Everyone, I just worked with one of our associates in my firm to issue a client alert on our firms’ website. The IRS recently ruled that if a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. I would encourage you to read the more detailed client alert, which you can access here.
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« IRS Voluntary Disclosure Program; Alive and Well, or Dormant? | Main | Vince Nardone Discusses Ethics in Tax Practice at The Ohio Society of CPAs MEGA Tax Conference »
November 20, 2020
IRS Rules on Deductibility of Qualifying Expenses Related to the Paycheck Protection Program (PPP)
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« IRS Voluntary Disclosure Program; Alive and Well, or Dormant? | Main | Vince Nardone Discusses Ethics in Tax Practice at The Ohio Society of CPAs MEGA Tax Conference »
November 20, 2020
IRS Rules on Deductibility of Qualifying Expenses Related to the Paycheck Protection Program (PPP)
Everyone, I just worked with one of our associates in my firm to issue a client alert on our firms’ website. The IRS recently ruled that if a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. I would encourage you to read the more detailed client alert, which you can access here.
The comments to this entry are closed.
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