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
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