Interactive Tax Tools Client Spotlight: Joyce Cenali, COO of Big Rock, Educates KROST on the Cannabis Industry, Luxury Products, and Equity in Business June 30, 2021 Read More Interactive Tax Tools [Webinar Replay] Exit Planning – Preparing For The Potential Sale of Your Business May 20, 2021 Read More Interactive Tax Tools Restaurant Revitalization Fund (RRF) Grant Help – Sign the Petition Now May 19, 2021 Read More Interactive Tax Tools Restaurants Care Resilience Fund April 21, 2021 Read More Interactive Tax Tools Restaurant Revitalization Fund – Details April 19, 2021 Read More Interactive Tax Tools Are you missing out on the Employee Retention Tax Credit (ERTC)? April 13, 2021 Read More Interactive Tax Tools Los Angeles-Based CPA Firm Receives High Praise from Accounting Today April 9, 2021 Read More Interactive Tax Tools KROST Sponsors AICPA's PCPS George Willie Ethnically Diverse Student Scholarship & Internship Program April 2, 2021 Read More Interactive Tax Tools Changes in Reporting Requirements for Foreign-Owned Domestic Disregarded Entities March 22, 2021 Read More Interactive Tax Tools IRS Extends Tax Filing Deadline for Individuals to May 17th March 18, 2021 Read More Interactive Tax Tools Client Accounting and Advisory Services: The Benefits of Outsourced Accounting vs. In-House March 1, 2021 Read More Interactive Tax Tools The House Votes to Extend Employee Retention Tax Credit Through December 2021 February 28, 2021 Read More Interactive Tax Tools Is the GILTI High Tax Exception a Benefit for Controlled Foreign Corporations? February 23, 2021 Read More Interactive Tax Tools $900 Billion Stimulus Bill Agreed in Congress December 21, 2020 Read More Interactive Tax Tools COVID-19 Losses November 24, 2020 Read More Interactive Tax Tools California Small Business Hiring Tax Credit November 20, 2020 Read More Interactive Tax Tools Donation Update on Jean's 86 My Hair for Restaurants Care Fundraiser October 5, 2020 Read More Interactive Tax Tools KROST Client Lilit Davtyan of Phonexa Awarded CFO of the Year September 25, 2020 Read More Interactive Tax Tools KROST PPP Loan Forgiveness Review Services for Borrowers and Lenders September 14, 2020 Read More Interactive Tax Tools IRS to Audit High-Income Tax Returns August 26, 2020 Read More Interactive Tax Tools KROST Launches PPP Loan Forgiveness Review Services for Borrowers and Lenders August 10, 2020 Read More Interactive Tax Tools Protective Claim of Refund for Obamacare Taxes July 8, 2020 Read More Interactive Tax Tools Tech Company Compensation: Unraveling the Mystery of the 83(B) Election July 6, 2020 Read More Interactive Tax Tools Let’s 86 Jean’s Hair for Restaurant Workers Impacted by COVID-19 July 1, 2020 Read More Interactive Tax Tools Main Street Loan Program - Updates June 15, 2020 Read More Interactive Tax Tools The California Safe Harbor for Residents Working Abroad June 8, 2020 Read More Interactive Tax Tools The Streaming Wars: Technology Trends in Media and Entertainment June 2, 2020 Read More Interactive Tax Tools Employers Can Grant Paid Leave for COVID-19 May 28, 2020 Read More Interactive Tax Tools [Updated] Main Street Loan Programs – Terms and Loan Comparison Chart May 5, 2020 Read More Interactive Tax Tools PPP Loans Can Be Forgiven But At What Expense? May 1, 2020 Read More
KROST Quarterly Magazine: The Technology Issue, Vol 4, Issue 2, is Now Available!

KROST Quarterly Magazine: The Technology Issue, Vol 4, Issue 2, is Now Available!

July 15, 2021

We are happy to announce the release of our newest quarterly magazine! The Technology Issue highlights some of the hot topics in the technology industry including Client Accounting Services (CAS), Nonfungible Tokens, the Effect of Upcoming Changes to IRC Section 174 on the Software Development Industry, and more. What You’ll Find Inside this Issue: Nonfungible … Read More

Restaurant Revitalization Fund (RRF) Grant Help – Sign the Petition Now

Restaurant Revitalization Fund (RRF) Grant Help – Sign the Petition Now

May 19, 2021

Congress passed a $28 billion recovery fund, estimated to be enough to fund roughly 100,000 grants for the restaurant industry. However, in just the first few days of launching it, the SBA received about 186,000 applications. In fact, the latest reporting indicates that the number has grown to 266,000 applications, requesting a total amount of … Read More

Going Green for the Green: Federal Tax Incentives for Energy Efficient Building

Going Green for the Green: Federal Tax Incentives for Energy Efficient Building

May 11, 2021

This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “There are several tax incentives available to the real estate industry. Whether you invest in, build, design, or make significant renovations to real estate, a closer look at these opportunities could increase cash flow and/or reduce tax burden.” … Read More

[Webinar Replay] The Restaurant Revitalization Fund

[Webinar Replay] The Restaurant Revitalization Fund

May 4, 2021

If you missed our webinar led by Paren Knadjian, Head of M&A and Capital Markets and Jean Hagan, Principal of Business Management, there is a recording available. This webinar goes over the Restaurant Revitalization Fund, including details of the new Restaurant Revitalization Fund eligibility, how to apply, what documentation is required, and updates on PPP … Read More

[Webinar Replay] How to Apply for the Restaurant Revitalization Fund Webinar

[Webinar Replay] How to Apply for the Restaurant Revitalization Fund Webinar

April 30, 2021

If you missed our webinar led by Paren Knadjian, Head of M&A and Capital Markets and Jean Hagan, Principal of Business Management, there is a recording available. This webinar goes over how to apply for Restaurant Revitalization Fund. You can view the webinar replay, by joining our mailing list. The video and presentation slides will … Read More

Breaking News: Restaurant Revitalization Fund – SBA Announces Launch Date

Breaking News: Restaurant Revitalization Fund – SBA Announces Launch Date

April 28, 2021

KROST is hosting an emergency webinar, How to Apply for the Restaurant Revitalization Fund, on Friday, April 30, at 10 am. Tuesday, April 27, 2021. The US Small Business Administration (SBA) announced today that applications for the Restaurant Revitalization Fund (RRF) would open, via their portal, at 9 am Pacific (12 pm Eastern) on Monday, … Read More

Restaurants Care Resilience Fund

Restaurants Care Resilience Fund

April 21, 2021

Jean Hagan, Principal, serves on the Board of the California Restaurant Association Foundation. She is excited to share that in addition to funding employees’ needs through Restaurants Care, they have also been able to create a resilience fund for restauranteurs now. Through some major funding from SoCal Gas, PG&E, and SDG&E, they have been able … Read More

[Webinar] Exit Planning – Preparing For The Potential Sale of Your Business

[Webinar] Exit Planning – Preparing For The Potential Sale of Your Business

April 20, 2021

Whether you are planning to sell your business now, in the next 5 years, or have no plan, Paren Knadjian, head of M&A and Capital Markets at KROST, will provide the roadmap to being prepared. Topics covered include: How exit planning fits with business strategy and personal financial planning The six biggest myths about selling … Read More

Alcoholic Beverage Control License Renewal Fee Waiver

Alcoholic Beverage Control License Renewal Fee Waiver

April 20, 2021

The CA Governor signed a relief package that authorizes the ABC to waive license renewal fee’s for eligible licenses that expire between March 1st, 2021 and February 28, 2023. Eligible licenses are the following on sale licenses: The license type shall be one of the following: 021, 23, duplicate 23, 40, 41, 42, 47, duplicate … Read More

Restaurant Revitalization Fund – Details

Restaurant Revitalization Fund – Details

April 19, 2021

1. Introduction 2. Eligible Entities 3. Other Eligibility Criteria 4. Interaction of RRF with other SBA loans 5. Calculation of Funding Amount 6. Eligible Uses of Funds (Eligible Expenses) 7. Timeframe for Using Funds 8. Use of Funds Validation 9. How to Apply 10. Apply through SBA Restaurant Partners 11. Apply Directly through SBA 12. … Read More

Register for our Complimentary Webinar – The Restaurant Revitalization Fund

Register for our Complimentary Webinar – The Restaurant Revitalization Fund

April 13, 2021

Jean Hagan (Principal, Restaurant / Business Management) and Paren Knadjian (Practice Leader, M&A and Capital Markets) are hosting a complimentary webinar on The Restaurant Revitalization Fund. Join us for the details of the new Restaurant Revitalization Fund including eligibility, use of funds, calculation of funding amounts, how to apply and what documentation is required. The … Read More

Are you missing out on the Employee Retention Tax Credit (ERTC)?

Are you missing out on the Employee Retention Tax Credit (ERTC)?

April 13, 2021

If you have not looked into Employee Retention Tax Credits, then you need to reach out to your relationship manager or contact us right away to see if you qualify. It is worth a quick assessment. We can help you claim the credit and receive cash refunds up to $5,000 per employee in 2020 and … Read More

Los Angeles-Based CPA Firm Receives High Praise from Accounting Today

Los Angeles-Based CPA Firm Receives High Praise from Accounting Today

April 9, 2021

Pasadena, CA. – KROST CPAs and Consultants, Los Angeles-based firm, receives two new accolades from Accounting Today, Top 100 Firms, and Fastest-Growing Firms in the U.S. KROST is a full-service certified public accounting and consulting firm serving clients across various industries in the areas of tax, accounting, consulting, assurance and advisory, M&A and capital markets, … Read More

KROST Sponsors AICPA’s PCPS George Willie Ethnically Diverse Student Scholarship & Internship Program

KROST Sponsors AICPA’s PCPS George Willie Ethnically Diverse Student Scholarship & Internship Program

April 2, 2021

Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles-based firm, has announced their co-sponsorship of the American Institute of Certified Public Accountants’ (AICPA) Private Companies Practice Section (PCPS) George Willie Ethnically Diverse Student Scholarship & Internship Program. This scholarship and internship program will benefit ethnically diverse full-time students pursuing an accounting degree. The George … Read More

PPP Application Deadline Extended

PPP Application Deadline Extended

March 30, 2021

On Tuesday, March 30th, 2021, President Biden signed the PPP Extension Act of 2021 into law. The Act, which passed on a bipartisan basis by the Senate on March 25th and by the House on March 16th, extends the deadline for Paycheck Protection Program (PPP) loan applications to May 31st, 2021. It was previously March … Read More

Changes in Reporting Requirements for Foreign-Owned Domestic Disregarded Entities

