New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know

August 11, 2022By Elvira Frencillo

For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…

KROST Welcomes New Principal – Evelyn Fernandez

August 17, 2021By KROST CPAs

Los Angeles-based CPA Firm, KROST CPAs and Consultants, welcomes Evelyn Fernandez, CPA, MST, as a new Principal. Evelyn has over 15 years of experience in the public accounting profession, providing strategic advice and tax planning to her clients. Her areas of expertise include inbound and outbound tax planning for individuals and multi-national entities, tax planning Read the full article…

Changes in Reporting Requirements for Foreign-Owned Domestic Disregarded Entities

March 22, 2021By Evelyn Fernandez

Foreign-owned domestic disregarded entities have not had filing requirements in the past unless an election was made to treat it as a corporation, known as “check the box.” Disregarded entities are most commonly single-member LLC (SMLLC). Generally, income tax and reporting requirements would not be reported separately. Rather, they would have been reportable on the Read the full article…

Expatriation Exit Tax

February 24, 2021By Evelyn Fernandez

US citizens living abroad and foreign nationals residing in the US are renouncing their citizenship in a record-breaking fashion. During the first three quarters of 2020, the IRS published 5,045 individuals who have made the ultimate decision to expatriate and formally cut ties with the United States. This amount is significantly higher than the numbers Read the full article…

Foreign-Derived Intangible Income (FDII) Can Increase Cash Flow for Manufacturing Companies and Distributors with Global Operations

September 10, 2020By Evelyn Fernandez

This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue, titled “Foreign-Derived Intangible Income (FDII) Can Increase Cash Flow for Manufacturing Companies and Distributors with Global Operations” by Evelyn Fernandez, CPA, MST. The Tax Cuts and Jobs Act (TCJA) included several tax changes relating to the US taxation of Read the full article…