2016 Business Tax Planning Ideas

December 2, 2016By KROST

Businesses that have engaged in year-end tax planning know that as 2017 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 2016 tax strategy. Our office is ready to … Read More

2016 Year End Information Reporting for Independent Contractors

December 2, 2016By KROST

As a business owner, you have a responsibility to file various information reporting forms. This letter highlights some of the most common year-end filings. Information Reporting (Form 1099 and DE 542) For Independent Contractors ****Important: Filing deadline for certain 1099’s has changed to 1/31/17 for both the recipient and government filing copies!!!**** Form 1099 is … Read More

KROST Recognized Honoree of Los Angeles Business Journals’ 2016 Fastest Growing Private Companies

November 11, 2016By KROST

On Wednesday, November 2, 2016, KROST was recognized as one of Los Angeles Business Journals’ Fastest Growing Private Companies in Los Angeles County. KROST received this recognition during Los Angeles Business Journal’s 20th annual ceremony to honor a select group of private companies that have shown remarkable growth. “It’s been an incredible year and we … Read More

KROST to Receive INSIDE Public Accounting 2016 Fastest-Growing Pyramid Award

October 13, 2016By KROST

INSIDE Public Accounting (IPA) has announced that KROST will be recognized with the Fastest-Growing Pyramid Award this year at the sixth annual PRIME Symposium, Nov. 16‐18, in Scottsdale, Arizona. IPA uses a proprietary formula to rank Best of the Best firms based on more than 70 metrics covering everything from training and turnover to costs … Read More

Charitable Contributions and Required Documentation

February 22, 2016By Jonathan Louie

Substantiation may be required when making charitable contributions and the requirements depend on the nature of the donation. If the contribution is $250 or more, you will need a written receipt from the charity. If you donate property valued at more than $500, additional requirements apply. Here are the details: General rules. For a contribution … Read More

KROST CPAs – Best Places to Work in Los Angeles Top 100 List

August 25, 2015By KROST

KROST CPAs was recently named as one of the “Best Places to Work in Los Angeles”. This is the ninth annual “Best Places to Work in Los Angeles” recognition program conducted by the Los Angeles Business Journal and Best Companies Group. This survey and recognition program was designed to identify, recognize and honor the best … Read More

New Tangible Property Repair Regulations – Immediate Action Required

February 9, 2015By KROST

The IRS and taxpayers have long disputed whether to classify certain expenditures as either deductible repairs\supplies or as assets that have to be capitalized and depreciated. In attempt to resolve these controversies, the IRS released the final repair and capitalization regulations. These new rules are in full effect for the 2014 tax year and require … Read More

Affordable Care Act and Form 8965

December 15, 2014By KROST

Under the Affordable Care Act, there are a number of situations where an individual may receive an exemption from the requirement to have health insurance for all or part of the year. If an individual qualifies for a pre-defined exemption or believes they qualify for a hardship exemption they will need to complete Form 8965 … Read More

Year End Tax Tips for Employees

December 8, 2014By KROST

As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However, employees have some special considerations to take into account that retirees and other nonworking individuals don’t face. To help our clients who are employees … Read More