Changes in Reporting Requirements for Foreign-Owned Domestic Disregarded Entities

March 22, 2021

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 More

IRS Extends Tax Filing Deadline for Individuals to May 17th

IRS Extends Tax Filing Deadline for Individuals to May 17th

March 18, 2021

The Internal Revenue Service has postponed the April 15 tax payment and filing deadline for individuals to May 17, allowing more time to file your 2020 Federal Form 1040 income tax return. California conforms to the federal change and many other states to follow the IRS lead. The recent $1.9 trillion COVID-19 relief bill signed … Read More

Form 5471 – Reporting Ownership in Foreign Corporations

Form 5471 – Reporting Ownership in Foreign Corporations

March 16, 2021

You may be required to file Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations,” if you have ownership in a foreign corporation. Form 5471 is becoming increasingly important for U.S. taxpayers with interest in a foreign corporation regardless of location. Determining who needs to file Form 5471 can be a … Read More

Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation

Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation

March 16, 2021

This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation” by Elvira Frencillo and So Sum Lee The coronavirus has turned the world upside down. It has cost so many lives and caused agony to individuals and businesses. To … Read More

The American Rescue Plan Act of 2021

The American Rescue Plan Act of 2021

March 11, 2021

On Thursday, March 11th, President Biden signed the much-anticipated American Rescue Plan Act of 2021 into law. The $1.9 Trillion stimulus package expands COVID-19 relief for individuals, families, local governments, and businesses and includes direct payments and increased child credits. While the contents of the plan have been cause for much debate in the last … Read More

[Webinar] Employee Retention Tax Credits: Qualifications, Benefits & Refunds

[Webinar] Employee Retention Tax Credits: Qualifications, Benefits & Refunds

March 3, 2021

Join Jason Melillo, CPA (Principal – Accounting, ERTC) and Jeff Kamin, CPA (Manager, Accounting, ERTC) as they host a webinar on Employee Retention Tax Credits (ERTC) on Thursday, March 4th at 10:30AM PST. In this session, they will review the details of the recently passed Taxpayer Certainty and Disaster Tax Relief Act of 2020, including: … Read More

Relief Comes in the Form of R&D Tax Credits for Manufacturing Companies

Relief Comes in the Form of R&D Tax Credits for Manufacturing Companies

March 2, 2021

This is one of the articles in the KROST Quarterly Manufacturing Issue, titled “Relief Comes in the Form of R&D Tax Credits for Manufacturing Companies” by Guest Contributor, Michael Maroney. As history has shown us, difficult times can spark a renaissance of innovation and creativity. With the continued impact of the Coronavirus on American businesses, … Read More

Expatriation Exit Tax

Expatriation Exit Tax

February 24, 2021

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 More

Opportunity Zones and Cost Segregation

Opportunity Zones and Cost Segregation

February 23, 2021

This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Opportunity Zones and Cost Segregation” by Guest Contributor Artur Babaian Opportunity Zones are garnering increased interest across the country. Created by the Tax Cuts and Jobs Act (TCJA) in December 2017, taxpayers who meet the requirements for investing … Read More

Restaurant Site Audit – Post-COVID Operations

Restaurant Site Audit – Post-COVID Operations

February 18, 2021

In 2020, the Restaurant Industry was projected to do $899 billion in sales. That expectation has since been adjusted down to $659 billion in sales, a $240 billion hit to the industry as a result of the pandemic. Every operator has felt the effects of the pandemic, and the most motivated, wasted no time pivoting … Read More

Tips to Help People Choose a Reputable Tax Preparer

Tips to Help People Choose a Reputable Tax Preparer

February 18, 2021

The following article was written by the IRS. View the original source here: https://www.irs.gov/newsroom/tips-to-help-people-choose-a-reputable-tax-preparer Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for all the information … Read More

FAQs – PPP Loans

FAQs – PPP Loans

February 17, 2021

Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA regarding the PPP and EIDL loans. KROST’s subject matter experts have compiled a list of frequently asked questions below: Question: How are full-time equivalent employees calculated in the 2nd PPP? … Read More

KROST Quarterly Magazine: The Financial Services Issue is Now Available!

KROST Quarterly Magazine: The Financial Services Issue is Now Available!

February 16, 2021

We are happy to announce the release of our newest quarterly magazine! The Financial Services Issue highlights some of the hot topics in financial services including Section 1244 claims, the Lender Management, LLC case study, research & development, waterfall calculations, IRC Section 1061, and FinTech trends. What You’ll Find Inside this Issue: Section 1244: Claiming … Read More

Estate Tax – Current Law, 2026, Biden Tax Proposal

Estate Tax – Current Law, 2026, Biden Tax Proposal

February 15, 2021

With the advent of the Tax Cuts and Jobs Act of 2017, the estate, gift, and generation skipping tax exemptions increased dramatically, but these changes were only temporary. With the Biden administration now in place and at least some Democratic control of the senate, there is added uncertainty that should be evaluated soon. It is … Read More

Los Angeles Based CPA Firm Announced New Principal, Stacey R. Korman, CPA, MST

Los Angeles Based CPA Firm Announced New Principal, Stacey R. Korman, CPA, MST

February 9, 2021

Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles based firm, has announced a new Principal, Stacey R. Korman, CPA, MST. Stacey has extensive experience in assurance & advisory and accounting services and since joining the firm she has led the accounting and audit departments. As an AICPA certified Fundamental Client Accounting Advisor, Stacey … Read More

FAQs – Employee Retention Credit (ERTC)

FAQs – Employee Retention Credit (ERTC)

February 5, 2021

The Employee Retention Credit (ERTC) was created as part of the CARES Act to encourage businesses to continue paying employees by providing a credit to the eligible employer for wages paid to eligible employees. The ERC could be a valuable alternative for those who did not qualify for PPP and other emergency loans. We have … Read More

[Webinar] Employee Retention Credits: Qualifications, Benefits & Refunds

[Webinar] Employee Retention Credits: Qualifications, Benefits & Refunds

February 4, 2021

Join Jason Melillo, CPA (Principal – Accounting, ERTC) and Jeff Kamin, CPA (Manager, Accounting, ERTC) as they host a webinar on Employee Retention Tax Credits (ERTC) on Wednesday, February 10th at 9:30AM PST. In this session, they will review the details of the recently passed Taxpayer Certainty and Disaster Tax Relief Act of 2020, including: … Read More

The Latest COVID-Relief Package – Time to go Green

The Latest COVID-Relief Package – Time to go Green

January 27, 2021

On December 27, 2020, Congress passed a $900 billion COVID-relief package, along with a $1.4 trillion spending package, that funds the government for the 2021 fiscal year. The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C … Read More

[Second Session] PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process Webinar

[Second Session] PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process Webinar

January 26, 2021

Paren Knadjian (Practice Leader, M&A, and Capital Markets), Stacey Korman, CPA (Principal), Sossi Bekarian, CPA (Senior Manager), and Jeff Kamin, CPA (Manager, Accounting, ERTC) hosted a second session on the PPP Second Draw Program & Employee Retention Credits webinar. They reviewed the details of the recently passed Coronavirus Response & Relief Supplemental Appropriations Act including: … Read More

Real Estate Business Provision and Initiatives Included in Bipartisan COVID-19 Agreement

Real Estate Business Provision and Initiatives Included in Bipartisan COVID-19 Agreement

January 25, 2021

Congress introduced the Bipartisan economic relief package on December 20, 2020. This relief bill provides stimulus to individuals and businesses. As an industry impacted by the pandemic, real estate businesses can benefit from several key tax provisions in the package. We have outlined these opportunities below. Business Meals Deduction Currently, the deductibility of business meals … Read More

Manufacturing Companies Beware: CCPA May Impact Your Business

Manufacturing Companies Beware: CCPA May Impact Your Business

January 20, 2021

This is one of the articles in the KROST Quarterly Manufacturing Issue, titled “Manufacturing Companies Beware: CCPA May Impact Your Business” by Keith Hamasaki, CPA. The California Consumer Privacy Act (“CCPA”) is a comprehensive framework to protect California residents (consumers). Effective January 1, 2020, data protection became a California requirement for businesses. All businesses that … Read More

2020 vs. 2021 Employee Retention Credit Comparison Chart

2020 vs. 2021 Employee Retention Credit Comparison Chart

January 19, 2021

Old Law New Law Eligible Employers 2020 2021 Eligible employers can receive a refundable payroll tax credit of 50% of wages paid to employees between March 13th, 2020 and December 31st, 2020. No Change Eligible employers can receive a refundable payroll tax credit up to 70% of qualifying wages paid between January 1, 2021 and … Read More

Eleventh-Hour Pandemic Relief – What a Homeowner Should Know

Eleventh-Hour Pandemic Relief – What a Homeowner Should Know

January 14, 2021

The Consolidated Appropriations Act (the “Act”) passed by Congress and signed by the President on December 27, 2020, outlined several provisions to help individuals through this extended time of financial uncertainty. Most of these provisions are included in the Additional Coronavirus Response and Relief (“ACRR”) and the Taxpayer Certainty and Disaster Tax Relief Act of … Read More

Real Estate Related COVID Relief Under the Consolidated Appropriations Act (CAA)

Real Estate Related COVID Relief Under the Consolidated Appropriations Act (CAA)

January 14, 2021

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) as part of the Consolidated Appropriations Act, 2021 (the 2021 CAA) was signed into law on December 27, 2020. The CCA is a $2.3 trillion package that provides additional funding to the PPP program and includes several key provisions that … Read More

Sales Tax and Economic Nexus

Sales Tax and Economic Nexus

January 13, 2021

These days, anybody who sells goods or provides services to somebody outside of their home state should ask themselves, “Do I need to collect sales tax?” The correct answer is always, “Good question!” However, the best way to get a useful answer is to start with a concept closely related to sales tax, namely “use … Read More

[WEBINAR] PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process

[WEBINAR] PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process

January 13, 2021

Paren Knadjian (Practice Leader, M&A, and Capital Markets), Stacey Korman, CPA (Principal), Sossi Bekarian, CPA (Senior Manager), and Jeff Kamin, CPA (Manager, Accounting, ERTC) will host a free webinar on the PPP Second Draw Program & Employee Retention Credits. They will review the details of the recently passed Coronavirus Response & Relief Supplemental Appropriations Act … Read More

Paycheck Protection Program First & Second Draw Loans – Updated Rules

Paycheck Protection Program First & Second Draw Loans – Updated Rules

January 11, 2021

On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Section 311 of the Economic Aid Act added a new temporary section, 7(a)(37), … Read More

Paycheck Protection Program Re-opens

Paycheck Protection Program Re-opens

January 11, 2021

The SBA has opened the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. At this point, it is initially accepting First Draw PPP Loan applications from Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries. However, that will be broadened to include all lenders, and … Read More

