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
Did Congress intend to provide small businesses a double tax benefit when it passed the Paycheck Protection Program, or was the CARES Act’s lack of clear, specific language on the topic of business expense deductibility just...more
On April 9, 2020, the Internal Revenue Service provided additional extensions to deadlines for various tax matters. I.R.C. Section 7508A provides that if a taxpayer has been impacted by a federally declared disaster, as...more