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).
- Southwest Florida Dealer and philanthropist Sam Galloway Jr passes away September 22, 2021
- Mario Murgado: Building a multi-state group of 18 automobile dealerships September 22, 2021
- Miami’s $120 Million ‘Future-Proof’ Car Dealership Refines the Luxury Buying Experience September 20, 2021
- No Tax Credits for Paid FFCRA Leave After September 30 September 18, 2021
- House Ways and Means Committee Considering Tax Bill September 16, 2021
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