After months of uncertainty, there is now clear congressional and IRS guidance regarding the deductibility of business expenses for small businesses that have portions of a covered loan forgiven pursuant to the Paycheck...more
1/13/2021
/ Business Expenses ,
Business Taxes ,
CARES Act ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Revenue Procedures ,
Revenue Rulings ,
Tax Deductions ,
U.S. Treasury
After the Paycheck Protection Program (PPP) was passed in March of 2020, the IRS issued Notice 2020-32 on April 30 and took the position that no deduction is allowed for an eligible expense that is otherwise deductible if the...more
12/1/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Income Taxes ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Revenue Procedures ,
SBA ,
Tax Deductions