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
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “A Deeper Dive into the Unintended Consequences of the Proposed Section 1031 Regulations” by Jonathan Louie In 2017, the Tax Cuts and Jobs Act (TCJA) amended Internal Revenue Code (IRC) Section 1031 to limit nonrecognition treatment to exchanges … Read More
As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for … Read More
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 More
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2019 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act that had major changes in the tax … Read More
KROST is proud to announce the celebration of its 80th anniversary. Since 1939, the firm has assisted thousands of businesses and individuals to reach their financial goals through tax, accounting, and consulting services. KROST is headquartered in Pasadena, California with four strategic locations throughout Greater Los Angeles. In 2018, KROST experienced outstanding growth of 31.41% … Read More
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of the new 2017 Tax Cuts and Jobs Act that make major changes in the … Read More
The 2017 Tax Cut and Jobs Act (“TCJA”) made significant changes to how businesses and individuals are taxed. Among the changes is how U.S. corporations are taxed on foreign income. As a result, U.S. shareholders directly or indirectly owning 10% or more of foreign corporations may be subject to a mandatory one-time repatriation tax for … Read More
Converting an Individual Retirement Account (IRA) to a ROTH IRA is a great tool to reduce taxes in the right situation. If you were always over the limits to make ROTH IRA contributions, this can be your chance to take advantage of this type of retirement account. If you already have a ROTH IRA, this … Read More
As the end of the year approaches, it is a good time to consider tax planning strategies that will help lower your tax bill for this year and possibly the next. Our office can help you prepare such a strategy, and the earlier we get started, the greater the potential maximization of benefits. We have … Read More
