Los Angeles-Based CPA Firm Receives High Praise from Accounting Today

April 9, 2021By KROST

Pasadena, CA. – KROST CPAs and Consultants, Los Angeles-based firm, receives two new accolades from Accounting Today, Top 100 Firms, and Fastest-Growing Firms in the U.S. KROST is a full-service certified public accounting and consulting firm serving clients across various industries in the areas of tax, accounting, consulting, assurance and advisory, M&A and capital markets, … Read More

IRS Extends Tax Filing Deadline for Individuals to May 17th

March 18, 2021By KROST

The Internal Revenue Service has postponed the April 15 tax payment and filing deadline for individuals to May 17, allowing more time to file your 2020 Federal Form 1040 income tax return. California conforms to the federal change and many other states to follow the IRS lead. The recent $1.9 trillion COVID-19 relief bill signed … Read More

Form 5471 – Reporting Ownership in Foreign Corporations

March 16, 2021By Elvira Frencillo

You may be required to file Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations,” if you have ownership in a foreign corporation. Form 5471 is becoming increasingly important for U.S. taxpayers with interest in a foreign corporation regardless of location. Determining who needs to file Form 5471 can be a … Read More

California Proposition 19: Tax Changes

December 1, 2020By Matthew Weber, CPA, MAcc

California Proposition 19 passed with just over 51% of the vote in the general election on November 3rd and is expected to become law. This new law has two separate effective dates: February 16, 2021 – For beneficiaries of real estate that use the property as a primary residence. April 1, 2021 – For transferring … Read More

2020 Year-End Tax Planning Opportunities for Individuals

November 24, 2020By KROST

As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for … Read More

Year-End Tax Planning Strategies for Businesses

November 24, 2020By KROST

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. This year has brought unique challenges and significant change. Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to ensure … Read More

KROST Client Lilit Davtyan of Phonexa Awarded CFO of the Year

September 25, 2020By KROST

We would like to extend our congratulations to Lilit Davtyan for receiving the title of Large Private Company CFO of the Year. She received this recognition during the 14th Annual CFO Awards hosted by the Los Angeles Business Journal on September 23, 2020. Lilit is the CFO of one of our valued clients, Phonexa, an … Read More

Foreign-Derived Intangible Income (FDII) Can Increase Cash Flow for Manufacturing Companies and Distributors with Global Operations

September 10, 2020By Evelyn Fernandez

This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue, titled “Foreign-Derived Intangible Income (FDII) Can Increase Cash Flow for Manufacturing Companies and Distributors with Global Operations” by Evelyn Fernandez, CPA, MST. The Tax Cuts and Jobs Act (TCJA) included several tax changes relating to the US taxation of … Read More