JONES DAY TALKS®: Hard Forks and Airdrops: The IRS Issues Cryptocurrency Tax Guidance
The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-20 (Revenue Procedure), providing guidance for taxpayers who received Paycheck Protection Program (PPP) loans in 2020 but did not deduct all of their...more
The IRS released an advance version of Rev. Rul. 2021-2, which is consistent with a legislative change allowing taxpayers to deduct otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP)...more
Many taxpayers have been affected by the COVID-19 pandemic. In the business sector, many small business taxpayers were forced to seek loans under the Paycheck Protection Program (“PPP”) in an effort to navigate the crisis’...more
What is the Economic Aid Act? The Economic Aid Act, among other things, reauthorizes lending under the Paycheck Protection Program (PPP) through March 31, 2021, modifies provisions related to making PPP loans and...more
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
IRS Issues PPP Loan Forgiveness Guidance - Since creation and rollout of the Paycheck Protection Program (“PPP”) in the spring, businesses and organizations in nearly every industry have been grappling with unanswered...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 16, 2020 – November 20, 2020. November 16, 2020: The IRS released Notice 2020-82...more
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
On November 18, 2020, the United States Department of Treasury and Internal Revenue Service (“IRS”) released much anticipated guidance concerning the tax treatment of certain expenses incurred in respect of loans obtained in...more