by Tricia Tuchscherer-Nieva | Published On Dec 8, 2023 | Price Kong Blog, Tax
The new year will usher in a new reporting requirement for millions of companies. In 2021, the Corporate Transparency Act (CTA) created the Beneficial Ownership Information (BOI) Reporting Rule in an effort to discourage, identify, and investigate financial...
by Tricia Tuchscherer-Nieva | Published On Nov 18, 2022 | Price Kong Blog, Tax
A Form 1099-K, Payment Card and Third Party Network Transactions, is something that you should receive if you receive money through a third-party processor, such as for “crowdfunding,” “gig work,” or other transactions on a terminal, as well as through online...
by Tricia Tuchscherer-Nieva | Published On Nov 16, 2022 | Price Kong Blog, Tax
The limits on the amounts that you can invest into many retirement plans, as well as the income-based phase-out limits, have been increased for 2023. The new limits are set based on your income filing status, income level, and age, and vary by plan and other available...
by Dawn Anderson | Published On Aug 29, 2022 | Price Kong Blog, Tax
President Joe Biden signed the Inflation Reduction Act of 2022 (IRA) into law on August 16, 2022. The legislation aims to combat climate change, lower prescription drug costs, tax wealthy corporations, and more. Below are highlights of the major provisions. Corporate...
by Dawn Anderson | Published On Jun 29, 2021 | Price Kong Blog, Tax
The Internal Revenue Service (IRS) and U.S. Department of Treasury (Treasury) have developed several online tools and resources designed to assist families with the enhanced Child Tax Credit for the 2021 tax year. The credit is part of the American Rescue Plan Act of...
by Dawn Anderson | Published On Dec 4, 2020 | Price Kong Blog, Tax
In May of this year, the Internal Revenue Service (IRS), in coordination with the U.S. Department of the Treasury, issued Notice 2020-32, which provides that otherwise deductible business expenses are not deductible if the taxpayer is the recipient of a Paycheck...
