Industry News: Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

Industry News:   Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns  

Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns

 

The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020.

Pages

Latest Articles

  • 13 Jan

    Top 5 Ways a CPA Can Invite a Malpractice Lawsuit

    With our more than 35 years of malpractice claims experience, CAMICO has developed a wealth of information about what causes disputes between CPAs and their clients, what leads to litigation, and how to avoid or minimize the damages from such conflicts. The following five pitfalls are espe... read more

  • 10 Jan

    Ric Rosario Named in Top 100 People in Accounting

    CAMICO President and CEO Ric Rosario, CPA, was recently named one of Accounting Today's "Top 100 Most Influential People in Accounting: The thought leaders and change-makers who are shaping the profession." Here is the entry for Rosario in the Top 100 list:

    read more

  • 07 Jan

    War Story 120-A

    Topic: Fraud, PPP loan

    Services: Tax return preparation, financial st... read more

  • 07 Jan

    War Story 120-B

    Topic: Fraudulent PPP loans

    Services: Tax return preparation
    read more