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…
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…
In the last article in our series, we covered the benefits a trust offers for creators and beneficiaries. In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Types of Trusts Revocable Trusts Revocable trusts (living trusts) can be changed or canceled at 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…
The firm’s Volunteer Committee was formally established in 2008. The directive (from Greg) to the committee is that we: “Make an impact with our time/donations, and that we make a meaningful difference in the lives of the community in which we live/work/associate.” The activity/event should take us away from our normal work environments during the 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 KROST Quarterly Technology Issue, titled “5 Powerful and Innovative Software Tools for Your Team.” Today, more than ever, companies are looking for powerful tools to make decisions and drive innovation during these uncertain times. In some instances, innovation is needed to keep track of sales or tasks Read the full article…
Pasadena, CA– INSIDE Public Accounting (IPA) named KROST CPAs & Consultants Top 100 Firm, Top 100 Fastest-Growing Organic Growth Firm, Top 100 Fastest-Growing All Growth, and best of the best in 2021. The firm placed 81st on the prestigious top 100 list, a substantial leap from 116th in 2020. KROST along with other recipients of Read the full article…
Our Principal, Stacey R. Korman, CPA, MST, earned a certificate in AICPA’s Client Accounting Advisory Services course. We had the chance to sit down with Stacey to hear her experience. Q: What is Client Accounting Services (CAS)? Client Accounting Services (CAS) is a certificate program that has been developed by the AICPA. Accountants are considered Read the full article…
