This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes”. Passthrough Entity Tax Credit The Passthrough Entity Tax Credit, commonly referred to as the State and Local Tax (SALT) cap workaround, was introduced to mitigate the impact of the federal cap on Read the full article…
At KROST, our professional team has in-depth knowledge and expertise in the Financial Services industry. Our focus is on management companies and their investment vehicles. We have assisted the management companies of Hedge Funds, Money Managers, Private Equity Firms, and their principals with a wide range of accounting and tax services for the last 15 Read the full article…
As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by the State of California, clarified some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction 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…
The Tax Cuts and Jobs Act passed in December 2017 limited the state and local tax (SALT) deduction for individuals to $10,000. States have worked to find ways around the limit using various methods and gimmicks, which the IRS has rejected until recently. The IRS has issued guidance that allows states to work around the Read the full article…
