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IRS Issues New Guidance on When PPP Loan Expenses Are Deductible
Posted by Barret Pinto on Thu, Dec 17, 2020 @ 03:48 PM

On Nov. 18, 2020, the IRS weighed in on whether expenses used to support Payroll Protection Program (PPP) loan forgiveness are deductible, assuming the forgiveness occurs in the year after the expenses are incurred. In Rev. Rul. 2020-27, the IRS doubled down on its previous position by holding that expenses incurred in the year prior to forgiveness are also nondeductible.

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Topics: Barret Pinto, PPP, PPP Loan Forgiveness, Payment Protection Program

11 Accounting Challenges Arising from COVID-19
Posted by Mark Winiarski on Tue, Aug 18, 2020 @ 05:38 PM

When organizations are financially struggling or affected by external events, several accounting considerations come into play. External events arising from the COVID-19 pandemic and its disruption could intersect with several components of accounting. A brief summary of possible considerations are described below.

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Topics: goodwill impairment, going concern, income tax accounting, Revenue recognition, COVID19, Coronavirus, financial statement disclosures, SEC, PPP Loan, Payment Protection Program, credit loss

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