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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.

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