IRS to Audit High-Income Tax Returns

August 26, 2020By Brad Pauley, CPA

The IRS announced on June 18th that they will be looking at hundreds of high-income tax returns between July 15th and September 30th. They are expected to be looking at not only the taxpayer’s individual returns but any business-related pass-through entities as well. These reviews create exposure for athletes and entertainers who have high income and Read the full article…

[UPDATED] How to Secure an SBA Loan if Your Business is Impacted by the Coronavirus (COVID-19)

March 25, 2020By Jason Melillo

As of Friday, March 13, 2020, President Trump declared a national emergency to combat the Coronavirus (COVID-19). Businesses across the nation may be suffering dramatic losses due to the unprecedented response to the virus. Health officials are recommending social distancing guidelines, and travel has severely decreased, among other restrictions, which has caused business to slow Read the full article…

[Update] Tax Deadlines Pushed Back: Federal and California Measures to Help Taxpayers through COVID-19 Pandemic

March 23, 2020By So Sum Lee

The impact of coronavirus has been increasing rapidly. While Congress is still working on a proposal to stimulate the economy, both the federal government and the State of California have announced ways to help people get through this difficult time. Federal President Trump announced on March 11, 2020 that he would direct the Treasury to Read the full article…

Coronavirus and Its Impact on Financial Reporting

March 23, 2020By Keith Hamasaki

Nothing has gripped us quite like the Coronavirus (COVID-19). It has begun to affect all facets of life, from travel bans, school closures, meetings, and even financial reporting. Generally Accepted Accounting Principles (GAAP) has an Accounting Standard Codification (ASC) that addresses unforeseen circumstances occurring after the balance sheet date but before the audit is issued. Read the full article…

COVID-19 Announcement

March 19, 2020By Greg Kniss, Managing Principal

We understand this has been an extremely stressful time over the last ten days.  The world has seemingly changed overnight with the global pandemic coupled with the meltdown of the financial markets.  First and foremost, we need to consider the health and safety of our family & friends, team members, clients, and the community over heightened concerns about the Coronavirus (COVID-19).  We have been closely monitoring the CDC’s recommendations to limit person-to-person contact. Therefore, we have initiated a policy that will allow us to remain fully operational while maintaining social distance, including many of our team members working remotely and our offices undergoing increased cleanings, as preventative measures.

During this time, you can expect the same level of service as we continue to move through busy season. For your safety as well as those of our team, we ask that you limit your interaction with us to phone calls and emails. To allow for recommended social distancing, we want to limit office visits and in-person meetings. We will be in touch if a meeting was scheduled that needs to be adjusted to a phone call or video conference meeting.  Finally, we ask that you send us any documentation or files through our secure sharefile portal that can be found on KROSTCPAs.com.

Beyond our office procedures, there are several initiatives that we want to make you aware of as you or your business navigate the impacts of this pandemic. First, most of you probably heard that yesterday Secretary of the Treasury Steven Mnuchin announced that taxpayers can delay paying their income tax for up to 90 days (60 days for CA).  This applies to individual tax payments up to $1M and corporate tax payments up to $10M.  Also, Governor Gavin Newsom has extended the state and local tax filing deadlines for California, waiving fees for late filing. And maybe most importantly, local businesses now have the option to apply for Small Business Loans during this time of public emergency, so please reach out to us for guidance, as necessary.

Paren Knadjian is Attending the 2019 ACG LA Business Conference

September 11, 2019By KROST CPAs

Our Mergers and Acquisitions practice leader, Paren Knadjian, will be attending the Association for Corporate Growth(ACG) Los Angeles Business Conference. Join us for the conference from September 17th to September 18th at the The Beverly Hilton Hotel located at 9876 Wilshire Blvd, Beverly Hills, CA. ≫Register The ACG LA conference will bring together business advisors, deal Read the full article…