Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven.
In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we...more
In recently released Revenue Ruling 2020-27, the IRS addressed the following two fact patterns:
•First, Maria received a PPP loan in 2020 that she used to pay “Covered Expenses.” Maria meets the requirements for...more
The Internal Revenue Service has issued a temporary regulation and a proposed regulation (pursuant to authority granted in the Families First Act and the CARES Act) to allow the agency to administratively recapture any excess...more
Before the enactment of the 2017 Tax Cuts and Jobs Act (TCJA), qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property had a 15-year recovery period for depreciation...more
6/16/2020
/ Bipartisan Budget Act ,
CARES Act ,
Coronavirus/COVID-19 ,
Depreciation ,
Filing Deadlines ,
IRS ,
K-1 ,
Partnerships ,
Property Improvements ,
Revenue Procedures ,
Tax Cuts and Jobs Act ,
Tax Returns
The CARES Act temporarily suspends retroactively changes made to the treatment of net operating losses by the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”). It also suspends retroactively the limitation on excess business...more