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…
Pasadena, CA– INSIDE Public Accounting (IPA) named KROST CPAs & Consultants Top 100 Firm, Top 100 Fastest-Growing Organic Growth Firm, Top 100 Fastest-Growing All Growth, and best of the best in 2021. The firm placed 81st on the prestigious top 100 list, a substantial leap from 116th in 2020. KROST along with other recipients of Read the full article…
We are happy to announce the release of our newest quarterly magazine! The Technology Issue highlights some of the hot topics in the technology industry including Client Accounting Services (CAS), Nonfungible Tokens, the Effect of Upcoming Changes to IRC Section 174 on the Software Development Industry, and more. What You’ll Find Inside this Issue: Nonfungible Read the full article…
If you have not looked into Employee Retention Tax Credits, then you need to reach out to your relationship manager or contact us right away to see if you qualify. It is worth a quick assessment. We can help you claim the credit and receive cash refunds up to $5,000 per employee in 2020 and Read the full article…
We got some great news this morning. The House has voted 219-212 to extend the Employee Retention Credit through December 31, 2021 as part of the $1.9 Trillion Covid relief bill. If it passes the Senate next week it will very likely be signed by the President shortly after. The Employee Retention Credit is a Read the full article…
The Employee Retention Credit (ERTC) was created as part of the CARES Act to encourage businesses to continue paying employees by providing a credit to the eligible employer for wages paid to eligible employees. The ERC could be a valuable alternative for those who did not qualify for PPP and other emergency loans. We have Read the full article…
About the Author Jason C. Melillo, CPA, CEO Tax, Tax Specialty Services Jason Melillo, CPA, is the CEO of KROST and a Principal of KBKG, Tax Credits, Incentives, and Cost Recovery. Previously, Jason was the practice leader of the Accounting, Advisory and Assurance Services practices. His areas of expertise include foodservice, manufacturing, real estate, retail, Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue, titled “Employee Retention Credit (ERC) Provides Benefits for Manufacturing Employers ” by Jim Estrella, CPA, MSA. For manufacturers who experienced a suspension in operations or decline in business compared to 2019 due to the COVID-19 crisis, the Employee Retention Read the full article…
The Department of Treasury has been updating its Frequently Asked Questions (FAQs) on the Paycheck Protection Program (PPP) on a regular basis. These FAQs may help you decide if you should return your PPP loan in full and still qualify for the Employee Retention Credit. The PPP loan must be repaid or returned by Monday, Read the full article…
Eligible Employers Eligible employers can receive a refundable payroll tax credit of 50% of wages paid to employees between March 13th, 2020 and December 31st, 2020. An eligible Employer may not receive the Employee Retention Credit if the Eligible Employer receives a Small Business Interruption Loan under the Paycheck Protection Program that is authorized under Read the full article…
