California Proposition 19 passed with just over 51% of the vote in the general election on November 3rd and is expected to become law. This new law has two separate effective dates: February 16, 2021 – For beneficiaries of real estate that use the property as a primary residence. April 1, 2021 – For transferring Read the full article…
The COVID-19 pandemic has completely changed what we once thought was normal. With social distancing becoming a way of life, millions of Americans are now working remotely. For many, there is no certainty as to when or if they will return to their workplaces. As the pandemic drags on, many businesses have allowed their employees Read the full article…
Carried interests have allowed investment fund managers to be compensated for services with income that qualifies as long-term capital gains, which is taxed at a lower rate than ordinary income. Numerous efforts have been made during the last two decades to cut back or eliminate the favorable tax treatment of carried interests by taxing all Read the full article…
Tax Manager Matthew Weber, CPA, MAcc recently published an article for our newest KROST Quarterly Magazine: The Financial Services Issue titled “The Qualified Small Business Stock Gain Exclusion”. If you sell stock that has appreciated in value, then you must recognize a taxable capital gain. Sounds straightforward, right? While that may be true most of Read the full article…
A donor-advised fund (DAF) is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. A DAF enables a taxpayer to contribute personal assets, including cash, securities, and real estate, to an investment account, in which the assets grow tax-free. The taxpayer receives an Read the full article…
We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “The Tax Treatment of Cryptocurrency” by Tax Manager Matthew Weber, CPA, MAcc: “Many taxpayers realized significant gains from the disposition of cryptocurrencies in 2017, and as tax Read the full article…
Many taxpayers realized significant gains from the disposition of cryptocurrencies in 2017, and as tax season approaches, these taxpayers must compile accounting reports, review the latest tax guidance, and determine how to correctly report their transactions to the IRS. Coinbase has a new online tax report: In the summer of 2017, the IRS narrowed its Read the full article…
