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

Christine384
Level 1
 
0 Cheers
3 Replies 3
IRonMaN
Level 15

Nope is the word for today.

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.
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.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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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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