Register for Upcoming Webinar with the CRA: PPP Second Draw Program – Rules for Eligibility and Forgiveness

Register for Upcoming Webinar with the CRA: PPP Second Draw Program – Rules for Eligibility and Forgiveness

January 8, 2021

Jean Hagan (Principal, Restaurant / Business Management) and Paren Knadjian (Practice Leader, M&A, and Capital Markets, PPP Forgiveness) are hosting a free webinar with the California Restaurant Association (CRA), on the PPP Second Draw Program. Join our restaurant accounting and consulting experts on Thursday, January 14th at 10AM PT as they provide an in-depth look … Read More

Register for Upcoming Webinar – PPP Second Draw Program & Other Key Provisions of the COVID-19 Relief Bill

Register for Upcoming Webinar – PPP Second Draw Program & Other Key Provisions of the COVID-19 Relief Bill

January 6, 2021

Jean Hagan (Principal, Restaurant / Business Management) and Paren Knadjian (Practice Leader, M&A, and Capital Markets, PPP Forgiveness) are hosting a free webinar with Kristi Turner, CMO of Compeat Restaurant Management Software, on the PPP Second Draw Program. Join our restaurant accounting and consulting experts on Wednesday, January 13th at 1PM CT as they provide … Read More

The COVID-19 Vaccine: Positioning Your Restaurant for a Successful 2021

The COVID-19 Vaccine: Positioning Your Restaurant for a Successful 2021

January 5, 2021

With 2020 in the history books, many restauranteurs are looking at similar uncertainties in 2021 that the industry has been hurdling for the last nine months. Information is flying at us at near lightspeed, and it is easy to lose sight of the opportunities that lie within the voluminous pages of new legislation. However, one … Read More

California Small Business COVID-19 Relief Grant Program

California Small Business COVID-19 Relief Grant Program

December 24, 2020

As part of the assistance package that was announced by Governor Newsom in September 2020, the State of California is providing $500 million in grants to small businesses that are impacted by COVID-19. Small businesses with annual gross revenue of less than $2.5 million can receive up to $25,000 in the grant. There will be … Read More

$900 Billion Stimulus Bill Agreed in Congress

$900 Billion Stimulus Bill Agreed in Congress

December 21, 2020

Congress reached an agreement late on Sunday, December 20th, for a $900 billion stimulus package.  The Bill is expected to pass the House and Senate and be signed into law by December 23rd. The full text of the Bill has just been released and we are reviewing the details. Meanwhile, below are the highlights of how … Read More

Employee Retention Credit Provides Benefits for Manufacturing Employers

Employee Retention Credit Provides Benefits for Manufacturing Employers

December 16, 2020

This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue, titled “Employee Retention Credit (ERC) Provides Benefits for Manufacturing Employers ” by Jim Estrella, CPA, MSA. For manufacturers who experienced a suspension in operations or decline in business compared to 2019 due to the COVID-19 crisis, the Employee Retention … Read More

Escheating Uncashed Payroll Checks

Escheating Uncashed Payroll Checks

December 7, 2020

With all the different issues restaurants are facing in the COVID-19 environment, we still have a handful of ongoing issues that always need to be addressed at the end of the year. Escheating uncashed payroll checks to the State of California is one of the oldest, time-consuming procedures restaurateurs must conform to every year. Escheating … Read More

California Proposition 19: Tax Changes

California Proposition 19: Tax Changes

December 1, 2020

California Proposition 19 passed with just over 51% of the vote in the general election on November 3rd and is expected to become law. This new law has two separate effective dates: February 16, 2021 – For beneficiaries of real estate that use the property as a primary residence. April 1, 2021 – For transferring … Read More

2020 Year-End Tax Planning Opportunities for Individuals

2020 Year-End Tax Planning Opportunities for Individuals

November 24, 2020

As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for … Read More

Year-End Tax Planning Strategies for Businesses

Year-End Tax Planning Strategies for Businesses

November 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. This year has brought unique challenges and significant change. Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to ensure … Read More

COVID-19 Losses

COVID-19 Losses

November 24, 2020

On March 13, 2020, President Trump declared a national emergency disaster, related to the COVID-19 virus 1. Following the declaration, under the new tax law (TJCA), taxpayers can claim a business casualty loss related to the disaster on either their 2019 original/amended return or their 2020 return. Some examples of losses that may qualify, but … Read More

California Small Business Hiring Tax Credit

California Small Business Hiring Tax Credit

November 20, 2020

A lot of people lost their jobs in 2020 when businesses were forced to shut down or had to furlough their employees due to COVID. To help Californians get back to work, California’s governor signed a new tax bill to give tax breaks to small businesses that increased hiring during the second half of 2020. … Read More

Innovation, Positivity, and Evolution: How Three Businesses are Navigating the Pandemic

Innovation, Positivity, and Evolution: How Three Businesses are Navigating the Pandemic

November 17, 2020

This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue, titled “Innovation, Positivity, and Evolution: How Three Businesses are Navigating the Pandemic” with Serrano Industries, Inc., Drop Labs & LumaForge. For insight into how manufacturers and businesses that rely heavily upon supply chains have been impacted by COVID-19, we … Read More

Navigate the Complex Issues in Manufacturing & Distribution with KROST’s Industry Experts

Navigate the Complex Issues in Manufacturing & Distribution with KROST’s Industry Experts

November 10, 2020

KROST has extensive experience in the manufacturing and distribution industry. Our team of experts has experience servicing clients in various sectors such as aerospace and defense, automotive and transportation, consumer products, food and beverage, industrial parts, wholesale distribution, and more. Manufacturing and distribution clients rely on our suite of services, specifically catered to their needs. … Read More

KROST PPP Loan Forgiveness Application Service – Update and Price Increase

KROST PPP Loan Forgiveness Application Service – Update and Price Increase

November 6, 2020

KROST has now assisted over 50 clients prepare and submit PPP loan forgiveness applications to their lenders and those submitted to the SBA had 100% forgiveness. Although there is no immediate rush to submit loan forgiveness, there are two main reasons companies are applying now rather than later. First, once forgiven, you can take the … Read More

“Solving the Unsolvable” Quantum Computing Developments and Constraints

“Solving the Unsolvable” Quantum Computing Developments and Constraints

November 2, 2020

This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “Solving the Unsolvable” Quantum Computing Developments and Constraints” by Paren Knadjian The computing ecosystem has had deep influences on society and changed lives in a myriad of ways. Despite decades of impressive Moore’s Law performance scaling, there are … Read More

Experience and Knowledge Leads KROST’s Financial Services Industry

Experience and Knowledge Leads KROST’s Financial Services Industry

October 27, 2020

Management companies of hedge funds, money managers, private equity firms, and their principals have come to our firm to advise on a wide range of accounting and tax services. We are leaders in the financial services industry, focusing on management companies and their investment vehicles. Our team brings experience, knowledge, and a wide range of … Read More

KROST Quarterly Magazine: The Real Estate Issue is Now Available!

KROST Quarterly Magazine: The Real Estate Issue is Now Available!

October 26, 2020

We are happy to announce the release of our newest quarterly magazine! The Real Estate Issue highlights some of the hot topics in real estate including 1031 Exchange, Cost Segregation, Opportunity Zones, Qualified Improvement Property, Delaware Statutory Trusts, and Green Building Tax Incentives. What You’ll Find Inside this Issue: Challenges Facing the Real Estate Industry … Read More

The Impact of the 2020 Election on Wealth and Taxes

The Impact of the 2020 Election on Wealth and Taxes

October 9, 2020

At KROST and our associated wealth management firm, KROST Wealth, our goal is to provide you with timely news and insights. As we venture into the next presidential election, it is important to note the differences between the two candidates’ tax proposals as we look toward the next four years. As one may suspect, each … Read More

COVID-19 and the Sports & Entertainment Industry

COVID-19 and the Sports & Entertainment Industry

October 7, 2020

Ronique Davis, one of KROST’s Sports & Entertainment Industry experts, recently attended the Entertainment Industry Virtual Conference hosted by CalCPA. Below, she shares some of the insights she learned at the virtual event regarding how COVID-19 is impacting the industry. COVID-19 has had an effect on the lives of almost everyone we know to varying … Read More

R&D Tax Credits for Software Development Advancements in 2020 & Beyond

R&D Tax Credits for Software Development Advancements in 2020 & Beyond

October 5, 2020

This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “R&D Tax Credits for Software Development Advancements in 2020 & Beyond” by Guest Contributors Tetyana Guguchkina and Tiffany Solymon. Throughout the years, software has found itself in every facet of our lives, from smartphones to smart televisions; even … Read More

Donation Update on Jean’s 86 My Hair for Restaurants Care Fundraiser

Donation Update on Jean’s 86 My Hair for Restaurants Care Fundraiser

October 5, 2020

In May, our Business Management Principal, Jean Hagan joined Restaurants Care in their 86 My Hair campaign to raise money for restaurant workers impacted by the pandemic. Jean pledged to shave her head if we reached a goal of $25,000 in donations. We have raised $15,465 so far and hope to reach our goal soon. … Read More

Client Spotlight: AUDIENCEX on Expansive Growth & the Evolution of AdTech

Client Spotlight: AUDIENCEX on Expansive Growth & the Evolution of AdTech

September 29, 2020

This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “Client Spotlight: AUDIENCEX on Expansive Growth & the Evolution of AdTech” with Ryan Carhart, CFO and Brian Ko, CCO. Recently, we had the opportunity to sit down and talk to one of our incredibly successful and cutting-edge tech … Read More

KROST Client Lilit Davtyan of Phonexa Awarded CFO of the Year

KROST Client Lilit Davtyan of Phonexa Awarded CFO of the Year

September 25, 2020

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

KROST PPP Loan Forgiveness Review Services for Borrowers and Lenders

KROST PPP Loan Forgiveness Review Services for Borrowers and Lenders

September 14, 2020

Since the launch of the KROST PPP Loan Forgiveness Application Review Service, almost one-third of our clients that received PPP loans have already signed up. If you’re interested, our services are intended to aid both borrowers and lenders by taking on the burden of calculating forgiveness values, checking that expenses conform to the SBA forgiveness … Read More

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

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

September 10, 2020

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 More

Accounting for PPP Loans and Forgiveness

Accounting for PPP Loans and Forgiveness

September 2, 2020

This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue, titled “Accounting For PPP Loans and Forgiveness” by Keith Hamasaki, CPA. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump to help keep small businesses afloat amid the mandated COVID-19 related closures. The CARES … Read More

