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…
As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for Read the full article…
In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. This year has brought unique challenges and significant change. Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to ensure 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…
The Novel Coronavirus has had a huge impact all over the world. People in quarantine are forced to stay home, many 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 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")
[Update as of September 12, 2020: The CDPH Guidance for the Prevention of COVID-19 Transmission for Gatherings is no longer in effect and is for historical purposes only.] 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 Read the full article…
The Historic Tax Credit (HTC) program, also known as the Rehabilitation Tax Credit, encourages individuals and business to invest in the rehabilitation of historic buildings. The tax reform legislation passed in December of 2017 allows these building owners to claim 20 percent of eligible improvement expenses against their federal tax liability. It is an incentive 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…
