IRS Releases Guidance on Tax Treatment of PPP-Funded Expenses
Did your small business take advantage of the Paycheck Protection Program? The IRS has released guidance indicating that expenses paid with PPP loan funds cannot be deducted on the borrower’s tax return if the taxpayer expects the loan to be forgiven, but several bills have been introduced in Congress to clarify the intent of the CARES Act.
Surviving a Crisis and Planning for What’s Ahead
Since the pandemic began, many businesses have experienced temporary shutdowns, supply chain issues, reduced cash flow and a chaotic Paycheck Protection Program (PPP) loan process – just to name a few of the challenges. To survive uncertain times like these, and plan for a brighter future, follow this blueprint.
The Potential for Post-Election Tax Reform
The outcome of Tuesday’s election could have major tax consequences, especially if one party manages to win control of both houses of Congress and the White House.
While the corporate tax changes in the Tax Cuts and Jobs Act of 2017 were permanent, most of the individual tax provisions of that law are temporary and will expire by 2025. Both candidates have put forward proposals for various tax reforms leading up to the election.