This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “There are several tax incentives available to the real estate industry. Whether you invest in, build, design, or make significant renovations to real estate, a closer look at these opportunities could increase cash flow and/or reduce tax burden.” … Read More
On December 27, 2020, Congress passed a $900 billion COVID-relief package, along with a $1.4 trillion spending package, that funds the government for the 2021 fiscal year. The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C … Read More
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) as part of the Consolidated Appropriations Act, 2021 (the 2021 CAA) was signed into law on December 27, 2020. The CCA is a $2.3 trillion package that provides additional funding to the PPP program and includes several key provisions that … Read More
As part of the assistance package that was announced by Governor Newsom in September 2020, the State of California is providing $500 million in grants to small businesses that are impacted by COVID-19. Small businesses with annual gross revenue of less than $2.5 million can receive up to $25,000 in the grant. There will be … Read More
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Challenges Facing the Real Estate Industry in the Wake of COVID & the Election” by So Sum Lee It’s no question that the economy as a whole was (and continues to be) stressed by the COVID-19 pandemic. Now … Read More
A lot of people lost their jobs in 2020 when businesses were forced to shut down or had to furlough their employees due to COVID. To help Californians get back to work, California’s governor signed a new tax bill to give tax breaks to small businesses that increased hiring during the second half of 2020. … Read More
During the coronavirus pandemic, helping Americans keep their job has been a major focus for Congress. Both the Families First Coronavirus Response Act (FFCRA), signed into effect on March 18, 2020, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provide payroll-related credit to help small businesses to … Read More
The Novel Coronavirus has had a huge impact all over the world. People in quarantine are forced to stay home, kids are now homeschooled, and businesses are closed. To help Americans get through this crisis, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into effect on March 27, 2020. The Act … Read More
![[Update] Tax Deadlines Pushed Back: Federal and California Measures to Help Taxpayers through COVID-19 Pandemic](https://www.krostcpas.com/wp-content/uploads/How-Will-The-COVID-19-Affect-Your-Tax-Return-Deadline-1.jpg "[Update] Tax Deadlines Pushed Back: Federal and California Measures to Help Taxpayers through COVID-19 Pandemic")
The impact of coronavirus has been increasing rapidly. While Congress is still working on a proposal to stimulate the economy, both the federal government and the State of California have announced ways to help people get through this difficult time. Federal President Trump announced on March 11, 2020 that he would direct the Treasury to … Read More
Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled “The Impact of TCJA on Cost Segregation & Like-Kind Exchange” by So Sum Lee, CPA: Like-kind exchange has been a popular tax deferral tool for decades. Under IRC 1031, a taxpayer can defer tax on gain from … Read More
