This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Protecting Your Assets and Legacy: Estate & Trust Management in Sports and Entertainment” by Brad Pauley, CPA & Richard Umanoff, CPA, MBA For athletes, actors, and other high-earning professionals in the sports and entertainment industry, managing assets and planning for Read the full article…
Prior to January 1, 2023, California residents were able to avoid California taxation for any income earned by the ING trust that was not distributed to them. Incomplete Non-Grantor (ING) trusts are incomplete (“gift”) non-grantor trusts with the unique purpose of avoiding the imposition of state income tax on transactions occurring inside the trust. The Read the full article…
LOS ANGELES, CA [August 28, 2023] — KROST, a leading CPA and consulting firm, is thrilled to announce the promotion of Matthew Weber to the esteemed position of Principal. Matthew’s dedication, experience, and exceptional contributions have led to this well-deserved advancement within the organization. Matthew Weber, who joined KROST’s tax practice in July 2015, brings Read the full article…
Starting January 1, 2024, business owners will face additional reporting requirements enforced by the Financial Crimes Enforcement Network (FinCEN), in compliance with the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) Reporting Rule. On September 29, 2022, FinCEN issued a final rule requiring specific companies to report the BOI effective January 1, 2024. The reporting Read the full article…
As most people know, not all interest that an individual pays is deductible. A common misconception about the deductibility of interest expense is that the deductibility follows how the loan is secured. However, this is not true. Just because you pull out a line of credit using your home as collateral does not mean that Read the full article…
When a person passes away, the deceased’s assets are subject to federal estate tax if the total value of their estate exceeds a certain threshold. The lifetime exclusion, also known as the estate tax exemption, is a tax provision that allows individuals to pass on a definite amount of wealth to their heirs without being Read the full article…
The California Department of Tax and Fee Administration (CDTFA) announced new tax rates, tax codes, and expiration dates that took effect on April 1, 2023. In the November election of 2022, California voters approved the latest district tax changes, which are now applied to specific cities and counties in California. If you would like to Read the full article…
The Internal Revenue Service (IRS) has once again extended the tax relief to California storm victims. The deadline to file federal income taxes for qualified California residents has been extended to October 16, 2023 as announced by the IRS on March 10, 2023 (CA-2023-03). The relief applies to deadlines that fall within the relief period Read the full article…
We often get questions about what to do when a person wants to give up their authority over their personal and financial life. If they do not already have a Revocable Living Trust that provides for a transfer of that authority, then the next best thing is a Power of Attorney (POA). The person who Read the full article…
The Internal Revenue Service (IRS) has issued another announcement as of CA-2023-02. The following modifications apply to the original tax relief victims of severe winter storms, flooding, landslides, and mudslides in California. The relief period for making tax payments and return filing has been extended from December 27, 2022, through May 15, 2023. Previously, the Read the full article…
