The IRS issued new guidelines that concludes that expenses paid with PPP loan forgiven proceeds are not a tax deductible business expense. This reverses what would have likely been an unintended windfall to PPP loan borrowers in that they would be fully reimbursed for the subject expense, not have to pay income tax on that reimbursement and then get a write-off of that expense (which would essentially give the employer back 33% of that expense).
- Agencies announce dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions November 23, 2020
- Update for dealers with PPP loans over $2 million November 18, 2020
- Important notice regarding system outage November 17, 2020
- SBA issues loan certification questionnaire for PPP borrowers with loans of $2M or more November 10, 2020
- Conservative agenda remains alive and well in Florida November 9, 2020
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