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...
Tags: tax deadline
Category: Taxes
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...
Tags: PPP Update
Category: Business
As some small businesses are seeing PPP loan funds come in, the most logical next question that comes to people’s mind is, “how do I make sure my loan is forgiven?”. First of all you have to remember to apply for Loan forgiveness. The form has just been made available by the SBA. Be sure to do the following: Detailed...
Tags: PPP Loan Forgiveness
Category: Business
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...
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Category: Business
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...
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Category: Business
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...
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Category: Uncategorized
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...
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Category: Uncategorized
Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year: Removal of the personal exemption. While the rates are lower, the personal exemption has gone away. Capping of the state and local tax deduction...
Tags: 2018 tax bill
Category: Taxes
Recently, it has come to my attention that many folks feel that I have merged D.E. Rodrigues and Company with Jardim and Marotta in order to retire. This could not be further from the truth! Neither myself, Rose Jardim , nor Christie Marotta plan to retire or sell our practices in the future. The offices are also not being moved...
Tags: our recent merger
Category: Business
The advantage of filing a joint tax return is well known — couples generally save money when compared with filing separately. However, there is at least one potential disadvantage. Both spouses are liable for the entire income tax bill, including interest and penalties, even if one earned most or all of the income. The joint-filing downfall This issue most commonly...
Tags: joint filing
Category: Taxes