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…
We often get questions from clients on how to hold title to property they are about to purchase. As real estate might be the most important asset that an individual or couple may own, how ownership is vested is extremely important. Proper titling will affect the current and future rights of parties to the transaction, Read the full article…
Beginning July 1st, we have local minimum wage increases taking effect in many of the cities that you operate in. In the cities of Santa Monica, Malibu, and unincorporated areas of Los Angeles County, minimum wage is increasing from $15.00 to $15.96. In the City of Los Angeles, the new minimum wage will increase to Read the full article…
Los Angeles, California – May 7, 2022 – KROST’s Assurance and Advisory Principal, Keith Hamasaki, CPA, has been elected President of the California Society of Certified Public Accountants (CalCPA) Los Angeles Chapter. Keith has served as a board member for the CalCPA LA Chapter since 2015 and has gained years of experience through his roles Read the full article…
The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRAs. Prior to that, the rules were very beneficial to non-spousal beneficiaries. The act upended the “life expectancy” rule for distributions and, in its place, created the 10-year rule for non-spousal beneficiaries. The act establishes a time period of 10 Read the full article…
Running a small to medium-sized business has always come with a unique set of challenges. Securing credit, managing employees, and staying involved in the day-to-day running of the business creates a constant set of obstacles to be addressed by the business owner, leaving very little time for a life outside of work, let alone applying Read the full article…
There are so many tax reporting deadlines and for the past two years, every time we came closer to the next deadline, there was some reason (beyond our control) for delays. Coming into this tax season, we were hopeful that things would be better. With reasons beyond our control, we are expecting more delays. There Read the full article…
On February 9, 2022, the California Governor signed Senate Bill 113 (SB113). SB113 addresses numerous tax provisions, including correction to issues related to Assembly Bill 150 (AB150). AB150 allowed certain owners of qualified passthrough entities to work around the individual $10,000 federal limit on SALT deductions by paying a new elective state pass-through entity (PTE) Read the full article…
Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that Read the full article…
If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting Read the full article…
