IRS Provides Safe Harbor To Deduct Certain 2020 PPP Related Expenses In 2021
By EsqSocial Corporation 26/04/21
Before enactment of the 2021 Consolidated Appropriations Act on December 27, 2020, the Internal Revenue Service took the position that taxpayers could not deduct expenses paid with proceeds of a forgiven PPP loan. By passage of the Consolidated Appropriations Act, Congress reversed this position. The Internal Revenue Service now has announced a safe harbor in Revenue Procedure 2021-20 that will permit certain taxpayers an election to deduct in 2021 expenses paid with proceeds of a forgiven PPP...
By: McGlinchey Stafford