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Reinvest that PPP windfall

  • November 12, 2021

Many firms only experienced a small decrease in revenues during the COVID-19 pandemic, and are now in a position to reinvest their Paycheck Protection Program federal grant/loan. Continue Reading

Tax Podcast: Is the PPP Questionnaire Going Away

  • June 28, 2021

This week's topics: SBA reported to be withdrawing PPP loan questionnaires; Court finds not clear if taxpayer qualifies for home gain exclusion due to unforeseen circumstances; IRS extends special remote witnessing of signing plan documents through June 30, 2022, may make it permanent; CPA’s conviction for assisting in the filing of false returns upheld - rejected "I just used what the client gave me" defense. Continue Reading

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

  • April 22, 2021

The IRS has issued guidance on a safe harbor permitting qualifying taxpayers who have Paycheck Protection Program loans who have not deducted expenses related to those loans paid or incurred in 2020 on 2020 tax returns to deduct the expenses on returns for the immediate subsequent tax year, instead of on an amended return or an administrative adjustment request for the 2020 tax year. Continue Reading