by Steven J Weil, PhD, EA, LCAM | Nov 19, 2020 | Uncategorized
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., have criticized Treasury’s latest PPP guidance on deductibility as missing “the mark.” “Since the CARES Act, we’ve stressed that our intent was for small businesses...
by Steven J Weil, PhD, EA, LCAM | Nov 19, 2020 | Blog, Covid-19
Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27, released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan...