IRS to Audit High-Income Tax Returns

IRS to Audit High-Income Tax Returns

August 26, 2020

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

How Restaurants are Navigating the Pandemic: Service, Safety, and Support

How Restaurants are Navigating the Pandemic: Service, Safety, and Support

August 24, 2020

The restaurant industry has never experienced what we are going through right now. I spend all my time consulting with responsible operators to figure out how to continue operations, keep staff and guests safe, and maintain cash flow. Hundreds of meetings have the same theme: we will fight and do whatever is necessary to keep … Read More

Tax Breaks for US Citizens Living Abroad

Tax Breaks for US Citizens Living Abroad

August 18, 2020

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

CCPA: California Enforces New Privacy Laws Impacting all Businesses Collecting Data

CCPA: California Enforces New Privacy Laws Impacting all Businesses Collecting Data

August 10, 2020

This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “CCPA: California Enforces New Privacy Laws Impacting all Businesses Collecting Data” By Steve Chhour, CPA and Keith Hamasaki, CPA. In recent years, the security of consumer data has been under significant scrutiny by all types of security organizations … Read More

KROST Launches PPP Loan Forgiveness Review Services for Borrowers and Lenders

KROST Launches PPP Loan Forgiveness Review Services for Borrowers and Lenders

August 10, 2020

Pasadena, CA August 10, 2020 – Award-winning tax, accounting, and consulting firm, KROST, announced the launch of their PPP Loan Forgiveness Application Review Service for both Borrowers and Lenders. The services are intended to aid both borrowers and lenders by taking on the burden of calculating forgiveness values, checking that expenses conform to the SBA … Read More

KROST Quarterly Magazine: The Manufacturing Issue is Now Available!

KROST Quarterly Magazine: The Manufacturing Issue is Now Available!

July 28, 2020

We are happy to announce the release of our newest quarterly magazine! The Manufacturing Issue highlights some of the hot topics in manufacturing, including accounting for PPP, transfer pricing, Foreign-Derived Intangible Income (FDII), R&D tax credits, and more. What You’ll Find Inside This Issue: Accounting for PPP Loans and Forgiveness by Keith Hamasaki, CPA Manufacturers … Read More

Protective Claim of Refund for Obamacare Taxes

Protective Claim of Refund for Obamacare Taxes

July 8, 2020

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

Tech Company Compensation: Unraveling the Mystery of the 83(B) Election

Tech Company Compensation: Unraveling the Mystery of the 83(B) Election

July 6, 2020

This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “Tech Company Compensation: Unraveling the Mystery of the 83(B) Election” by Robert Gosart, CPA. Most technology companies offer stock-based compensation. If you are an employee that can benefit from a company that does, you probably have heard of … Read More

Let’s 86 Jean’s Hair for Restaurant Workers Impacted by COVID-19

Let’s 86 Jean’s Hair for Restaurant Workers Impacted by COVID-19

July 1, 2020

Restaurants have been integral to the KROST business since 1939, and during this unprecedented time, the restaurant industry has been severely impacted by the COVID-19 restaurant closures. Although restaurants are beginning to phase out their re-openings, it is likely that the industry would not return to their full capacity until the next year. These COVID-19 … Read More

Reminder: Tax Filing Deadline

Reminder: Tax Filing Deadline

June 29, 2020

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

Main Street Loan Program – Updates

Main Street Loan Program – Updates

June 15, 2020

On June 8, 2020, the Federal Reserve Bank of Boston released updated Frequently Asked Questions (FAQs) and Term Sheets with respect to the Main Street Lending Program. Subsequently, on June 11, 2020, it released corresponding updates to many of the program’s documentation. The Board changed the terms and expanded its Main Street Lending Program to … Read More

The California Safe Harbor for Residents Working Abroad

The California Safe Harbor for Residents Working Abroad

June 8, 2020

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

Paycheck Protection Program Flexibility Act (PPPFA) Becomes Law

Paycheck Protection Program Flexibility Act (PPPFA) Becomes Law

June 5, 2020

The PPPFA On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) that changes the forgiveness rules on the Paycheck Protection Program loans. The House passed the PPPFA by 417-1 vote on May 27th, and the Senate approved it by unanimous consent on June 3rd. The key changes … Read More

The Streaming Wars: Technology Trends in Media and Entertainment

The Streaming Wars: Technology Trends in Media and Entertainment

June 2, 2020

This is a preview of one of the articles in the new KROST Quarterly Technology Issue, titled “The Streaming Wars: Technology Trends in Media and Entertainment” by Paren Knadjian. The U.S. media and entertainment (M&E) industry is the largest in the world. At $717 billion, it represents a third of the global M&E industry. It … Read More

Employers Can Grant Paid Leave for COVID-19

Employers Can Grant Paid Leave for COVID-19

May 28, 2020

The following article was written by the IRS. View the original source here: https://www.irs.gov/newsroom/employers-can-grant-paid-leave-for-covid-19 Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are not forced … Read More

Employee retention credit available for businesses affected by COVID-19

Employee retention credit available for businesses affected by COVID-19

May 19, 2020

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

[Interview] The Vertical Coronavirus Pandemic

[Interview] The Vertical Coronavirus Pandemic

May 19, 2020

As Featured in Accounting Today In some ways, the impact of the coronavirus is universal, but a surprising number of industries face very specific and unique problems. Fortunately, they have specialized CPAs and accountants to give them advice and help that is specific to their situations. Here, four accounting firms share the problems their clients … Read More

Important Update on Paycheck Protection Program (PPP) Loan Forgiveness

Important Update on Paycheck Protection Program (PPP) Loan Forgiveness

May 18, 2020

On Friday, May 15th, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the CARES Act. SBA will also … Read More

Certification, Good Faith, Safe Harbor and the Employee Retention Credit

Certification, Good Faith, Safe Harbor and the Employee Retention Credit

May 15, 2020

The Department of Treasury has been updating its Frequently Asked Questions (FAQs) on the Paycheck Protection Program (PPP) on a regular basis. These FAQs may help you decide if you should return your PPP loan in full and still qualify for the Employee Retention Credit. The PPP loan must be repaid or returned by Monday, … Read More

Jean Hagan Featured on the SoCal Restaurant Radio Show

Jean Hagan Featured on the SoCal Restaurant Radio Show

May 14, 2020

Jean Hagan, Principal and leader of KROST’s restaurant practice, was featured on the SoCal Restaurant radio show hosted by Andy Harris on May 9th, 2020. 48,000 listeners and hundreds of live streamers tuned in as Jean discussed the future of dining out and provided sound advice on how restaurants should gradually prepare for the return … Read More

KROST CPAs & Consultants Provides Much-Needed Help to Businesses Affected by the Economic Downturn Caused by the COVID-19  Pandemic

KROST CPAs & Consultants Provides Much-Needed Help to Businesses Affected by the Economic Downturn Caused by the COVID-19 Pandemic

May 11, 2020

Los Angeles, CA – May 11, 2020 – Los Angeles-based firm, KROST CPAs & Consultants, has launched several programs to assist businesses during the Coronavirus pandemic. Since April 2020, the firm has assisted hundreds of businesses and individuals through the development of COVID-19 resources that have guided them through the process of choosing, applying, and … Read More

[Updated] Main Street Loan Programs – Terms and Loan Comparison Chart

[Updated] Main Street Loan Programs – Terms and Loan Comparison Chart

May 5, 2020

On April 30th, 2020, the Federal Reserve Board announced it is expanding the scope and eligibility for the Main Street Lending Program previously announced on April 9th. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses … Read More

PPP Loans Can Be Forgiven But At What Expense?

PPP Loans Can Be Forgiven But At What Expense?

May 1, 2020

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

The Streamlined Offshore Disclosure Procedures

April 29, 2020

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

Paycheck Protection Program and Health Care Enhancement Act (PPPHCE Act) Provides Additional Funding for PPP and EIDL Loans

Paycheck Protection Program and Health Care Enhancement Act (PPPHCE Act) Provides Additional Funding for PPP and EIDL Loans

April 24, 2020

On April 24th, 2020, President Trump signed into law H.R. 266, known as the Paycheck Protection Program and Health Care Enhancement Act (PPPHCE Act) that will re-open the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program by allocating additional funds to both. The Act makes $484 billion of additional funding available … Read More

IRS Tax Tip: COVID-19 Economic Impact Payments – Beware of Scams

IRS Tax Tip: COVID-19 Economic Impact Payments – Beware of Scams

April 16, 2020

The following article is written by the IRS. View the original source here: https://www.irs.gov/newsroom/taxpayers-should-be-aware-of-coronavirus-related-scams Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will … Read More

Federal Reserve and Dept of Treasury Announce Additional Loan Programs for Businesses

Federal Reserve and Dept of Treasury Announce Additional Loan Programs for Businesses

April 10, 2020

On April 9, 2020, the Federal Reserve announced additional actions to provide up to $2.3 trillion in loans to support the economy. This funding is aimed at assisting employers of all sizes and bolster the ability of state and local governments to deliver critical services during the COVID-19 pandemic. Specifically, they announced: The Paycheck Protection … Read More

Restaurant Update: Into the Great Beyond

Restaurant Update: Into the Great Beyond

April 9, 2020

As discussions about the success of flattening the curve of the pandemic are encouraging everyone that we will get through this eventually, now the page turns to how do we get reopened and get our businesses back up and operating. The first thing everyone has to do is recognize that the restaurant industry after this … Read More

[Updated] The Economic Injury Disaster Loan (EIDL) Program vs The Paycheck Protection Program (PPP) – Comparison Chart

[Updated] The Economic Injury Disaster Loan (EIDL) Program vs The Paycheck Protection Program (PPP) – Comparison Chart

April 7, 2020

Updated on April 7, 2020 – Following the declaration of a national emergency to combat the Coronavirus (COVID-19) pandemic, the Small Business Administration (SBA) launched the Economic Injury Disaster Loan Assistance (EIDL) program for small business owners in all US states, Washington D.C., and other US territories. EIDL loans are now available. In addition to … Read More

Qualifying Requirements for Refundable Employee Retention Credit

Qualifying Requirements for Refundable Employee Retention Credit

April 6, 2020

Eligible Employers Eligible employers can receive a refundable payroll tax credit of 50% of wages paid to employees between March 13th, 2020 and December 31st, 2020. An eligible Employer may not receive the Employee Retention Credit if the Eligible Employer receives a Small Business Interruption Loan under the Paycheck Protection Program that is authorized under … Read More

The Difference Between Tax Credits Provided by FFCRA and CARES Act

The Difference Between Tax Credits Provided by FFCRA and CARES Act

April 3, 2020

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

California Governor Newsom Announces $50 Million in Loan Guarantees for California Small Businesses that May Not be Eligible For Federal Relief

