Living and working overseas presents many opportunities and challenges, including navigating the complexities of U.S. tax laws. The IRS Form 2555 is a critical tool that allows U.S. citizens or resident aliens (“green card” holders) living and earning income abroad to manage their tax obligations effectively. This form enables eligible taxpayers to claim the Foreign Read the full article…
PASADENA, CA – The Los Angeles Business Journal (LABJ) recognizes KROST CPAs & Consultants as one of the Top Fastest Growing Private Companies in 2023. The prestigious award is given each year to companies that have demonstrated outstanding growth in revenue, market share, and overall success in Los Angeles County. KROST has now been named the Top Fastest Read the full article…
We are happy to announce the release of our newest industry magazine! The Sports & Entertainment Issue highlights some of the hot topics in the sports & entertainment industry including tax issues for athletes, estate & trust planning, Client Accounting Services, and more. What You’ll Find Inside this Issue: Protecting Your Assets and Legacy: Estate Read the full article…
PASADENA, CA– INSIDE Public Accounting (IPA) has named KROST CPAs & Consultants Top 100 Firm in 2023. The firm ranked 73rd on the prestigious Top 100 list. KROST along with other recipients of these distinguished awards are highlighted in IPA’s monthly newsletter. KROST has been named Top 100 firm for the third year in a Read the full article…
A business valuation is the process of determining the economic value of a business or company. A business valuation takes into account a variety of factors, including the company’s financial performance, market conditions, industry trends, management expertise, competitive landscape, and the potential for future growth. Why Would a Business Owner Want a Business Valuation? There Read the full article…
We are happy to announce the release of our newest industry magazine! The Financial Services Issue highlights some of the hot topics in the Financial Services industry including the Silicon Valley Bank collapse, Section 1244, Section 1256, virtual currency, and more. What You’ll Find Inside this Issue: Federal Deposit Insurance, Corporation Insurance, and the Read the full article…
We are happy to announce the release of our newest quarterly magazine! The Hospitality Issue highlights some of the hot topics in the hospitality industry including tax credit for new employees, double-dipping, lease provisions, and HR solutions. What You’ll Find Inside this Issue: Tax Credit for Hiring New Employees by Kimberly Hoang, CPA A Win Read the full article…
Restaurant companies with multiple units often collect management fees from the unit level to fund C-Suite management operations. The purpose of a management fee can be different for various companies. Still, the traditional purpose is to compensate a working owner or a working corporate staff for their support of the various units. If you have Read the full article…
The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRAs. Prior to that, the rules were very beneficial to non-spousal beneficiaries. The act upended the “life expectancy” rule for distributions and, in its place, created the 10-year rule for non-spousal beneficiaries. The act establishes a time period of 10 Read the full article…
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…
