Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, “The Battle to be a Profitable Restaurant: How to Deal with Employee Theft” by Aric Wong, CPA, Manager – Tax. “With 72,000+ restaurants in California, the state does everything possible to ensure taxes are properly reported, collected, and paid … Read More
Consulting with a cybersecurity professional should be a top priority for tax businesses to protect their clients’ data. Tax preparers deal with a large amount of sensitive information including social security numbers, bank account numbers, EINs, etc. This makes them perfect targets for cybercriminals whose main objective is to file fraudulent tax returns. “As cybercriminals … Read More
Did you know that 75% of employees have stolen at least once from their employer? Learn more in the new article “The Battle to be a Profitable Restaurant: How to Deal with Employee Theft” by Robert A. Benson, Manager – Restaurant Operations that appears in the newest issue of KROST Quarterly. “Most restaurant operators are … Read More
KROST’s Assurance & Advisory Manager, Mara Garcia, CPA, was nominated for CalCPA’s 2019 Women to Watch Award. Mara Delivers Focus, Drive, and a Team Attitude Mara has spent her career translating complex concepts into understandable ideas, so her clients know where they stand in their business. She has successfully helped clients increase efficiencies in business … Read More
Enacted on December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was hailed as the largest major tax reform for the past three decades. In particular, the TCJA contains a series of favorable accounting method reforms that will impact countless of business taxpayers such as the use of cash method of accounting and the … Read More
Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled Updates to Qualified Improvement Property by guest author, Harry Sahi, Manager – Cost Segregation Services, KBKG. With the 2017 tax year behind us, tax professionals are laser-focused on the various new rules presented by the recent Tax … Read More
KROST is proud to announce the celebration of its 80th anniversary. Since 1939, the firm has assisted thousands of businesses and individuals to reach their financial goals through tax, accounting, and consulting services. KROST is headquartered in Pasadena, California with four strategic locations throughout Greater Los Angeles. In 2018, KROST experienced outstanding growth of 31.41% … Read More
The 2015 Bipartisan Budget Act brought changes to partnership audit rules beginning with taxable years 1/1/18. Under the old “TEFRA” rules, if an item on a partnership tax return was being audited, the audit would extend to the partners individually. The partner’s individual tax returns would be under audit at that point. Under the new … Read More
KROST was recently featured in the Los Angeles Business Journal article, “KROST Adds West L.A. Accounting Firm to Roster”. Below is a teaser of the article. “Pasadena-based accounting and consultant firm Krost has purchased West L.A.-based Gaynor & Umanoff, according to the firms. Terms of the transaction were not disclosed. Chris Gaynor and Richard Umanoff, Gaynor … Read More
Los Angeles, California – February 7, 2019 – Los Angeles-based tax, accounting, and consulting firm, KROST, recently promoted So Sum Lee, CPA to Principal. So Sum, an industry veteran, who has 20 years of experience in tax and accounting, specializes in matters relating to real estate, restaurants, technology, entertainment and wholesale. So Sum joins seven … Read More
