IRS Issues Additional PPP Deductibility Guidance with Safe Harbor

While it may not be the guidance that some borrowers were hoping for, the IRS released Rev. Rul. 2020-27, which holds that taxpayers should not deduct PPP funded expenses in the year the expense was paid or incurred regardless of whether the taxpayer has sought forgiveness on the loan. In addition, the IRS issued Rev. … Continue reading IRS Issues Additional PPP Deductibility Guidance with Safe Harbor