IRS PPP Guidance: November 18, 2020
Nov 18, 2020 | COVID-19 Taxes
The IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 on November 18, 2020, although both will be dated December 7, 2020, related to the non-taxability of PPP loans and corresponding non-deductible expenses used to forgive those loans. The IRS position is: If you apply for forgiveness or plan to apply for forgiveness in 2020 […]
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Taxability of PPP Loan Forgiveness
Sep 05, 2020 | COVID-19 News Taxes
As we move our way through these uncertain times, we want to make sure we are keeping you up to date on the latest information. On April 30, 2020, the IRS issued Notice 2020-32 to discuss the taxability of loan forgiveness under the Paycheck Protection Program (PPP). The IRS clarified that the loan forgiveness will […]
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