IRS Issues Revenue Rulings on Taxable Year in which PPP Expenses are not Deductible and a Safe Harbor When Borrower Does not Receive Full Forgiveness
The IRS recently released two new Revenue Rulings addressing expenses used to support Paycheck Protection Program ( PPP) loan forgiveness. Revenue Ruling 2020-27 addresses the taxable year in which PPP expenses are not deductible. Revenue Ruling 2020-51 offers safe harbors when the borrower does not receive or apply for full loan forgiveness. If you have […]