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A Closer Look at When Nondeductible Expenses from PPP Loans Impact Taxable Income
Posted by Chrissy Hammond on Fri, Nov 13, 2020 @ 08:00 AM

As businesses continue to grapple with effects from the COVID-19 pandemic, many are turning attention to forgiveness of Payroll Protection Program (PPP) loans. Borrowers do not need to repay PPP loans as long as they satisfy a variety of conditions, including a requirement to spend PPP loan proceeds on qualifying expenditures such as payroll and rent. The IRS previously clarified in Notice 2020-32 that these expenditures are nondeductible for tax purposes. But in many cases, PPP loans will not be forgiven by the end of the tax year. In that case, it is uncertain how to treat the expenditures in the year incurred, and what to do in the year of loan forgiveness.

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Topics: COVID19, Coronavirus, PPP Loan, payment protection plan, PPP Loan Forgiveness, Nondeductible Expenses

Initial Election Results Complicate Chances for Tax Changes in 2021
Posted by Bill Smith on Thu, Nov 12, 2020 @ 02:11 PM

A close 2020 election may dampen prospects for some of the more ambitious tax changes proposed by former Vice President Joe Biden, who was declared the winner of the presidential race over the weekend by several news outlets. The situation is still uncertain, however, with President Trump filing lawsuits challenging the vote count in several states and refusing to concede the election at this time.

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Topics: election year, IRS, Taxes, Election, Trump, COVID19, Coronavirus, Biden, Harris, #taxplan

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