by PKCPA | Published On Aug 15, 2019 | Price Kong Blog, Tax
At end of July, the Internal Revenue Service (IRS) issued a news release stating that it will be issuing letters to taxpayers that have potentially not reported their cryptocurrency activity for past years. This action falls in line with the IRS’s stance to start...
by PKCPA | Published On Jul 29, 2019 | Price Kong Blog, Tax
The Tax Cuts and Jobs Act (TCJA) enacted on December 22, 2017 has made significant changes to the deductibility of certain types of business meals and entertainment expenses. The Act eliminates, or significantly limits, taxpayers’ deductions for meal and entertainment...
by Scott Albert Mitchem, CPA | Published On Jun 5, 2019 | Price Kong Blog, Tax
This is an age old question for which there is no absolutely correct answer. There is no way to be exactly right, keeping something or destroying something each entails a certain amount of risk which no one can assume for you. Immediately below are my general...
by PKCPA | Published On Mar 19, 2019 | Price Kong Blog, Tax
After a 35 day shutdown, the IRS has once again opened its doors to taxpayers and tax professionals alike. While this comes as a relief to many who were worried about their refunds, it doesn’t come without complications. The agreement was that employees of the IRS...
by PKCPA | Published On Feb 18, 2019 | Price Kong Blog, Tax
Every year, before the beginning of every tax season, Arizona has typically determined whether or not it will conform to any new federal tax law changes. In years past, Arizona has conformed to new federal tax law without too much debate. However, with the new Tax...
by Scott Albert Mitchem, CPA | Published On Nov 19, 2018 | Price Kong Blog, Tax
By Scott Mitchem, CPA CVA CFE What is a purchase allocation and why would I need one? Too often, when negotiating the terms of the sale or purchase of a business the purchase allocation is ignored until after the sales contract is executed. The seller offers the stock...
