For the tax year beginning in 2021, the IRS has implemented a new reporting requirement for partnerships, S corporations, and filers of Form 8865 to include Schedules K-2 (Partner’s Distributive Share Items – International) and Schedules K-3 (Partner’s Share of Income, Deductions, Credits, etc. – International) with their returns. What are Schedules K-2 and K-3 Read the full article…
This is one of the articles in the KROST Quarterly Hospitality Issue, titled “Tax Credit for Hiring New Employees” by Kimberly Hoang, CPA. The restaurant industry took a massive hit during the pandemic. With statewide mandates enforcing closures, layoffs were necessary. As vaccines have become widely available, the industry is slowly making its way back Read the full article…
Recently, the Department of Treasury released the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals. The proposals are built around the Build Back Better Act, passed by the House of Representatives on November 19, 2021, but were stalled in the Senate. If you are in the real estate space, it is important to Read the full article…
As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by the State of California, clarified some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction Read the full article…
Before we know it, the holiday season is just around the corner. A lot of businesses are ordering stock, scheduling staff, and doing everything necessary around this time of the year to get ready before the shopping spree starts. Among all the available gift items, gift cards are gaining popularity since they are so easy Read the full article…
