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Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
In light of the recent passing of the new stimulus legislation, the Internal Revenue Service (IRS) has released guidance clarifying the deductibility of expenses paid with Paycheck Protection Program (PPP) funds.
Prior to the COVID-related Tax Relief Act of 2020, the IRS took the stance that business expenses paid with PPP funds would not be deductible for loans that were forgiven, as it posed a double benefit. Now, businesses will be able to deduct business expenses paid with amounts received from loans under the PPP, even if the PPP loan is forgiven, bringing much-welcomed relief to many businesses before filing their 2020 tax returns.
Furthermore, any amounts forgiven do not result in the reduction of any tax attributes or the denial of basis increase in assets for years ending after Mar. 27, 2020.
Contact our tax advisors to learn more about how this new ruling can benefit your 2020 tax filing.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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