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).
- Dealers Beware of Consumer Telephone Programs March 1, 2021
- FADA’s DMV Enforcement Bill crucial this Legislative Session February 16, 2021
- OSHA Releases New Guidance to Help Employers Identify and Mitigate Risks of COVID-19 Exposure February 4, 2021
- SBA Issues New PPP Loan Forgiveness Guidance and Documents January 22, 2021
- CFPB task force weighs in on auto lending discrimination January 15, 2021
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