California Governor Newsom Announces $50 Million in Loan Guarantees for California Small Businesses that May Not be Eligible For Federal Relief

April 3, 2020

On April 2nd, 2020, California Governor Gavin Newsom unveiled a series of new measures to aid small businesses and help California workers who have lost work due to the COVID-19 Pandemic. In addition to encouraging small businesses to apply to the federal loans available, the Governor also announced that the state is allocating $50 million … Read More

Get Answers to Your Questions: COVID-19 Resource Center Now Available

Get Answers to Your Questions: COVID-19 Resource Center Now Available

March 27, 2020

Big news today as President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 Trillion stimulus bill provides much needed financial support to businesses and individuals impacted by COVID-19. We will be providing a full analysis of the bill in the coming days. That said, we know you have lots of … Read More

[Update] Paid Family Leave and Sick Leave Amendments as Part of the Families First Coronavirus Response Act (FFCRA)

[Update] Paid Family Leave and Sick Leave Amendments as Part of the Families First Coronavirus Response Act (FFCRA)

March 27, 2020

On March 18, 2020, President Trump signed into law H.R. 6201: The Families First Coronavirus Response Act. The Act has many provisions, including increasing Medicaid funding, expanding unemployment benefits, and providing Coronavirus testing at no cost to consumers. The Act also includes an amendment to the Family and Medical Leave Act of 1993 – referred … Read More

[UPDATED] How to Secure an SBA Loan if Your Business is Impacted by the Coronavirus (COVID-19)

[UPDATED] How to Secure an SBA Loan if Your Business is Impacted by the Coronavirus (COVID-19)

March 25, 2020

As of Friday, March 13, 2020, President Trump declared a national emergency to combat the Coronavirus (COVID-19). Businesses across the nation may be suffering dramatic losses due to the unprecedented response to the virus. Health officials are recommending social distancing guidelines, and travel has severely decreased, among other restrictions, which has caused business to slow … Read More

Real Estate Industry Update: Mortgage Rates Remain Low

Real Estate Industry Update: Mortgage Rates Remain Low

March 25, 2020

Amid all of the chaos of the last two weeks and the severe impact COVID-19 has had on many businesses and individuals, one bright spot is shining through: mortgage rates are low. Thanks to the Federal Reserve dropping the federal funds rate to 0% in response to the coronavirus pandemic, refinancing now may be a … Read More

Having Trouble Paying Your Mortgage Due to COVID-19?

Having Trouble Paying Your Mortgage Due to COVID-19?

March 25, 2020

Good news. President Trump announced last week that the Department of Housing and Urban Development would suspend all “foreclosures and evictions” through the end of April, but only those with an FHA-insured mortgage are eligible. In addition, many lenders are offering relief options to their borrowers, including forbearance options (up to 12 months), waived fees, … Read More

Coronavirus and Its Impact on Financial Reporting

Coronavirus and Its Impact on Financial Reporting

March 23, 2020

Nothing has gripped us quite like the Coronavirus (COVID-19). It has begun to affect all facets of life, from travel bans, school closures, meetings, and even financial reporting. Generally Accepted Accounting Principles (GAAP) has an Accounting Standard Codification (ASC) that addresses unforeseen circumstances occurring after the balance sheet date but before the audit is issued. … Read More

COVID-19 Announcement

COVID-19 Announcement

March 19, 2020

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.

KROST Quarterly Magazine: The Technology Issue is Now Available!

KROST Quarterly Magazine: The Technology Issue is Now Available!

March 9, 2020

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

California Sets Threshold for Sales Tax

March 3, 2020

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

A Rare Day x KROST CPAs

A Rare Day x KROST CPAs

February 28, 2020

We are thrilled to announce that we are partnering with The Be Rare Foundation for their 3rd annual women’s summit: A RARE DAY — happening on March 7, 2020 (Int’l Women’s Weekend). A RARE DAY is a celebration and conversation about the future of females in digital media, fashion, beauty and beyond. We are excited … Read More

KROST Restaurant Seminar: Protecting Your Business

KROST Restaurant Seminar: Protecting Your Business

February 17, 2020

KROST is hosting a dynamic restaurant seminar, Restaurant Management: Protecting Your Business, on March 2nd, 2020 from 2:00 PM – 4:00 PM with guest speakers Corbin Wade of Hub International and Jesse Caryl of BCK Legal. The seminar will be followed by a cocktail reception sponsored by Hub International and BCK Legal from 4:00 PM … Read More

CalSavers Program Information

CalSavers Program Information

February 12, 2020

What Gov. Jerry Brown signed into law Senate Bill 1234, also known as CalSavers, on 9/29/2016. CalSavers mandates all California employers offer either a retirement plan for their employees OR join the CalSavers program. CalSavers defines employees as anyone over 18, paid by W-2, and worked for 30 days. Tiered Deadlines June 30, 2020 Businesses … Read More

Potential Inventory Write-off for Restaurants in Light of New Tax Law

Potential Inventory Write-off for Restaurants in Light of New Tax Law

January 28, 2020

The overhaul of the Tax Cuts and Jobs Act (TCJA) has proven to be a challenge since it took effect in 2018. As tax advisors struggle to understand the implications for their clients, the resource-deprived Internal Revenue Service has made efforts to issue guidance on how to implement many of the complex provisions. One of … Read More

Real Estate Market Update – January 2020

Real Estate Market Update – January 2020

January 24, 2020

Presented by Philip Clark, CFP®, January 2020 As 2019 ended, home loans were cheaper than they were at the start of the year. Looking at Freddie Mac’s Primary Mortgage Market Survey, the average interest rate on a 30-year, fixed-rate mortgage was 3.74% on December 26, which was up from 3.68% a month earlier, but well … Read More

KROST Kicks Off the Year by Announcing Merger with BPE&H an Accountancy Corporation

KROST Kicks Off the Year by Announcing Merger with BPE&H an Accountancy Corporation

January 24, 2020

Pasadena/Woodland Hills, CA. – KROST CPAs and Consultants, a firm based out of Los Angeles, has merged in BPE&H out of Woodland Hills effective January 1, 2020. Seven principals will join the leadership team at KROST, including Scott Eisner, Martin Belak-Berger, Bob Price, Phil D’Amico, Scott Gilmore; and founding BPE&H principals Jerry Block and Jane … Read More

Individual Tax Planning Moves That Will Help Lower Your Tax Bill

Individual Tax Planning Moves That Will Help Lower Your Tax Bill

January 23, 2020

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2019 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act that had major changes in the tax … Read More

Business Tax Planning Ideas That May Help You Save Tax Dollars

Business Tax Planning Ideas That May Help You Save Tax Dollars

January 23, 2020

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

How Managing Food Waste Can Impact Your Profitability and the World Around You

How Managing Food Waste Can Impact Your Profitability and the World Around You

December 19, 2019

Every day, restaurants around the country throw away thousands and thousands of pounds of food.1 Leftovers from guest plates, scraps from prepped items, leftover rice, potatoes, bread rolls, soups and a myriad of other items are routinely discarded in surprising bulk at the end of each shift. There are many inherent benefits to controlling food … Read More

Loan-Out Corporations: To Be or Not To Be

Loan-Out Corporations: To Be or Not To Be

November 20, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Loan-Out Corporations: To Be or Not To Be” by Douglas Venturelli, Esq. with guest author Jonathan Louie, CPA. With the passing of the Tax Cuts and Jobs Act (TCJA) of 2017, many actors, writers, directors, and … Read More

Jean Hagan Brings Decades of Restaurant Operations Experience to the Culinary Institute of America as Newly Appointed Adjunct Professor

Jean Hagan Brings Decades of Restaurant Operations Experience to the Culinary Institute of America as Newly Appointed Adjunct Professor

November 19, 2019

Jean Hagan, Principal of KROST CPAs & Consultants and leader of the firm’s restaurant consulting practice, has recently taken on an additional title as Adjunct Professor of Restaurant Operations and Management Strategies at the Culinary Institute of America (CIA). Her first course, Operations and Management Strategies for the Restaurateur, began this fall. Jean teaches the … Read More

Top 6 Resources for Taxpayers Who Donate to Charity

Top 6 Resources for Taxpayers Who Donate to Charity

November 11, 2019

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

5 Tips for Choosing the Right Business Manager

5 Tips for Choosing the Right Business Manager

November 5, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “5 Tips for Choosing the Right Business Manager” by Stacey Korman, CPA, MST. Professional actors, athletes, authors, and musicians have one thing in common: they are all typically high-net-worth individuals with complex financial needs. As a … Read More

Qualified Business Income Deduction and the Entertainment Industry

Qualified Business Income Deduction and the Entertainment Industry

October 29, 2019

This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Qualified Business Income Deduction and the Entertainment Industry” by Ronique Davis, CPA. The Tax Cuts and Jobs Act (TCJA) has had an impact on many industries since it was enacted in December 2017, and the entertainment … Read More

Game-Changing Tax Matters for Athletes

Game-Changing Tax Matters for Athletes

October 23, 2019

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

CalCPA Los Angeles Chapter Names Keith Hamasaki, CPA, Vice President

CalCPA Los Angeles Chapter Names Keith Hamasaki, CPA, Vice President

October 16, 2019

Los Angeles, California – July 31, 2019 – Our Assurance and Advisory Director, Keith Hamasaki, CPA has been elected Vice President of the California Society of Certified Public Accountants (CalCPA) Los Angeles Chapter. He joins three other Vice Presidents in the chapter. Keith served as a board member for the CalCPA LA Chapter since 2015 … Read More

KROST Quarterly Magazine: The Sports & Entertainment Issue is Now Available!

KROST Quarterly Magazine: The Sports & Entertainment Issue is Now Available!

