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 the full article…
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 the full article…
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 the full article…
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 the full article…
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 the full article…
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 the full article…
![[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 the full article…
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 the full article…
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 the full article…
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 the full article…
