COVID-19 Losses

November 24, 2020By Brad Pauley, CPA

On March 13, 2020, President Trump declared a national emergency disaster, related to the COVID-19 virus 1. Following the declaration, under the new tax law (TJCA), taxpayers can claim a business casualty loss related to the disaster on either their 2019 original/amended return or their 2020 return. Some examples of losses that may qualify, but … Read More

COVID-19 and the Sports & Entertainment Industry

October 7, 2020By Ronique Davis, CPA

Ronique Davis, one of KROST’s Sports & Entertainment Industry experts, recently attended the Entertainment Industry Virtual Conference hosted by CalCPA. Below, she shares some of the insights she learned at the virtual event regarding how COVID-19 is impacting the industry. COVID-19 has had an effect on the lives of almost everyone we know to varying … Read More

IRS to Audit High-Income Tax Returns

August 26, 2020By Brad Pauley, CPA

The IRS announced on June 18th that they will be looking at hundreds of high-income tax returns between July 15th and September 30th. They are expected to be looking at not only the taxpayer’s individual returns but any business-related pass-through entities as well. These reviews create exposure for athletes and entertainers who have high income and … Read More

California Sets Threshold for Sales Tax

March 3, 2020By KROST

The South Dakota v. Wayfair 2018 case overturned the physical presence test, meaning out-of-state retailers selling to South Dakota residents are obligated to collect sales tax even if they do not have a physical presence in the state. It was expected that many states would issue laws similar to South Dakota and California has done … Read More

Game-Changing Tax Matters for Athletes

October 23, 2019By Brad Pauley, CPA

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Game-Changing Tax Matters for Athletes” by Brad Pauley, CPA. There were many deductions professional athletes were able to take under the old tax law, however, under the new law, deductions taken in previous years are no … Read More

KROST Quarterly Magazine: The Sports & Entertainment Issue is Now Available!

October 14, 2019By KROST

We are happy to announce the release of our newest quarterly magazine! The Sports & Entertainment Issue highlights some of the hot topics pertaining to sports & entertainment professionals such as tax issues for athletes, Loan-Out Corporations, Qualified Business Income Deduction, and more. What You’ll Find Inside this Issue: Game-Changing Tax Matters for Athletes By … Read More