Happy 4th of July

In observation of Independence Day, J. Ritchie CPA will be closed July 4th and we will reopen July 9th at 10:00am. We wish everyone a safe and happy 4th of July!

Happy Easter

2022 Final Filing Deadlines Approaching

As the 2022 tax filing season races toward its end, there are some dates to remember to ensure your returns make it to their destination as required. September 15 is the final extended due date for all S-Corporation returns and Partnerships. October 16, 2023 is the final extended deadline to have all Personal, Trust and Corporation income tax returns submitted. If an extention was not filed for your returns prior to the March 15 or April 18 original due dates, the returns are considered late when filed. Fines may be assessed for late filings and interest and penalties will be assessed on any tax due at the time of filing those returns.

TAX SEASON 2021 IS HERE - Don't wait! Contact us now for your appointment!

We are ready to assist with your tax preparation and filing needs! If we helped you with previous tax returns: please drop your items off at your earliest convenience or call us for an in person appointment.

Are you new to our Doylestown accounting and tax office? Please call 330-991-4010 to discuss how we can help you file your taxes for 2021.

The IRS is not accepting any tax return filings until Friday, February 12th. DON’T WAIT until you “HAVE EVERYTHING”, bring in what you have now and we’ll work with you to gather any missing documents.

Our office moved in July 2021! Come grow with us! We are now located at 220 N Portage Street, Doylestown, OH 44230. Our parking lot is off GATES Street.

OPEN HOUSE - J RITCHIE CPA's new location

We are pleased to announce a fall 2021 open house at our new location: 220 N Portage Street, Doylestown, OH 44230 on Thursday, November 18th from 3:00 to 5:00 pm. This is a ‘come & go’ event, visitors need not stay for the duration but are definitely welcomed to. Light snacks will be provided and a raffle basket will be available for attendees to enter to win. Need not be present when the winner is pulled. We hope to see you!

NEW LOCATION for J Ritchie CPA

220 N Portage Street, Doylestown Ohio 44230 became our home in July 2021. We outgrew our old space so we had to move to something larger while staying within the community we love!

PPP1 - a WIN for taxpayers / PPP2 still leaves some out in the cold

In December, last minute laws were enacted to seal the gaps in previous stimulus legislation and to reiterate, without a doubt, the purpose of the governments actions: to support and not over burden already struggling small business owners. Their actions negated the recent Treasury stance that PPP money was not considered taxable income, but the expenses that money paid for were not deductible as legitimate business expenses. Finally, common sense took center stage and the end result: First Draw PPP funds are not taxable income and the expenses ARE tax deductible.

In January PPP2 stimulus rolled out with the goal of further supporting those small businesses with fewer than 15 employees, especially those hardest hit in early 2020 such as restaurants, gyms or other companies forced into shut down early on. The main qualification for this Second PPP Draw is to show validation that a single quarter in 2020 gross receipts had decreased at least 25% over the same quarter in 2019. Millions of dollars are going to truly small businesses.

However, consider a restaurant who opened in October 2019, the last quarter of the year. This would be called their start-up quarter, which normally is accompanied by high expense and low income, often resulting in a loss overall for the start-up quarter. The new rules state that if a business was only in operation for Q4 of 2019 then any quarter in 2020 that results in a 25% decrease of gross receipts when compared will make the business eligible for PPP2, second draw funding. This crushes the hopes of new 2019 start-up businesses in struggling industries for some payroll assistance in 2021. Layoffs may ensure. Additional closures are expected, notably in the restaurant, fitness and small business arenas.

To combat this, I am urging you to EAT, SHOP and PLAY LOCAL. Keep those Mom & Pop businesses alive as they are the foundation on which this country, and your community, were built. Initiative, drive, hard work and the willingness to stake their livelihoods on a dream are required for success in any business venture. Support a dream, EAT, SHOP and PLAY LOCAL.

PPP: The battle for tax deductibility

Many small businesses took advantage of the programs provided by government efforts to ease the stress of shutdowns and lower than normal sales brought on by COVID-19. The most recognized is PPP, which was a loan when given and, if spent on specified expenses like payroll and rent, was completely forgivable and not taxable as income. After businesses received and spent the much needed funds, the IRS issued guidelines on the tax treatment of those forgiven funds and the related expenses incurred. IRS rules dictate that PPP funds will not be considered ‘income’ to the business but also removed the deductibility of expenses paid for with those forgiven funds. Therefore, with lowered allowable deductions the overall income will be higher than if the deductions were permitted. In short, the funds themselves are not taxable, but the taxable income overall goes up by the same amount of the forgiven funds, presuming the business spent all the money as directed. Read more to see how Ohio businesses can help support the initiative to challenge the IRS guidelines and make the expenses deductible after all.

https://ohiocpa.com/advocacy/Take_Action#/4