Protective Claim of Refund for Obamacare Taxes
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
Potential Inventory Write-off for Restaurants in Light of New Tax Law
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
Sales Tax Compliance for California Restaurants
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
Tax Basis and At-Risk Loss Limitations for Individual Partners and S-Corp Shareholders
Taxpayers constantly feel entitled to deduct losses from their businesses and investments. However, taxpayers need to be aware of the multiple loss rules provided by the Internal Revenue Code that limit the ability to deduct these losses from their trade or businesses. Taxpayers need to take their losses through four different loss limitations before one … Read More