October 14, 2019

We are happy to announce the release of our newest quarterly magazine! The Sports & Entertainment Issue highlights some of the hot topics pertaining to sports & entertainment professionals such as tax issues for athletes, Loan-Out Corporations, Qualified Business Income Deduction, and more. What You’ll Find Inside this Issue: Game-Changing Tax Matters for Athletes By … Read More

FinTech Trends to Watch for in 2020

FinTech Trends to Watch for in 2020

October 6, 2019

Wondering what’s in store for FinTech in 2020? M&A and Capital Markets Practice Leader and KROST’s Technology Industry group leader Paren Knadjian offers insight into FinTech trends to watch for in the coming year. “The use of Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) will have the same level of impact … Read More

KROST CPAs & Consultants Partners with Nationally Recognized Executive Chef Phil Kastel

KROST CPAs & Consultants Partners with Nationally Recognized Executive Chef Phil Kastel

September 30, 2019

Los Angeles-based tax and accounting firm, KROST, recently brought on restaurant industry titan Chef Phil Kastel (co-creator of nationally recognized Public School gastropubs) who will serve as the firm’s Restaurant and Culinary Consultant. Established in 1939, KROST has a long history in the restaurant space having pioneered accounting technology that was the precursor to what … Read More

Paren Knadjian is Attending the 2019 ACG LA Business Conference

Paren Knadjian is Attending the 2019 ACG LA Business Conference

September 11, 2019

Our Mergers and Acquisitions practice leader, Paren Knadjian, will be attending the Association for Corporate Growth(ACG) Los Angeles Business Conference. Join us for the conference from September 17th to September 18th at the The Beverly Hilton Hotel located at 9876 Wilshire Blvd, Beverly Hills, CA. ≫Register The ACG LA conference will bring together business advisors, deal … Read More

New Capital Gains Treatment for Carried Interests

New Capital Gains Treatment for Carried Interests

September 11, 2019

Carried interests have allowed investment fund managers to be compensated for services with income that qualifies as long-term capital gains, which is taxed at a lower rate than ordinary income. Numerous efforts have been made during the last two decades to cut back or eliminate the favorable tax treatment of carried interests by taxing all … Read More

Budget Service for 2020

Budget Service for 2020

September 9, 2019

Every successful restaurant operator knows that developing an annual budget is a time-consuming, tedious project. Advantages of having an annual budget include being able to anticipate expenses, set targets for growing the business and staying within financial limits. A restaurant budget will help you recover from unexpected road-blocks, plan for profitability and potential challenges. KROST’s … Read More

Paren Knadjian Speaking at the Private Directors’ Association

Paren Knadjian Speaking at the Private Directors’ Association

September 6, 2019

Our Mergers and Acquisitions practice leader, Paren Knadjian, will be speaking at the Private Directors’ Association to discuss the role of board directors in M&A transactions. Join us for the panel the morning of September 12th from 7:30am – 9:30am at the Law Offices of Polsinelli located at 2049 Century Park East, Suite 2900. Breakfast … Read More

Trader Tax Status: Do You Qualify?

Trader Tax Status: Do You Qualify?

September 4, 2019

Tax staff Randall Poe recently published an article for our newest KROST Quarterly Magazine: The Financial Services Issue titled “Trader Tax Status: Do You Qualify?”. WHAT IS TRADER TAX STATUS? Trader tax status is a special set of rules that allow traders to treat trading activity as an ordinary business. Trader status allows taxpayers to … Read More

2019 FinTech M&A and Market Report

2019 FinTech M&A and Market Report

August 21, 2019

M&A and Capital Markets Practice Leader Paren Knadjian recently published an article for our newest KROST Quarterly Magazine: The Financial Services Issue titled “FinTech M&A and Market Report H1 2019”. The Financial Technology market (FinTech) continues to grow and flourish in 2019 with Venture Capital (VC) aggressively funding start-ups, Private Equity (PE) firms active in … Read More

The Rehabilitation Tax Credit: What Historic Building Owners Should Know

The Rehabilitation Tax Credit: What Historic Building Owners Should Know

August 15, 2019

The Historic Tax Credit (HTC) program, also known as the Rehabilitation Tax Credit, encourages individuals and business to invest in the rehabilitation of historic buildings. The tax reform legislation passed in December of 2017 allows these building owners to claim 20 percent of eligible improvement expenses against their federal tax liability. It is an incentive … Read More

The Qualified Small Business Stock Gain Exclusion

The Qualified Small Business Stock Gain Exclusion

August 14, 2019

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

Outsourcing Accounting for Family Offices

Outsourcing Accounting for Family Offices

August 7, 2019

Accounting Director Stacey R. Korman, CPA, MST recently published an article for our newest KROST Quarterly Magazine: The Financial Services Issue titled “Outsourcing Accounting for Family Offices”. The existence of the Family Office structure dates back millennia to the Roman Empire, where wealthy households utilized an administrator referred to as the major domus, or Head … Read More

Mid-Year Tip Check

Mid-Year Tip Check

August 5, 2019

It’s time to do a short analysis of your status, regarding tip reporting. The annual filing form 8027 for tipping establishments is calculated on an annual basis-reported to the IRS in February. A mid-year tip check gives you some time to correct any issues you may have with individual employees or your employee group. As … Read More

KROST Quarterly Magazine: The Financial Services Issue is Now Available!

KROST Quarterly Magazine: The Financial Services Issue is Now Available!

July 30, 2019

We are happy to announce the release of our newest quarterly magazine! The Financial Services Issue highlights some of the hot topics in financial services including Sales Tax Nexus, QSBS, Carried Interests, Trader Tax Status, Family Office, and more. What You’ll Find Inside this Issue: The Qualified Small Business Stock Gain Exclusion by Matthew Weber, … Read More

Philip Clark, CFP® Joins Pasadena Tournament of Roses® Association

Philip Clark, CFP® Joins Pasadena Tournament of Roses® Association

July 22, 2019

Our Wealth Management Director Philip Clark, CFP®, recently joined the Pasadena Tournament of Roses® Association, which hosts the Rose Parade and Rose Bowl football game every New Year’s Day in Pasadena, California. As one of 66 new members the association welcomed this year, Phil will contribute to the planning of this century-old tradition. KROST’s Principal … Read More

[Video] M&A Buy-Side Services

[Video] M&A Buy-Side Services

June 6, 2019

In this last video in our series, M&A Practice Leader, Paren Knadjian, gives a basic overview of our buy-side services. In this type of transaction, we represent clients who are interested in acquiring a company and advise them on the following: Helping to decide what kind of criteria is pertinent to the selection of the … Read More

Minimum Wage Increases 2019

Minimum Wage Increases 2019

June 6, 2019

On July 1, 2019, the minimum wage will increase in the cities of Los Angeles & Santa Monica, and the County of Los Angeles. The City and County of Los Angeles Minimum Wage Ordinances both mandated annual wage increases until it reaches $15.00 per hour on July 1,2020. Small businesses (less than 25 employees) have … Read More

New Laws Impacting Restauranteurs – What You Need to Know

New Laws Impacting Restauranteurs – What You Need to Know

May 13, 2019

Every April, KROST travels to Sacramento to participate in the California Restaurant Association’s Restaurant Day at the Capitol. This year, Jean Hagan (Principal) and Robert Benson (Manager – Restaurant Operations) attended. This annual event affords KROST and the California Restaurant Association the opportunity to lobby directly to California’s legislators about pending legislative bills that impact … Read More

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

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

May 9, 2019

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

The Restaurant Technology Industry: Trends and Funding

The Restaurant Technology Industry: Trends and Funding

May 2, 2019

Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, “The Restaurant Technology Industry: Trends and Funding” by Paren Knadjian, Practice Leader – M&A and Capital Markets. “Over the last ten years or more, customers have changed how they discover, book, socialize, interact, and pay at restaurants. As customers … Read More

[Video] What Is Involved in an M&A Sell-Side Transaction?

[Video] What Is Involved in an M&A Sell-Side Transaction?

April 30, 2019

In our next M&A video in the series, Paren Knadjian talks about our sell-side advisory services and process, which involves working with business owners to maximize the value of a potential transaction and ensure its success. Sell-side advisory applies to any company that is interested in selling a part or all of their business. Here … Read More

Tax Breaks: The Next Great Wine Pairing

Tax Breaks: The Next Great Wine Pairing

April 25, 2019

Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, “Tax Breaks: The Next Great Wine Pairing” by Guest Contributor Tetyana Guguchkina, Manager – Research & Development Tax Credit Services, KBKG. “While California has dominated the wine industry for decades, new regions across the United States are making waves … Read More

Risky Business: Safeguarding Your most Valuable Assets

Risky Business: Safeguarding Your most Valuable Assets

April 18, 2019

Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, “Risky Business: Safeguarding Your most Valuable Assets” by Steve Chhuor, Manager – Assurance & Advisory. “Most businesses understand that accepting card payments is an option that attracts customers who need a quick and easy payment option. The shift of … Read More

Sales Tax Compliance for California Restaurants

Sales Tax Compliance for California Restaurants

April 10, 2019

Below is a preview of one of the articles in the new KROST Quarterly Hospitality Issue, “The Battle to be a Profitable Restaurant: How to Deal with Employee Theft” by Aric Wong, CPA, Manager – Tax. “With 72,000+ restaurants in California, the state does everything possible to ensure taxes are properly reported, collected, and paid … Read More

The IRS Recommends Working with a Cybersecurity Professional: Why You Should Heed Their Advice

The IRS Recommends Working with a Cybersecurity Professional: Why You Should Heed Their Advice

April 4, 2019

Consulting with a cybersecurity professional should be a top priority for tax businesses to protect their clients’ data. Tax preparers deal with a large amount of sensitive information including social security numbers, bank account numbers, EINs, etc. This makes them perfect targets for cybercriminals whose main objective is to file fraudulent tax returns. “As cybercriminals … Read More

The Battle to be a Profitable Restaurant: How to Deal with Employee Theft

The Battle to be a Profitable Restaurant: How to Deal with Employee Theft

April 4, 2019

Did you know that 75% of employees have stolen at least once from their employer? Learn more in the new article “The Battle to be a Profitable Restaurant: How to Deal with Employee Theft” by Robert A. Benson, Manager – Restaurant Operations that appears in the newest issue of KROST Quarterly. “Most restaurant operators are … Read More

BOE Sales and Use Tax Rate Increase Effective April 1, 2019

BOE Sales and Use Tax Rate Increase Effective April 1, 2019

March 28, 2019

Effective April 1st, 2019, a district tax increase will be applied in several localities throughout California. The rate increase is due to the passing of numerous Measures in various counties on November 6, 2018 to fund several improvements such as street improvements, maintain essential services, neighborhood safety, disaster preparedness, among others. To all restaurant operators, … Read More

M&A Video Series – Part 2 of 4

M&A Video Series – Part 2 of 4

March 22, 2019

As you may know, KROST offers M&A and Capital Markets Service. Through our resources, experience, relationships, and by running a proven process, we can identify more parties to engage. This increases bargaining power and improves the chances of a successful close. Paren Knadjian leads the practice and comes with over 15 years of experience in … Read More

Mara Garcia, CPA, Nominated for CalCPA’s 2019 Women to Watch

Mara Garcia, CPA, Nominated for CalCPA’s 2019 Women to Watch

March 19, 2019

KROST’s Assurance & Advisory Manager, Mara Garcia, CPA, was nominated for CalCPA’s 2019 Women to Watch Award. Mara Delivers Focus, Drive, and a Team Attitude Mara has spent her career translating complex concepts into understandable ideas, so her clients know where they stand in their business. She has successfully helped clients increase efficiencies in business … Read More

