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…
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…
This article is featured in the KROST Industry Financial Services Magazine Volume 5, Issue 1, titled “Section 1256 Contracts and Straddles: A Guide to Tax Planning and Risk Management” by Matthew Weber, CPA. Investing and trading in the financial markets can be a complex endeavor, and it is essential to consider several factors, including tax Read the full article…
Have You Heard About KROST’s Will & Trust Asset Legacy Planner? We understand the difficulty when losing a loved one. We want to help ease the burden for you and make the transition as seamless as possible. Therefore, we created a guidebook to help prepare your family members, beneficiaries, and trustees. KROST’s Will & Trust 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…
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…
Our Sports & Entertainment industry professionals, Stacey Korman, Brad Pauley, Alan Lo, and Andrea Bonilla, are attending the Trusted Advisor’s second annual Trusted X LA Technology Summit on June 8th. The exclusive one-day event is held in Santa Monica from 1:00pm-7:00pm and consists of opening and closing remarks, various panels presented by industry experts, and Read the full article…
Loan-out corporations are widely used by sports and entertainment professionals as a tax and financial strategy. These corporations offer a wide range of benefits to individuals, such as tax advantages and enhanced financial flexibility. Actors, athletes, musicians, and other high-income earners become an employee of the corporation, and the corporation is hired with services rendered 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…
In one of our previous articles, we covered the topic of disclaimers as an excellent post-mortem tax planning tool. As discussed, anyone can disclaim a part of their inheritance. By doing so, it would go to the successor’s heirs as if the beneficiary had predeceased the decedent. But what if the beneficiary doesn’t want that Read the full article…
