How to Co-ordinate Cost Segregation with Like-kind Exchange

January 23, 2018By KROST

The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece … Read More

Cash Flow Relief: How Your Vendors Can Help You

January 15, 2018By Melissa Cunarro

One of the best ways you have available to you to improve your cash flow is to renegotiate your vendor terms. Improved vendor terms allow for additional lead time between payments to purveyors, and provide relief when your bi-weekly payrolls, monthly rent, insurances and sales tax payments are due. It’s common practice for vendors to … Read More

Outsourcing Versus In-House Accounting

January 9, 2018By Stacey Korman, CPA, MST

Hiring in-house accounting staff may seem like the next logical move as a business grows and financial needs become more complex, but there is another option that companies can consider. Outsourcing the accounting and bookkeeping function to an outside provider, like a CPA firm, can have some significant benefits over adding an employee or trying … Read More

New California Hiring Practices for 2018

December 20, 2017By KROST

During the latter half of 2017, California enacted new employment laws that will affect your business’s hiring practices starting on January 1, 2018. Employers can no longer ask applicants about prior salary. On October 12th, the governor approved AB 168 authored by Assembly member Susan Talamentes Eggman (District 13). AB 168 would prohibit an employer … Read More

Ways and Means Committee Report – Detail

December 19, 2017By KROST

A final tax bill appears eminent. The House and Senate agreed to the reconciliation of their competing bills and most people expect it to be passed before the end of the year. On Wednesday December 13, 2017, the Conference Committee issued a reconciliation of the House and Senate proposed tax legislation. A copy of the … Read More

It’s Almost Time to File 1099’s

December 11, 2017By Jamie Graham, CPA

Per the IRS guidelines, payments made in the ordinary course of a trade or business are required to be reported on Form 1099-MISC to report certain payments to reportable vendors. Examples of the types of payments reportable on Form 1099-MISC include: 1. at least $10 in royalties or broker payments in lieu of dividends or … Read More

Detailed Comparison of the Senate vs. House Tax Proposal

December 7, 2017By KROST

The Senate modified the Tax Cuts and Jobs Act with a vote of 51-49 on December. The article has been updated to reflect these changes. A copy of the full House bill, as well as a section by section summary of all the changes, can be found on the Ways and Means Committee’s website and … Read More

Important Year End Payroll Information Reminder

December 6, 2017By KROST

Form W-2 and payroll returns provide information to your employees and various government agencies. It is important that information reported on those filings is complete and accurate. In order to help you with this process, we have listed a couple important tips. 1. You are required to file copies of Form W-2 and W-3, submitted … Read More

Information Reporting (Form 1099 and DE 542) For Independent Contractors

December 6, 2017By KROST

****Important: Filing deadline for certain 1099’s is 1/31/2018 for both the recipient and government filing copies!!!**** Form 1099 is used to report payments made to reportable vendors. In addition to the penalty imposed by the IRS for failing to file Form 1099, the California Franchise Tax Board can disallow deductions when a business fails to … Read More