2020 November : D.E. Rodrigues and Company

D.E. Rodrigues & Company, Inc.

Where your Financial Success Begins

Fall River
215 Pleasant St.
508-679-6079

Fairhaven
49 Alden Rd.
508-999-0020

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D.E. Rodrigues & Company, Inc.

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D.E. Rodrigues & Company Accounting Blog

November 2020

Deduction Disallowed for Expenses Paid with PPP Funds

Written by Doug Rodrigues November 27, 2020

Well, we’ve been talking about this all year and now it’s final. On November 18, the IRS just issued a Revenue Ruling 2020-27 that determines that if a PPP Borrower reasonably expects to have the PPP loan forgiven, the borrower is not allowed to deduct eligible expenses in its 2020 taxable year. This is regardless of whether or not the...

PPP Forgiveness must be Applied for.

Written by Doug Rodrigues November 16, 2020

Ok so you’ve applied for a PPP Loan, gotten the approval and received your money. You’ve heard that this loan is forgivable so all you do is sit back and wait for the SBA to send you something, right? WRONG!!!! Under the current law, forgiveness must be applied for through your bank in conjunction with the SBA. This application has...

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D. E. Rodrigues and Company is widely known for its experience in serving the accounting, bookkeeping, payroll, taxes and consulting needs for: Small businesses, corporations, not for profit organizations, individuals, healthcare professionals and practices, contractors, hospitality companies, service firms, manufacturing companies, distribution companies, retail establishments and many others throughout MA, RI, New England and the United States.

Follow us on Social Media to gain insight, read helpful tips, and receive updates about our firm and what we do.

Access our secure portal

D. E. Rodrigues and Company is widely known for its experience in serving the accounting, bookkeeping, payroll, taxes and consulting needs for: Small businesses, corporations, not for profit organizations, individuals, healthcare professionals and practices, contractors, hospitality companies, service firms, manufacturing companies, distribution companies, retail establishments and many others throughout MA, RI, New England and the United States.