Holding a Large Position in One Stock? Know Your Options: Exchange Funds
Do you have a large position in a publicly held company? Are you concerned about having a concentration risk in your portfolio? If the answer is yes, then you should consider using an Exchange Fund, also known as a swap fund. An Exchange Fund provides the opportunity to diversify your stock holdings without triggering capital Read the full article…
What Happens When You End a Lease Early for a Nonprofitable Location
This is one of the articles in the KROST Quarterly Hospitality Issue, titled “What Happens When You End a Lease Early for a Nonprofitable Location” by Aric Wong The pandemic has caused many restaurants to close due to a loss of revenue. Even after the reopening of dine-in restaurants in California, many anticipate significantly reduced Read the full article…
Benefits of Disclaimers in Post-Mortem Estate Planning
When considering the creation of a will or a trust, one usually thinks about pre-death planning. However, the beneficiaries have an opportunity where post-mortem planning comes into play. Let’s look at an important post-mortem planning tool – the disclaimer. A disclaimer is a refusal to accept an interest in or a power over property – Read the full article…
Build Back Better is Back
The Build Back Better framework looks to improve American’s livelihoods through improved climate change efforts. It is the largest effort in American history, with a $555 billion investment in clean energy for the country. The United States has goals to reduce greenhouse gas emissions by 50-52% by 2030. What it means for our clients Among Read the full article…
Foreign Earned Income Exclusion (Form 2555)
The US tax system requires all its citizens and permanent residents to file tax returns based on worldwide income, regardless of where they live. As such, if a person lives overseas and files taxes in a foreign country, the person also needs to report the foreign income to the IRS by filing US taxes. In Read the full article…
Biden Administration Launches Initiative for Green Energy Code Enforcement and Adoption
President Biden recently signed the Inflation Reduction Act of 2022. Among many benefits, the bill aims to fight climate change, conserve energy, and reform legislation for the §45L Tax Credit and §179D Tax Deduction. The act significantly extended and expanded incentives for homebuilders and commercial building owners. The deduction and incentive can now be used Read the full article…
Do’s and Don’ts of California Non-Residency
There are many factors in determining whether you are a California resident. However, if you’re looking to move out of the state, there are a few things to keep in mind. Do’s: • Either sell your California residence or make sure you can support the reason why you still own it for investment or rental Read the full article…
A Win for the Restaurant Industry: The IRS Allows Double-Dipping
This is one of the articles in the KROST Quarterly Hospitality Issue, titled “A Win for the Restaurant Industry: The IRS Allows Double-Dipping” by May Sung, MSA. On August 4, 2021, the IRS released additional guidance regarding the employee retention tax credit. Notice 2021-49 provides guidance for employers that pay qualified wages after June 30, Read the full article…
New Schedules K-2 and K-3 Reporting for Form 1065, Form 1120-S, and Form 8865 – What You Need to Know
For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…
Tax Credit for Hiring New Employees
This is one of the articles in the KROST Quarterly Hospitality Issue, titled “Tax Credit for Hiring New Employees” by Kimberly Hoang, CPA. The restaurant industry took a massive hit during the pandemic. With statewide mandates enforcing closures, layoffs were necessary. As vaccines have become widely available, the industry is slowly making its way back Read the full article…
