Last week, the Internal Revenue Service (“IRS”) issued two pieces of guidance—Revenue Procedure 2020-51 and Revenue Ruling 2020-27—reiterating its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (“PPP”) loan and clarifying the tax treatment for business expenses where a PPP loan is not forgiven in the year received. MORE.
Court allows private law claim for recovery of expenses
January 14, 2021
