Latest Posts › Loan Forgiveness

Share:

IRS Provides Safe Harbor To Deduct Certain 2020 PPP Related Expenses In 2021

Before enactment of the 2021 Consolidated Appropriations Act on December 27, 2020, the Internal Revenue Service took the position that taxpayers could not deduct expenses paid with proceeds of a forgiven PPP loan. By passage...more

IRS Acknowledges Congressional Reversal On Deducting Eligible PPP Expenses

In a previous alert we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be...more

Yes, I Can Deduct Expenses Paid With A Forgiven PPP Loan

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

Can I Deduct Expenses Paid With A PPP Loan?

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

4 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide