This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation” by Elvira Frencillo and So Sum Lee The coronavirus has turned the world upside down. It has cost so many lives and caused agony to individuals and businesses. To … Read More
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA regarding the PPP and EIDL loans. KROST’s subject matter experts have compiled a list of frequently asked questions below: Question: How are full-time equivalent employees calculated in the 2nd PPP? … Read More
On December 27, 2020, Congress passed a $900 billion COVID-relief package, along with a $1.4 trillion spending package, that funds the government for the 2021 fiscal year. The spending bill includes several tax extenders; Section 45L tax credit for multifamily and residential developers, 179D tax deduction for commercial and government buildings, as well as 25C … Read More
Congress introduced the Bipartisan economic relief package on December 20, 2020. This relief bill provides stimulus to individuals and businesses. As an industry impacted by the pandemic, real estate businesses can benefit from several key tax provisions in the package. We have outlined these opportunities below. Business Meals Deduction Currently, the deductibility of business meals … Read More
The Consolidated Appropriations Act (the “Act”) passed by Congress and signed by the President on December 27, 2020, outlined several provisions to help individuals through this extended time of financial uncertainty. Most of these provisions are included in the Additional Coronavirus Response and Relief (“ACRR”) and the Taxpayer Certainty and Disaster Tax Relief Act of … Read More
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) as part of the Consolidated Appropriations Act, 2021 (the 2021 CAA) was signed into law on December 27, 2020. The CCA is a $2.3 trillion package that provides additional funding to the PPP program and includes several key provisions that … Read More
On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Section 311 of the Economic Aid Act added a new temporary section, 7(a)(37), … Read More
Jean Hagan (Principal, Restaurant / Business Management) and Paren Knadjian (Practice Leader, M&A, and Capital Markets, PPP Forgiveness) are hosting a free webinar with the California Restaurant Association (CRA), on the PPP Second Draw Program. Join our restaurant accounting and consulting experts on Thursday, January 14th at 10AM PT as they provide an in-depth look … Read More
With 2020 in the history books, many restauranteurs are looking at similar uncertainties in 2021 that the industry has been hurdling for the last nine months. Information is flying at us at near lightspeed, and it is easy to lose sight of the opportunities that lie within the voluminous pages of new legislation. However, one … Read More
As part of the assistance package that was announced by Governor Newsom in September 2020, the State of California is providing $500 million in grants to small businesses that are impacted by COVID-19. Small businesses with annual gross revenue of less than $2.5 million can receive up to $25,000 in the grant. There will be … Read More
