The IRS released two pieces of guidance relating to PPP loans. According to Rev. Rul. 2020-27, businesses that receive PPP loans in 2020 may not deduct expenses paid with the loan funds, if they “reasonably expect” the loan to be forgiven in 2021. The revenue ruling also provides guidance if, as of the end of the… Continue reading IRS PPP Loan Guidance
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Get Ready for Taxes 2021
Washington Dec 8, 2020 – The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. Click here for more information.
Eligible Paycheck Protection Program expenses now deductible
The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Click here for more information.