2018 Tax Planning – TCJA Impact on Cash Method of Accounting

March 18, 2019

Enacted on December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was hailed as the largest major tax reform for the past three decades. In particular, the TCJA contains a series of favorable accounting method reforms that will impact countless of business taxpayers such as the use of cash method of accounting and the … Read More

Updates to Qualified Improvement Property

Updates to Qualified Improvement Property

February 27, 2019

Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled Updates to Qualified Improvement Property by guest author, Harry Sahi, Manager – Cost Segregation Services, KBKG. With the 2017 tax year behind us, tax professionals are laser-focused on the various new rules presented by the recent Tax … Read More

Client Spotlight: Mamal Moinpour

Client Spotlight: Mamal Moinpour

February 20, 2019

Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled Client Spotlight: Mamal Moinpour by Jonathan Louie, CPA. Recently, we had the opportunity to interview one of our tax clients, Mamal Moinpour, who owns real estate in the Greater Los Angeles and across the U.S. He is … Read More

KROST Celebrates 80 Years of Success in Pasadena

KROST Celebrates 80 Years of Success in Pasadena

February 18, 2019

KROST is proud to announce the celebration of its 80th anniversary. Since 1939, the firm has assisted thousands of businesses and individuals to reach their financial goals through tax, accounting, and consulting services. KROST is headquartered in Pasadena, California with four strategic locations throughout Greater Los Angeles. In 2018, KROST experienced outstanding growth of 31.41% … Read More

New Partnership Audit Rules – “Centralized Partnership Audit Rules”

February 15, 2019

The 2015 Bipartisan Budget Act brought changes to partnership audit rules beginning with taxable years 1/1/18. Under the old “TEFRA” rules, if an item on a partnership tax return was being audited, the audit would extend to the partners individually. The partner’s individual tax returns would be under audit at that point. Under the new … Read More

The Battle to Be a Profitable Restaurant: How to Deal With Employee Theft

The Battle to Be a Profitable Restaurant: How to Deal With Employee Theft

February 14, 2019

Most restaurant operators are engaged in a battle from new tax laws that adversely impact sales, to protect margins from increasing labor costs and food prices, and accounting for the added cost of delivery (driven by increased demand). Most of these examples are areas that are beyond an operator’s control. However, there are opportunities in … Read More

KROST Featured in LABJ: KROST Adds West L.A. Accounting Firm to Roster

KROST Featured in LABJ: KROST Adds West L.A. Accounting Firm to Roster

February 14, 2019

KROST was recently featured in the Los Angeles Business Journal article, “KROST Adds West L.A. Accounting Firm to Roster”.  Below is a teaser of the article. “Pasadena-based accounting and consultant firm Krost has purchased West L.A.-based Gaynor & Umanoff, according to the firms. Terms of the transaction were not disclosed. Chris Gaynor and Richard Umanoff, Gaynor … Read More

Investor Alert: If You Have Not Heard of DSTs, Time to Take a Look

Investor Alert: If You Have Not Heard of DSTs, Time to Take a Look

February 13, 2019

Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled “Investor Alert: If You Have Not Heard of DSTs, Time to Take a Look” by Jonathan Louie, CPA. In Los Angeles, from September 2007 to May of 2009, the cost of real estate declined by 60%, driving … Read More

Can OZ Work for You? Accounting for Qualified Opportunity Zone Funds

Can OZ Work for You? Accounting for Qualified Opportunity Zone Funds

January 28, 2019

Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled “Can OZ Work for You?” by Keith Hamasaki, CPA If you’ve ever wanted to help revitalize an economically distressed community but couldn’t justify it economically to generate enough capital from investors, then the new Opportunity Zone Program … Read More

KROST Kicks Off the Year by Announcing Merger with West LA Firm Gaynor & Umanoff

KROST Kicks Off the Year by Announcing Merger with West LA Firm Gaynor & Umanoff

January 26, 2019

We are pleased to announce the merger of Gaynor & Umanoff, LLP with KROST CPAs and Consultants effective January 1, 2019. This new and exciting change will elevate our service model while maintaining our commitment to you, our clients. Two principals and two directors will join our leadership team, as well as 9 associates, growing … Read More

Is Your Firm Prepared For a Cyberattack?

Is Your Firm Prepared For a Cyberattack?

January 26, 2019

At KROST, we take cybersecurity seriously. As a CPA firm, we deal with large amounts of sensitive information daily. Understanding cybersecurity will help prevent malware attacks, phishing scams, system hacks and identity theft. We have taken steps to demonstrate our capabilities to manage cybersecurity threats. Assurance & Advisory Director, Keith Hamasaki, CPA, completed AICPA’s 16-hour … Read More

The Impact of TCJA on Cost Segregation & Like-Kind Exchange

The Impact of TCJA on Cost Segregation & Like-Kind Exchange

January 17, 2019

Below is a preview of one of the articles in the new KROST QUARTERLY Real Estate Issue, titled “The Impact of TCJA on Cost Segregation & Like-Kind Exchange” by So Sum Lee, CPA: Like-kind exchange has been a popular tax deferral tool for decades. Under IRC 1031, a taxpayer can defer tax on gain from … Read More

Steve Chhuor Certified in Cybersecurity Advisory Services

Steve Chhuor Certified in Cybersecurity Advisory Services

January 16, 2019

Recently, KROST team members have devoted time to further their training and expertise in cybersecurity by earning AICPA’s Cybersecurity Advisory Services certificate. Cybersecurity risk is evolving daily and as experts, we need to continually expand our knowledge to properly detect, respond to, mitigate and recover from security risk. Assurance & Advisory Manager, Steve Chhuor, CPA, … Read More

KROST Quarterly: The Real Estate Issue Is Now Available!

KROST Quarterly: The Real Estate Issue Is Now Available!

January 9, 2019

We are happy to announce the release of our third quarterly magazine! The Real Estate Issue highlights some of the hot topics in real estate including Opportunity Zones, Delaware Statutory Trusts, Cost Segregation, 1031 Exchange, Green Building Tax Incentives, and Qualified Improvement Property. What You’ll Find Inside this Issue: The Impact of TCJA on Cost … Read More

Ghost Restaurants – Do you know where your delivery food comes from?

Ghost Restaurants – Do you know where your delivery food comes from?

January 2, 2019

If you follow the restaurant and foodservice industry, you have likely noticed an increased demand for takeout and delivery. The addition of 3rd party delivery services simplifying the delivery process has been the major driving force behind the trend of adults, both young and old, enjoying a restaurant meal from the comfort of their own … Read More

Donor-Advised Funds

Donor-Advised Funds

December 11, 2018

A donor-advised fund (DAF) is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. A DAF enables a taxpayer to contribute personal assets, including cash, securities, and real estate, to an investment account, in which the assets grow tax-free. The taxpayer receives an … Read More

2018 Business Tax Planning

2018 Business Tax Planning

December 6, 2018

Businesses that have engaged in year-end tax planning know that as 2019 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 their situation and develop a year-end 2018 tax strategy. Our office is ready to … Read More

2018 Individual Tax Planning

2018 Individual Tax Planning

December 6, 2018

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of the new 2017 Tax Cuts and Jobs Act that make major changes in the … Read More

Year End Updates

Year End Updates

December 4, 2018

As the year ends, we need to review some of the changes coming in January 2019. Please see below for a short summary of the issues that affect the restaurant industry in California. Minimum Wage Increase at State Level Current for unincorporated areas of Los Angeles City, Los Angeles County, Malibu, and Santa Monica minimum … Read More

M&A Video Series – Part 1 of 4

M&A Video Series – Part 1 of 4

November 12, 2018

KROST can assist in the mergers and acquisitions process, whether your company is selling, buying, financing or re-capitalizing, to ensure your goals are met. Whether it is strategy, planning, or execution, our comprehensive process and hands-on services provide companies, management, and shareholders with step-by-step guidance, from pre-planning to the finish line and beyond. No matter … Read More

Beyond the Assembly Line: Benefits of Tech Trends in Manufacturing

Beyond the Assembly Line: Benefits of Tech Trends in Manufacturing

October 30, 2018

Below is a preview of one of the articles in the new issue, “Beyond the Assembly Line: Benefits of Tech Trends in Manufacturing” by Mara Garcia: Beyond the Assembly Line: Benefits of Tech Trends in Manufacturing The Association of Equipment Manufacturers listed five manufacturing trends to note in 2018; the internet of things, industry 4.0, … Read More

Southern California M&A in Manufacturing Report – 1st Half, 2018

Southern California M&A in Manufacturing Report – 1st Half, 2018

October 23, 2018

Below is a preview of one of the articles in the new issue, “Southern California M&A in Manufacturing Report – 1st Half, 2018” by Paren Knadjian, M&A: Southern California M&A in Manufacturing Report – 1st Half, 2018 Overview & Trends Mergers & Acquisition (M&A) activity in manufacturing globally was robust in 2018 with just under … Read More

This Often-Overlooked Federal Benefit Offers Unique Opportunity for Manufacturers

This Often-Overlooked Federal Benefit Offers Unique Opportunity for Manufacturers

October 16, 2018

Below is a preview of one of the articles in the new issue, “This Often-Overlooked Federal Benefit Offers Unique Opportunity for Manufacturers” by Guest Contributor Michael Maroney, Senior Manager – R&D Tax Credit Services: This Often-Overlooked Federal Benefit Offers Unique Opportunity for Manufacturers With the R&D Tax Credit now permanent, businesses are taking full advantage … Read More

Openings – The Waterfront/Boardwalk Tacos & 10 Speed Coffee

Openings – The Waterfront/Boardwalk Tacos & 10 Speed Coffee

October 11, 2018

The Waterfront/Boardwalk Tacos 205 Ocean Front Walk, Los Angeles, CA. We are proud to announce that our client, The Waterfront, is planning their grand opening at the end of October 2018. Their new restaurant and bar will feature a casual cafe that serves all day, along with a to-go component as well, offering coffee, healthy … Read More

Client Profile: Bondi Harvest Cafe

Client Profile: Bondi Harvest Cafe

October 10, 2018

Bondi Harvest Cafe is a casual dining destination inspired by Sydney’s most famous stretch of sand, Bondi Beach. Boasting a food philosophy focusing on locally-sourced produce seasonal cooking and healthy eating, amazing coffee, fresh juice and a laid-back friendly attitude. The space is full of sun and skate artifacts and elements. The natural worn wood, … Read More

New California Laws on Straws & Soda

New California Laws on Straws & Soda

October 10, 2018

On October 4th, Gov. Jerry Brown signed two new laws that will dramatically impact restaurant operators. The first law makes California the first state to prohibit full-service restaurants from automatically giving out single-use plastic straws. On the same day, he also signed a bill that requires milk or water to be the default drink sold … Read More

Prop 65 Compliance Notice Reminder

Prop 65 Compliance Notice Reminder

October 10, 2018

Toward the latter part of the 1980s, Cocktail Big and Die Hard were in the movie theaters, George Michael was telling us to have “Faith” and Wahoo’s Fish Tacos opened its first location in Costa Mesa, California. On the wall in that restaurant, was one of the first chemical warning signs posted because of Prop … Read More

Where Do You Stand with the ACA?

