The deadline to apply for a PPP loan is June 30, 2020. Blog by Gentile CPA, On June 5, 2020 the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. The PPPFA modifies the PPP to allow businesses whose PPP loans are forgiven to continue to defer Social Security taxes through the end of… Read more »
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Where’s My Refund
How can you track your refund? Brought to you by Warwick accountants Stephen T Gentile CPA firm. There are 2 options to check you refund status. You can download the IRS2GO app or you can go online and check Where’s My Refund for your personalized refund date. The IRS does have a refund hotline at 800-829-1954 but the wait… Read more »
Rhode Island Enacts Pass-Through Entity Level Tax
RI New Legislation – Gentile Stephen T CPA The new legislation amends the state’s Business Corporation Tax by adding an elective pass-through entity-level tax effective for tax years on or after January 1, 2019. Entities now may elect to be taxed at the entity level. A qualifying pass-through entity includes a corporation, that is an… Read more »
House Mortgage Interest Deduction
Catching up with the house Mortgage Interest Deduction A house is the foremost valuable plus many folks own. So, it’s vital to stay awake to the tax impact of home possession and to rigorously track the debt you incur to shop for, build or improve your home-known as “acquisition indebtness.” Among the most important tax perks… Read more »
3 Strategies for handling estimated tax payments
From the Warwick Bookkeeping experts at Gentile Stephen T CPA. In today’s economy, many individuals are self-employed. Others generate income from interest, rent or dividends. If these circumstances sound familiar, you might be at risk of penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are three strategies to… Read more »
Developing a Household Budget
Tax tips from Warwick RI accountants Stephen T. Gentile C.P.A. When developing a household budget, the first thing to do is to summarize what you are currently spending. You generally want at least three months summarized, but six to twelve months is better. You can develop this summary in one of several ways: 1) pencil, paper and… Read more »