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…
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…
This is one of the articles in the new KROST Quarterly Real Estate Issue, titled “Going Green for the Green: Federal Tax Incentives for Energy Efficient Building” by So Sum Lee There are several tax incentives available to the real estate industry. Whether you invest in, build, design, or make significant renovations to real estate, a Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Opportunity Zones and Cost Segregation” by Guest Contributor Artur Babaian Opportunity Zones are garnering increased interest across the country. Created by the Tax Cuts and Jobs Act (TCJA) in December 2017, taxpayers who meet the requirements for investing Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue, titled “Challenges Facing the Real Estate Industry in the Wake of COVID & the Election” by So Sum Lee It’s no question that the economy as a whole was (and continues to be) stressed by the COVID-19 pandemic. Now Read the full article…
The COVID-19 pandemic has completely changed what we once thought was normal. With social distancing becoming a way of life, millions of Americans are now working remotely. For many, there is no certainty as to when or if they will return to their workplaces. As the pandemic drags on, many businesses have allowed their employees Read the full article…
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…
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 the full article…
