Double tax benefit: Expenses paid with PPP funds now tax-deductible
By EsqSocial Corporation 13/01/21
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 Protection Program of the CARES Act. Legislation signed into law on December 27, 2020 reverses prior IRS guidance and specifically allows deductions for otherwise deductible expenses paid with PPP funds, even if the PPP loan is subsequently forgiven....
By: McAfee & Taft