LOS ANGELES, CA [January 30, 2023] — Los Angeles-based CPA firm, KROST CPAs & Consultants, welcomes Grant K. Miller, CPA, EA, as Principal of Tax. To begin his new role as Tax Principal, Grant will be based in our Woodland Hills office and he will provide direction and leadership to further the success of our Read the full article…
The Governor’s office announced on January 13, 2023, that California will conform to the filing extensions granted by the Internal Revenue Service (IRS) for California storm victims. This means that filing and payment deadlines for affected individuals and businesses in California are extended to May 15, 2023. On January 10, the IRS announced tax relief Read the full article…
On January 10, the Internal Revenue Service (IRS) announced tax relief for California storm victims in most counties (see list of counties below). This tax relief applies to individuals and businesses located in disaster areas. The announcement postpones tax filings and payment deadlines that are due from January 8, 2023, through April 30, 2023, including Read the full article…
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 incredibly unique challenges and significant change. Businesses that have not yet explored year-end tax planning should take an immediate inventory of their situation to Read the full article…
As calendar year 2022 comes to a close, it is a good time for taxpayers and their advisors to start thinking of planning moves that will help lower their tax bill for this year and possibly the next. This year, we have seen significant financial uncertainty and an inflation rate not seen since the 1980s, Read the full article…
Do you have a large position in a publicly held company? Are you concerned about having a concentration risk in your portfolio? If the answer is yes, then you should consider using an Exchange Fund, also known as a swap fund. An Exchange Fund provides the opportunity to diversify your stock holdings without triggering capital Read the full article…
When considering the creation of a will or a trust, one usually thinks about pre-death planning. However, the beneficiaries have an opportunity where post-mortem planning comes into play. Let’s look at an important post-mortem planning tool – the disclaimer. A disclaimer is a refusal to accept an interest in or a power over property – Read the full article…
The US tax system requires all its citizens and permanent residents to file tax returns based on worldwide income, regardless of where they live. As such, if a person lives overseas and files taxes in a foreign country, the person also needs to report the foreign income to the IRS by filing US taxes. In Read the full article…
President Biden recently signed the Inflation Reduction Act of 2022. Among many benefits, the bill aims to fight climate change, conserve energy, and reform legislation for the §45L Tax Credit and §179D Tax Deduction. The act significantly extended and expanded incentives for homebuilders and commercial building owners. The deduction and incentive can now be used Read the full article…
This is one of the articles in the KROST Quarterly Hospitality Issue, titled “A Win for the Restaurant Industry: The IRS Allows Double-Dipping” by May Sung, MSA. On August 4, 2021, the IRS released additional guidance regarding the employee retention tax credit. Notice 2021-49 provides guidance for employers that pay qualified wages after June 30, Read the full article…
