IRS Issues Safe Harbor Regarding Deductibility of Certain Eligible Expenses Paid or Incurred in 2020 by Taxpayers that Received First Draw PPP Loans | Nutter McClennen & Fish LLP
To embed, copy and paste the code into your website or blog: If you filed your 2020 tax return prior to December 27, 2020 when the Consolidated Appropriations Act of 2021 (the “CAA”) was enacted and therefore did not deduct certain expenses due to your Paycheck Protection Program (“PPP”) loan, good news has arrived from the IRS! On April 22, 2021 the IRS released Revenue Procedure 2021-20, which provides certain taxpayers that received a first draw PPP loan with a safe harbor to claim a deduction for what would have otherwise been deductible expenses paid or incurred during the taxpay...
Source: jdsupra.com