More on the State Tax Deduction Workaround (AB 150)

December 22, 2021By Phil D'Amico

Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that Read the full article…

Advantages of Trusts for Estate Planning

December 20, 2021By Richard Umanoff

In the first article in this series, we covered what a trust is and the type of assets you may transfer to a trust. As a reminder, a trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor). The trustor is the person who establishes the Read the full article…

Did You Miss Your State Tax Deduction?

December 16, 2021By So Sum Lee

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…

Happy Thanksgiving

November 22, 2021By KROST CPAs

We’re so thankful for all of your support throughout the year. We wouldn’t be where we are today without you. We gave thanks this year by donating to the following organizations. If you would like to contribute to any of these groups, we’ve included links below for your convenience. Alzheimer’s Association – Walk to End Read the full article…

Disruption and Innovation – Streamlining Client Accounting Services (CAS)

November 16, 2021By Sossi Bekarian

This is one of the articles in the KROST Quarterly Technology Issue, titled “Disruption and Innovation – Streamlining Client Accounting Services (CAS)” by Sossi Bekarian, CPA, and Peter Minaian. The COVID-19 pandemic forced many businesses to adapt and make significant changes to their practices. Executive and public health orders directed the public to stay home Read the full article…

ERTC Terminated for Q4 2021

November 8, 2021By Jason Melillo

The Infrastructure Bill (H.R. 3684) was passed by the House on November 5, 2021 and is expected to be signed into law by President Biden.  As part of the Bill, the employee retention tax credit (with the exception of the recovery startup business credit) is no longer in effect for the fourth quarter of 2021. Read the full article…

What is a Trust?

November 4, 2021By Richard Umanoff

In this first article in our upcoming series, we will discuss a trust and the type of assets you may transfer to a trust. Please stay tuned for more related articles coming soon and reach out to our team if you have any questions about estate and trust.  A trust is a legal agreement between Read the full article…

California Main Street Small Business Tax Credit II

October 21, 2021By Jason Melillo

In Late September 2021 Governor Newsom signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Taxpayers that qualified for Employee Retention Credit may also qualify for the Main Street Read the full article…