PPP Loans Can Be Forgiven But At What Expense?

May 1, 2020By Lou Guerrero

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 More

The Streamlined Offshore Disclosure Procedures

April 29, 2020By Evelyn Fernandez

It is not uncommon for U.S. citizens or Green Card holders to come across a situation where they realize they haven’t been entirely compliant with U.S. tax filing requirements. The filing requirements, especially for foreign assets and income, have become so complex that even some tax practitioners don’t know where to start. If you feel … Read More

The Difference Between Tax Credits Provided by FFCRA and CARES Act

April 3, 2020By So Sum Lee

During the coronavirus pandemic, helping Americans keep their job has been a major focus for Congress. Both the Families First Coronavirus Response Act (FFCRA), signed into effect on March 18, 2020, and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provide payroll-related credit to help small businesses to … Read More

KROST Quarterly Magazine: The Technology Issue is Now Available!

March 9, 2020By KROST

We are happy to announce the release of our newest quarterly magazine! The Technology Issue highlights some of the hot topics including trends in media & entertainment, privacy laws, AdTech, quantum computing, and more. What You’ll Find Inside this Issue: Streaming Wars: Technology Trends in Media & Entertainment By Paren Knadjian Tech Company Compensation: Unraveling … 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