An important part of any business is determining how taxes will have an impact on the various business decisions a company makes. With tax law having so many intricacies, it is hard for many business owners and decision makers to keep up with all of them. That is, however, how the team at Price Kong can assist. With a team full of experienced and knowledgeable tax experts, Price Kong is ready to provide your business with all the necessary expertise to make any business decision.
Employee Retention Credit
You did right by your employees during the pandemic by keeping them on the payroll. Now, you can be compensated by applying for the Employee Retention Credit (ERC). This credit can have a huge impact on helping your business recover from the financial strains due to the COVID-19 pandemic. Don’t fall prey to firms that require a percentage of YOUR credit as payment for helping you through the process. Price Kong will look at all eligibility requirements and get you the maximum credit possible for a reasonable fee.
There are certain benefits and drawbacks that come with electing to be taxed as a C-Corporation as the entity is treated as a separate legal person. Due to it having its own respective tax laws, the intricacies behind these laws can make maneuvering through these laws particularly difficult. The Price Kong team has the expertise to assist business owners in evaluating these intricacies so as to provide the most tax-beneficial business solutions.
Though S-Corporations are related to the C-Corporation, they are treated significantly different under the tax code. As a pass-through entity, S-Corps are subject to the same tax rate as each individual shareholder. S-Corps can also provide relief from self-employment tax that is imposed on partnerships and sole proprietorships. The team at Price Kong is ready to assist you in the preparation of your S-Corp tax return and help you understand how it will affect your personal tax return.
Partnerships are largely considered one of the most complex entity structures simply due to the ease with which partners can structure the partnership. Unlike S-Corps, partnerships are limited to how they can be formed. They are much more flexible in how they can be set up. Partnerships are also subject to self-employment tax and, though partners are not required to take wages like S-Corp shareholders, taxable guaranteed payments are a requirement in certain situations. Navigating the ultimate tax effects of this type of business for our clients is something the team at Price Kong has been doing for over 50 years, and is ready to help you with as well.
Not For Profit
Every Not-For-Profit organization has an ultimate goal or mission and the Price Kong team wants to help your organization meet those goals. Though Not-For-Profit organizations are not generally subject to income tax, our team is here to assist you in compliance with the IRS. We also possess the expertise to guide you through those sticky situations that do involve taxable events of your Not-For-Profit.