Written By: Doug Rodrigues

Welcome to our new friends formerly from Jeffrey Schenker, CPA

Written by February 1, 2021

I’d like to take this time to formerly announce the retirement of Jeffrey M. Schenker, CPA and the transition of his accounting, Bookkeeping and Tax practice to D.E. Rodrigues & Company. Jeff and his father have been in practice for over sixty years in  Fall River, providing professional services to individuals and companies in the South Coast region.  As a...

Read More...

Tags:

Category:

Deduction Disallowed for Expenses Paid with PPP Funds

Written by 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...

Read More...

Tags:

Category:

PPP Forgiveness must be Applied for.

Written by 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...

Read More...

Tags:

Category:

Tax deadline will not be extended

Written by June 30, 2020

The Internal Revenue Service recently announced, according to the AICPA, that it will not extend its tax payment and filing deadline originally extended to July 15 due tot he Coronavirus. They point out that as in a normal year, taxpayers can request and extension to file paperwork until September or October 15, depending on the entity. Feel free to reach...

Read More...

Tags:

Category:

PPP Plan Update

Written by June 4, 2020

Congress has just passed the Paycheck Program Flexibility Act of 2020. This new Act eases some restrictions on PPP loan funds: Specifically, the timeline has been extended from eight to twenty four weeks. The portion of the loan that must be used on payroll has been reduced to 60% from 75%. The unforgiven portion of the loan has been extended from...

Read More...

Tags:

Category:

Take It To The Bank

Written by May 15, 2020

Make the most of your banking relationships When the Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) rolled out this spring, many small business owners who didn’t have an existing relationship with a bank or other lender found themselves unable to apply for these federal loan programs. The COVID-19 pandemic has highlighted the importance of having an established...

Read More...

Tags:

Category:

The Second Round of PPP loans are here

Written by May 4, 2020

If your business was open on or before February 15, 2020 and has 500 or fewer employees or independent contractors for whom the business paid salaries, compensation and payroll taxes, you qualify. Businesses with more than 500 employees are eligible in certain industries. One such example is the hospitality and food sectors that have multiple locations. These companies can have...

Read More...

Tags:

Category:

An Additional Stimulus Payment may be Available

Written by April 30, 2020

Some taxpayers will be entitled to additional stimulus money when they file a 2020 tax return. An example of this would be a person who had a child born in 2020 and therefore not listed on the 2019 tax return. For this and other situations, you will need to know ow much you received in stimulus money during this year...

Read More...

Tags:

Category:

Is your business the right entity type?

Written by November 5, 2018

Small business owners have multiple entity options available to them, including C corporations and pass-through entities, such as S corporations, partnerships and LLCs. The pass-through options provide legal protections and avoid double taxation, but also have other factors to consider. for instance, one entity, depending on its use, can be audited more frequently than others and can also cost up...

Read More...

Tags:

Category: