Scott Gilmore, CPA, MST
PRINCIPAL - TAX
Contributing to his client’s success in any capacity necessary is what Scott Gilmore enjoys in his role as a trusted advisor. Scott takes a personal interest in each of his clients to ensure that their needs are being met at all times. With over 15 years of experience in public accounting, he takes pride in being a valuable member of each client’s team. Scott believes in educating his clients, so they are always prepared when opportunity knocks.
Scott has niche experience in a handful of industries, including financial services (private equity, hedge funds, financing), professional services (attorneys, wealth advisors, agents, etc.), and the entertainment industry. In addition, he has a strong passion for real estate-centric clients and has extensive experience in the real estate industry, working with clients for the entire cycle of their real estate assets. Scott has specific knowledge in areas of section 1031 exchanges and complex structures that allow clients flexibility and opportunity surrounding their real property assets.
Scott has the pleasure of being able to say he has been the same group of professionals his entire career. Prior to joining KROST through a merger in January 2020, Scott enjoyed 15 years with BPE&H and its predecessor firms as his only employment direct from his undergraduate education.
Scott enjoys speaking to other CPAs and industry professionals on the topics of real estate as it relates to tax planning and, in particular, 1031 exchanges and cost segregation studies. When he is not helping his clients through their day-to-day business operations, Scott has a passion for mentoring and enjoys working with up-and-coming staff to help show them the rewards and experiences that being a CPA and trusted advisor can bring to one’s career.
• Bachelor of Science, Economics and Accounting, University of California, Los Angeles, 2004
• Masters of Science, Taxation, California State University, Northridge, 2008
• Member of CalCPA
• Member of AICPA
• Member of Provisors (Woodland Hills)
• Member of the Exchange LA (Westlake Village chapter)
• Member of Highrise Networks (Westlake Village chapter)
• Westlake Baseball Association
• Southeast Ventura County YMCA Adventure Guides
• Jewish Business Leaders (JBL)
Tax Thought Leadership
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
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
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
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
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
Navigating the ins and outs of US taxes as a US shareholder of a controlled foreign corporation (CFC) has been complex in the last couple of years due to changes in regulations from the IRS. Taxpayers need tax planning to determine the best strategy to mitigate the CFC’s tax liabilities. In 2019, the IRS and … Read More
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
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
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
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