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    • Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    Any word whether thePPP loan foregivness will still allow the deductions for payroll/rent/utilities ?

    Christine384
    Level 2
    ‎11-02-2020 11:58 AM
     
    0 Cheers

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    3 Comments 3
    IRonMaN
    Level 15
    ‎11-02-2020 12:54 PM

    Nope is the word for today.


    Slava Ukraini!
    abctax55
    Level 15
    ‎11-02-2020 01:16 PM

    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
    Level 15
    ‎11-02-2020 01:53 PM

    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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