses and individuals to purchase pumpkins to be carved in mk North's 'pumpkin patch.' Proceeds from the sale of the pumpkins were donated to Children's Memorial Hospital.

This fall, Michael and Lisa also hosted a fundraising event for One Step At A Time Programs for children with cancer

and leukemia. They also raise money for the Save the Kids Coalition and Rett Syndrome, a little‑known neurological brain disorder.

PROFIT Margins

Every business must analyze profit margins and costs, and ink is no exception. As the partner in charge, Allen Kutchins has been providing accounting, business consulting, tax planning and tax preparation services to the Limited Liability Company since 1998. The firm also set up and manages a 40 1 (k) plan for mk's 100+ employees.

"My attorney introduced me to Allen and it's been a great relationship ever since. Allen has a ton of integrity and treats the restaurants with the same kind of respect and care with which we treat them," says Michael. "He shares our philosophy of what success means. Our company emphasizes the importance of the guest experience and we are always striving to create excellence."

Lisa Koch Kornick, who works with Allen on the financial side, says, "Allen is very helpful and always available whenever I need to talk to him. We review the profit and loss statements together at our bimonthly meetings."

Michael lives with his wife, Lisa, and their children in Evanston, il.

Invest in Roth IRAs for Your Children's Financial Future

Have you ever considered putting Junior on the payroll? Taxpayers can save business and personal taxes by hiring their children to work in the family business. The wages paid can be deducted as a business expense as long as they reasonably represent the value of services performed by the children. The family unit benefits when a child receives, and pays taxes on, wages that would otherwise constitute taxable income to the parents at presumably much higher rates.

If the family business is a sole proprietorship or a mom and pop partnership, the taxpayers realize additional taxes saved by not having to subject the children's earnings to federal payroll taxes (no FICA to children under the age of 18; no FUTA for children under age 21). Illinois (as well as most other states) has similar rules exempting such wages from state payroll taxes.

For the year 2001, taxpayers can pay their dependent children up to $4,800 each without subjecting such wages to federal income tax. If a portion of such compensation payments (up to $2,000) is contributed each year to an individual retirement account (IRA)‑in particular, a Roth IRA‑the total amount of taxes saved over the long term can be much more dramatic. For example, if a child contributes $2,000 of earned income each year to a Roth IRA for a nine‑year period, beginning at age 14 and ending at age 22, the principal and tax‑free earnings growth within the IRA can easily accumulate to a level in excess of $1 million by the time the child reaches the age of 59 1/2 (assuming an 8% per year simple interest rate).

Contributions to a Roth IRA are nondeductible‑ for federal income tax purposes, and earnings cannot be withdrawn at all for a minimum of five years. After that point, however, the principal and earnings can be tapped before the age of 59 1/2 in the case of death or disability of the account holder, or for certain special purposes (financing a portion of the cost of a taxpayer's first home, for example). Once the taxpayer passes the age in question and satisfies the five‑year requirement, a taxpayer can withdraw both the IRA principal and accumulated earnings free of federal and State of Illinois income taxes.

From all conceivable perspectives, this opportunity is a "win‑win" proposition. Please contact us to review your personal circumstances.

Social Security Wage Base Rises

The maximum amount of earnings subject to the Social Security payroll tax will increase to $84,900 in 2002, up from $80,400 this year. The amount of earnings required to earn a quarter of coverage will increase to $870, up from $830 in 2001. Social Security and Supplemental Social Security (SSI) benefits will increase 2.6% in 2002.

Section 529 College Investment Plans Are "Tax Advantaged"

Before you know it, your child will be going off to college. Will you be financially ready?

The Economic Growth and Tax Relief Reconciliation Act of 2001 implemented far‑reaching changes to Section 529 of the Internal Revenue Code, beginning in 2002. A 529 state­sponsored plan allows you to invest more money than ever before possible for your child's or grandchild's college education on a tax‑deferred basis.

When you consider that the average cost of a four‑year education at a public university is now approximately $38,576* and $115,735* at a private university, It's easy to see the need to begin investing now.

Some benefits of a 529 plan in 2002 include:

• Federal tax‑free distributions. Distributions from the account are tax‑free when they are used to pay for qualified higher education expenses. Before the 2001 Act, benefits or distributions exceeding contributions were taxed to the student beneficiary.

• No minimum or maxi . mum i . ncome limits.

• Higher contribution limits. An education IRA has a limit of only $2,000 per child (up from $500 in 200 1).

• owner has control ofthe account. When you open an account, you control when and how the money is spent.