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

Christine384 · ‎11-02-2020

IRonMaN · ‎11-02-2020

Nope is the word for today.

Slava Ukraini!

abctax55 · ‎11-02-2020

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.

HumanKind... Be Both

qbteachmt · ‎11-02-2020

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

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