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Any word whether thePPP loan foregivness will still allow the deductions for payroll/rent/utilities ?

Christine384
Level 1
 
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3 Comments 3
IRonMaN
Level 15

Nope is the word for today.


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abctax55
Level 15

Those in the 'know' are hopeful that it'll get resolved by the time to file returns in April 2021.  NOT encouraging.  I plan on informing clients that extensions may be in order.

"Tax software is no substitute for a professional tax preparer"
qbteachmt
Level 15

As of right now, the forgiven loan (grant) isn't income and the related expenses are not a write off, because that gives a double benefit. This was recently affirmed by the IRS, but I would wait until after the elections are settled, because things might change.

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