KROST Client Lilit Davtyan of Phonexa Awarded CFO of the Year

September 25, 2020By KROST

We would like to extend our congratulations to Lilit Davtyan for receiving the title of Large Private Company CFO of the Year. She received this recognition during the 14th Annual CFO Awards hosted by the Los Angeles Business Journal on September 23, 2020. Lilit is the CFO of one of our valued clients, Phonexa, an … 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

Tax Breaks for US Citizens Living Abroad

August 18, 2020By Evelyn Fernandez

More and more US citizens are moving abroad for various reasons.  The move could be work-related, family-related, or simply adventure-related.  Technology has also made it possible for many professionals to be able to work from anywhere in the world.  Most US citizens aren’t aware of the tax breaks they may be able to get as … Read More

Protective Claim of Refund for Obamacare Taxes

July 8, 2020By Aric Wong

The U.S. Supreme Court has agreed to hear a case challenging the constitutionality of the Patient Protection and Affordable Care Act (PPACA) in California v. Texas. Previously known as Texas v. US in the lower courts, the U.S. Court of Appeals declared that the requirement for individuals to carry health insurance was unconstitutional. This decision was largely based … Read More

Reminder: Tax Filing Deadline

June 29, 2020By KROST

The July 15 tax-filing deadline is quickly approaching, remember to pay your taxes on time. Earlier this year the Treasury Department and the IRS provided federal tax filing and payment relief to individuals and businesses in response to the COVID-19 pandemic. The deadline changes also apply to disaster victims, 2016 refunds, extensions, and IRS contributions. … Read More

The California Safe Harbor for Residents Working Abroad

June 8, 2020By Robert Gosart, CPA

If you are a California resident who accepts overseas assignments, or an international employer with California residents working abroad, you should know about the California Safe Harbor. The California Safe harbor is available for certain individuals leaving California under employment-related contracts. The safe harbor provides that an individual domiciled in California who is outside California … Read More

Employee retention credit available for businesses affected by COVID-19

May 19, 2020By KROST

The following article was written by the IRS. View the original source here: https://www.irs.gov/newsroom/employee-retention-credit-available-for-businesses-affected-by-covid-19 The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee … Read More