IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans?

Coronavirus & COVID-19, Small Business, Tax /

Summary: IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program. It’s been a while since the Internal Revenue Service issued a late night batch of tax rules, but they did it again last night on November 18, 2020. They released their Revenue Ruling 2020-27 and Revenue Procedure 2020-51. […]

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans? Read More »