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.
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
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
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
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
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
