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
Most people are familiar with Benjamin Franklin’s famous phrase “nothing is certain except death and taxes”. We are paying all sort of taxes on a daily basis such as sales tax, income tax, property tax, etc. Even after we die, there may be death taxes to be paid. Can anything escape from being taxed? In … Read More
Changes of FBAR Due Date The filing of FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (formerly TD F 90-22.1) is imposed by the Bank Secrecy Act (BSA), passed by Congress in 1970. FinCEN Form 114 is used to report a financial interest in or signature authority over a foreign financial account … Read More
The IRS has implemented the tangible property regulations (TPRs) (T.D. 9689) effective for taxable years ending on or after January 1, 2014. This new guidance determines whether certain expenditures are required to be capitalized or expensed. The TPRs provide de minimis safe harbor for taxpayer to deduct up to $2,500 of expenditures (or $5,000 if … Read More
Before we know it, the holiday season is just around the corner. A lot of businesses are ordering stock, scheduling staff, and doing everything necessary around this time of the year to get ready before the shopping spree starts. Among all the available gift items, gift cards are gaining popularity since they are so easy … Read More
Publication: KROST Most restaurateurs know that inventory contributed to charity can be deducted based on the cost of the inventory. What many restaurants may not know is that new legislation allows a taxpayer to claim higher deductions closer to the actual value of the inventory. This results in increased deductions for restaurants, grocery stores, and any … Read More
Publication: KROST Monthly News Release Running a business can be extremely difficult with income taxes often eating up a good portion of your profits. There are, however, numerous tax benefits available to businesses that most owners are unaware of. As a restaurant owner, you are probably aware that you have to pay social security and Medicare … Read More