Where Do You Stand with the ACA?

October 10, 2018

Not complying with the Affordable Care Act, also known as Obamacare, could cost your organization millions of dollars. Being prepared is critical to avoid these penalties that are currently being issued by the IRS, some of them for millions of dollars. Since November 2017, the IRS has been sending Letter 226J penalty notices to certain … Read More

Check Please! Why Restaurants are Going Cashless

Check Please! Why Restaurants are Going Cashless

October 10, 2018

Credit cards have long been the preferred payment for goods in the United States, now mobile payment solutions and credit card perks for purchases have paved the way for restaurants to transition to a cashless business. According to the 2016 U.S. Consumer Payment Study conducted by Total System Services (TSYS), 40% of Americans prefer to … Read More

Digital Trends in the Restaurant Business

Digital Trends in the Restaurant Business

October 10, 2018

As wages rise and the unemployment numbers continue at all-time lows, it creates the necessity to embrace technology to enhance the guest experience and drive repeat customers. This particularly impacts quick service, fast casual, and casual dining locations. Here are some of the latest digital trends: Menu Unsurprisingly, the menu is the number one factor … Read More

Press Release: KROST Partners with 1st Global to Bring Clients Tax-Optimized Financial Advice

Press Release: KROST Partners with 1st Global to Bring Clients Tax-Optimized Financial Advice

October 8, 2018

Award-Winning Accounting and Consulting Firm Expands to Offer Holistic Wealth Management to Clients PASADENA, Calif. — Sept. 18, 2018 — KROST, a full-service certified public accounting and consulting firm based in Southern California, today announced a partnership with 1st Global to add wealth management services to its expansive suite of client offerings. KROST will combine … Read More

CFO Awards 2018 Nominees: Eight Insights for CFO of the Year Awards

CFO Awards 2018 Nominees: Eight Insights for CFO of the Year Awards

October 3, 2018

As the longest serving Los Angeles Business Journal judge, it is amazing to see all of the accomplishments and great talent Los Angeles has to offer. It has been an honor to participate in the LABJ CFO of the Year Awards for the last three years. Over time, I’ve come to recognize some common themes … Read More

Trade Wars: A Whole New World

Trade Wars: A Whole New World

October 2, 2018

Below is a preview of one of the articles in the new issue, “Trade Wars: A Whole New World” by Keith Hamasaki, CPA. Trade Wars: A Whole New World Another week, another new list of potential tariffs on imported manufactured products. If you’re manufacturing in China, Europe, Canada, or Mexico the potential trade war will … Read More

IC-DISC Tax Savings on Export Goods or Services

IC-DISC Tax Savings on Export Goods or Services

October 1, 2018

Below is a preview of one of the articles in the new issue, “IC-DISC Tax Savings on Export Goods or Services” by Evelyn Fernandez, CPA, MST: Interest‐Charge Domestic International Sales Corporation (IC‐DISC) is quite a mouthful, which may be a reason why most people don’t know about this tax incentive. Thousands of businesses are not … Read More

KROST Quarterly: Manufacturing Issue Now Available – Cybersecurity, Tax Incentives, Transactions, Trends and More

KROST Quarterly: Manufacturing Issue Now Available – Cybersecurity, Tax Incentives, Transactions, Trends and More

September 20, 2018

We are happy to announce the release of our second quarterly magazine! The Manufacturing Issue highlights some of the hot topics in manufacturing including cybersecurity, tax benefits and incentives, technological advances in manufacturing, and trends. What You’ll Find Inside this Issue: Manufacturers Beware: The Continued Threat of Cybersecurity Breaches, Hacking & Malware by Keith Hamasaki, CPA … Read More

Career in Accounting: Audit or Tax

Career in Accounting: Audit or Tax

September 17, 2018

Campus recruiting is a daunting, time consuming and necessary task for students looking to enter public accounting. As a professional on the other side of the table, I can’t tell you the number of times the icebreaker is “audit or tax”. This is a common icebreaker but very few students know the answer, audit or … Read More

Budget Service for 2019

Budget Service for 2019

September 7, 2018

Every successful restaurant operator knows that developing an annual budget is a time-consuming, tedious project. Studies show that companies who prepare annual operating budgets are more successful than those who don’t. Advantages of having a budget include being able to anticipate expenses, set targets for growing the business, and staying within financial limits. Have you … Read More

One-Time Repatriation Tax Required Under New Tax Law (2017 Tax Cut and Jobs Act)

One-Time Repatriation Tax Required Under New Tax Law (2017 Tax Cut and Jobs Act)

August 23, 2018

The 2017 Tax Cut and Jobs Act (“TCJA”) made significant changes to how businesses and individuals are taxed. Among the changes is how U.S. corporations are taxed on foreign income. As a result, U.S. shareholders directly or indirectly owning 10% or more of foreign corporations may be subject to a mandatory one-time repatriation tax for … Read More

INSIDE Public Accounting has Awarded KROST 5 Recognitions

INSIDE Public Accounting has Awarded KROST 5 Recognitions

July 26, 2018

We are proud to announce that INSIDE Public Accounting has awarded KROST 5 recognitions based on the 2018 annual INSIDE Public Accounting Survey and Analysis of Firms: A 2018 IPA Best of the Best Firm. A 2018 IPA Best of the Best Fastest-Growing Firm. A 2018 IPA 200 Firm. A 2018 IPA 200 Fastest-Growing Firm. … Read More

What You Need to Know About Cybersecurity

What You Need to Know About Cybersecurity

July 25, 2018

We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “What You Need to Know About Cybersecurity” by our Principal and Assurance & Advisory Practice Leader Jason C. Melillo: “All too often we read headlines about major … Read More

Minimum Wage in California and Tip Distribution

Minimum Wage in California and Tip Distribution

July 16, 2018

On July 1, 2018, the minimum wage in the Cities of Los Angeles & Santa Monica, and the County of Los Angeles increased. If you have not done so already, we recommend checking the minimum hourly wage settings in your POS and adjusting, if needed, to the new minimum wage. For specifics, please see the … Read More

KROST Named as Fourth Fastest Growing Firms 2018

KROST Named as Fourth Fastest Growing Firms 2018

July 3, 2018

Pasadena, California, July 3, 2018 – Award-winning, local accounting and consulting firm, KROST, was recently named as one of the “The fastest-growing firms in the US”. This is the annual recognition program conducted by Accounting Today. This report ranks the largest firms across the country and in individual regions offers a host of benchmarking data, … Read More

Global Investment in Artificial Intelligence and Machine Learning

Global Investment in Artificial Intelligence and Machine Learning

July 1, 2018

We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “Global Investment in Artificial Intelligence and Machine Learning” by our M&A and Capital Markets Practice Leader Paren Knadjian: “Before diving into global investment trends in Artificial Intelligence … Read More

The Tax Treatment of Cryptocurrency

The Tax Treatment of Cryptocurrency

June 20, 2018

We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “The Tax Treatment of Cryptocurrency” by Tax Manager Matthew Weber, CPA, MAcc: “Many taxpayers realized significant gains from the disposition of cryptocurrencies in 2017, and as tax … Read More

Accounting for Net Neutrality

Accounting for Net Neutrality

June 10, 2018

We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “Accounting for Net Neutrality” by Assurance & Advisory Director Keith Hamasaki, CPA: “When it comes to technology nothing has taken the business world by storm like cryptocurrency. … Read More

The Basics of Virtual Currency

The Basics of Virtual Currency

June 1, 2018

We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “The Basics of Virtual Currency” by Tax Director Evelyn Fernandez, CPA and Tax Staff Justin Ha: “On March 25, 2014, the IRS released Notice 24-21 detailing how … Read More

The End of To-Go Supplies

The End of To-Go Supplies

May 29, 2018

Things are changing rapidly at both the local level and the state level. Those changes will soon begin to impact what materials will be allowed to be used by restaurant operators for to go orders. This is one of the times that you want to be ahead of the curve on designing a comprehensive paper … Read More

Avoid Common R&D Expense Documentation Errors

Avoid Common R&D Expense Documentation Errors

May 20, 2018

We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “Avoid Common R&D Expense Documentation Errors” by Principal and R&D Practice Leader Kevin Zolriasatain: “Business owners are often surprised to learn they may be able to claim … Read More

KROST Quarterly Magazine: The Tech Issue – Volume 1, Issue 1

KROST Quarterly Magazine: The Tech Issue – Volume 1, Issue 1

May 17, 2018

We are happy to announce the release of our first quarterly magazine! KROST Quarterly is a digital publication released by KROST CPAs & Consultants headquartered in Pasadena, California. The Tech Issue covers technology and accounting related topics from cryptocurrency to artificial intelligence.   Please click the link below to access the full version and subscribe … Read More

The Four New Things You Need to Know About Tip Pooling

The Four New Things You Need to Know About Tip Pooling

April 10, 2018

Number One: A Little History In 1974, Congress amended the Fair Labor Standards Act to allow employers to pay tipped workers less than federal minimum wage if the workers’ gratuities made up the difference. (The Tip Credit) In 2010, a federal court ruled (Cumbie v. Woody Woo Inc.,596 F 3d 577, 9th Cir) that if … Read More

3 Types of Due Diligence to Consider Prior to Buying a Business

3 Types of Due Diligence to Consider Prior to Buying a Business

April 10, 2018

There is no single process that everybody follows when purchasing a business, and there are many factors that determine whether a business, once bought, will fulfill its desired purpose. But if there is one thing that will mitigate the chances of failure, and increase the chances of success, it is conducting detailed due diligence on … Read More

5 Steps to Take Now if You Plan to Expand Your Restaurant Business

5 Steps to Take Now if You Plan to Expand Your Restaurant Business

April 10, 2018

Are you planning to expand your restaurant business? Do you plan to open new stores? Do you need outside capital to fund that expansion? Here are five steps to take now to improve your chances of successfully raising capital – debt, equity, or both. 1. Make Sure Your Books are in Good Order Most restaurant … Read More