- The Top 10 Overlooked Tax Deductions
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The top 10 overlooked deductions Each year, thousands pay too much in taxes because they didn't thin… Read More
- Did you pay too much to Uncle Sam last year?
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Tax laws change ever year and staying current with those Federal, State, and Local tax laws are an… Read More
Michael P. Rudy CPA & Associates
Michael P Rudy, CPA & Associates operates a general practice CPA firm located at 3521 E. Lincoln Highway, Route 30, between Downingtown and Coatesville in the village of Thorndale in Southeastern Pennsylvania. We offer a wide variety of financial, accounting, tax, and computer services. We specialize in servicing the financial, accounting, and tax needs of self-employed individuals, family owned businesses, new start-up businesses and individual clients. Our philosophy is to maintain a close working relationship with our clients while providing the highest level of professional services in a friendly, timely and efficient manner.
News & Articles
IRS Offers Guidance on 100% Business Tax Deduction for Food and Beverages
The Treasury Department and the Internal Revenue Service have issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception...read more
Stimulus Check Update: IRS Is Processing Checks
The IRS on Friday began processing stimulus checks, which could arrive in Americans’ bank accounts as soon as this weekend. Unlike the prior rounds of checks, families will get a payment for al...read more
End Of Year Business Checklist (for business clients)
Happy Holidays! I hope you have been enjoying this holiday season! Below are some business reminders as the end of the year approaches. PPP Loan Forgiveness Applications If you received PP...read more
Expenses used for PPP loan forgiveness: Deductible or not?
While the CARES Act excludes the loan forgiveness from gross income, it does not specifically address whether the expenses used to achieve the loan forgiveness would continue to be deductible. On Apri...read more
Reasonable compensation of S Corporation Shareholders
As a reminder, the IRS requires all S Corporation shareholders to take “reasonable compensation”. After the 2nd year of operations of your S Corporation, if the IRS challenges that reasonable compens...read more
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