ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain
By EsqSocial Corporation 12/01/21
The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the retroactive deductibility of business expenses funded, or that will be funded, by PPP loan proceeds, as authorized by the 5,500+ page Consolidated Appropriations Act, 2021 (the “Appropriations Act”), signed into law on December 27. Readers may recall the Internal Revenue Service...
By: Bradley Arant Boult Cummings LLP