COVID-19 Announcement

March 19, 2020By Greg Kniss, Managing Principal

We understand this has been an extremely stressful time over the last ten days.  The world has seemingly changed overnight with the global pandemic coupled with the meltdown of the financial markets.  First and foremost, we need to consider the health and safety of our family & friends, team members, clients, and the community over heightened concerns about the Coronavirus (COVID-19).  We have been closely monitoring the CDC’s recommendations to limit person-to-person contact. Therefore, we have initiated a policy that will allow us to remain fully operational while maintaining social distance, including many of our team members working remotely and our offices undergoing increased cleanings, as preventative measures.

During this time, you can expect the same level of service as we continue to move through busy season. For your safety as well as those of our team, we ask that you limit your interaction with us to phone calls and emails. To allow for recommended social distancing, we want to limit office visits and in-person meetings. We will be in touch if a meeting was scheduled that needs to be adjusted to a phone call or video conference meeting.  Finally, we ask that you send us any documentation or files through our secure sharefile portal that can be found on KROSTCPAs.com.

Beyond our office procedures, there are several initiatives that we want to make you aware of as you or your business navigate the impacts of this pandemic. First, most of you probably heard that yesterday Secretary of the Treasury Steven Mnuchin announced that taxpayers can delay paying their income tax for up to 90 days (60 days for CA).  This applies to individual tax payments up to $1M and corporate tax payments up to $10M.  Also, Governor Gavin Newsom has extended the state and local tax filing deadlines for California, waiving fees for late filing. And maybe most importantly, local businesses now have the option to apply for Small Business Loans during this time of public emergency, so please reach out to us for guidance, as necessary.

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

Business Tax Planning Ideas That May Help You Save Tax Dollars

January 23, 2020By KROST

The last few months of the year are important and year-end tax planning may allow you to change the entire course of your business. As 2020 approaches, it is time to develop, finalize, and undertake a year-end tax planning strategy. Businesses that have not yet explored year-end tax planning should take an immediate inventory of … Read More

Top 6 Resources for Taxpayers Who Donate to Charity

November 11, 2019By KROST

Taxpayers who donate to charity should check out the IRS’ resources to become aware of the tax regulations. Below are the top 6 IRS resources for taxpayers making donations: Tax Exempt Organization Search This tool can be used by taxpayers to find out if the organization they have contributed to qualifies as a charitable organization … 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

The Qualified Small Business Stock Gain Exclusion

August 14, 2019By Matthew Weber, CPA, MAcc

Tax Manager Matthew Weber, CPA, MAcc recently published an article for our newest KROST Quarterly Magazine: The Financial Services Issue titled “The Qualified Small Business Stock Gain Exclusion”. If you sell stock that has appreciated in value, then you must recognize a taxable capital gain. Sounds straightforward, right? While that may be true most of … Read More

California’s Wage Order 7: What You Need to Know

May 9, 2019By KROST

Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, “California’s Wage Order 7: What You Need to Know” by By Gina Gross – KROST Restaurant Accounting & Consulting. “Many restaurants have on-call policies that require employees to call in to find out whether they need to work their … Read More