December 7, 2020
Payroll Protection Program Loan Forgiveness and Tax Implications You May Not Have Considered
Late into calendar year of 2020, one that none of us will soon forget, the IRS issued additional guidance on the deductibility of expenses paid with proceeds from PPP loans. Under Revenue Ruling 2020-27 the IRS states that expenses covered by PPP loan proceeds, whether paid or incurred, are not deductible if the taxpayer reasonably expects […]
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