There are so many tax reporting deadlines and for the past two years, every time we came closer to the next deadline, there was some reason (beyond our control) for delays. Coming into this tax season, we were hopeful that things would be better. With reasons beyond our control, we are expecting more delays. There Read the full article…
As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by the State of California, clarified some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction Read the full article…
If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting Read the full article…
The real estate market can be volatile, full of risks and challenges. Real estate professionals should enlist an expert to ensure compliance and navigate the specifics of real estate tax and accounting. At KROST, we provide specialized real estate accounting services to a diverse range of clients in the real estate industry, including developers and Read the full article…
We are happy to announce the release of our newest quarterly magazine! The Financial Services Issue highlights some of the hot topics in financial services including Section 1244 claims, the Lender Management, LLC case study, research & development, waterfall calculations, IRC Section 1061, and FinTech trends. What You’ll Find Inside this Issue: Section 1244: Claiming Read the full article…
Management companies of hedge funds, money managers, private equity firms, and their principals have come to our firm to advise on a wide range of accounting and tax services. We are leaders in the financial services industry, focusing on management companies and their investment vehicles. Our team brings experience, knowledge, and a wide range of Read the full article…
The IRS released Notice 2020-32, which makes the portion of a PPP loan that is forgiven, not quite as attractive as it originally appeared. Typically, when debt is forgiven, the amount is included in the income of the borrower. The CARES Act specifically addressed this by including Section 1106(i) which states that “Any amount which Read the full article…
Amid all of the chaos of the last two weeks and the severe impact COVID-19 has had on many businesses and individuals, one bright spot is shining through: mortgage rates are low. Thanks to the Federal Reserve dropping the federal funds rate to 0% in response to the coronavirus pandemic, refinancing now may be a Read the full article…
Good news. President Trump announced last week that the Department of Housing and Urban Development would suspend all “foreclosures and evictions” through the end of April, but only those with an FHA-insured mortgage are eligible. In addition, many lenders are offering relief options to their borrowers, including forbearance options (up to 12 months), waived fees, Read the full article…
The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece Read the full article…
