IRS Guidance on Deducting Expenses paid with PPP Loan Proceeds - Update
By EsqSocial Corporation 22/12/20
UPDATE – ON DECEMBER 21, 2020 CONGRESS ANNOUNCED A NEW STIMULUS PACKAGE THAT WILL ALLOW EXPENSES PAID WITH THE PROCEEDS OF A PPP LOAN TO BE DEDUCTED IN FULL. During the week of November 20, the IRS issued two rulings, Revenue Ruling 2020-27 and Revenue Procedure 2020-51 providing guidance to taxpayers who have received Paycheck Protection Program (PPP) loans......
By: Dickinson, Mackaman, Tyler & Hagen, P.C.