What is FRF for SME?

April 12, 2022By Rebecca Hickle

Running a small to medium-sized business has always come with a unique set of challenges. Securing credit, managing employees, and staying involved in the day-to-day running of the business creates a constant set of obstacles to be addressed by the business owner, leaving very little time for a life outside of work, let alone applying Read the full article…

Updated Tax Provisions: Corrections to Issues Related to Assembly Bill 150 (AB150)

February 14, 2022By David Troost

On February 9, 2022, the California Governor signed Senate Bill 113 (SB113). SB113 addresses numerous tax provisions, including correction to issues related to Assembly Bill 150 (AB150). AB150 allowed certain owners of qualified passthrough entities to work around the individual $10,000 federal limit on SALT deductions by paying a new elective state pass-through entity (PTE) Read the full article…

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…

Reminder: Tax Filing Deadline

June 29, 2020By KROST CPAs

The July 15 tax-filing deadline is quickly approaching, remember to pay your taxes on time. Earlier this year the Treasury Department and the IRS provided federal tax filing and payment relief to individuals and businesses in response to the COVID-19 pandemic. The deadline changes also apply to disaster victims, 2016 refunds, extensions, and IRS contributions. Read the full article…

PPP Loans Can Be Forgiven But At What Expense?

May 1, 2020By Lou Guerrero

The IRS released Notice 2020-32, which makes the portion of a PPP loan that is forgiven, not quite as attractive as it originally appeared. Typically, when debt is forgiven, the amount is included in the income of the borrower. The CARES Act specifically addressed this by including Section 1106(i) which states that “Any amount which Read the full article…

The Streamlined Offshore Disclosure Procedures

April 29, 2020By Evelyn Fernandez

It is not uncommon for U.S. citizens or Green Card holders to come across a situation where they realize they haven’t been entirely compliant with U.S. tax filing requirements. The filing requirements, especially for foreign assets and income, have become so complex that even some tax practitioners don’t know where to start. If you feel Read the full article…

IRS Tax Tip: COVID-19 Economic Impact Payments – Beware of Scams

April 16, 2020By KROST CPAs

The following article is written by the IRS. View the original source here: https://www.irs.gov/newsroom/taxpayers-should-be-aware-of-coronavirus-related-scams Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will Read the full article…