Tax,
Labor/Employment
Dec. 2, 2020
IRS addresses treatment of expenses paid with PPP loans
A new ruling from the Internal Revenue Service adds more uncertainty — businesses now face the choice of a greater tax burden or foregoing forgiveness of their PPP loans.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
The Paycheck Protection Program -- part of the unprecedented $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act enacted to help mitigate the economic impact of the COVID-19 crisis -- continues to raise questions and concerns for small business owners.
A new ruling from the Internal Revenue Service adds even more uncertainty -- businesses now face the choice of a greater tax burden or foregoing forgiveness of their PPP ...
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