An IRS revenue ruling clarifies that Paycheck Protection Program funds used for otherwise deductible expenses are not deductible if the borrower has a reasonable expectation that the loan will be forgiven, even if the borrower has not applied for forgiveness, writes tax attorney Brian Thompson. A revenue procedure issued by the IRS provides safe harbor for deductions if the borrower doesn't expect the loan to be forgiven this year.
Tax attorney explains IRS documents on PPP deductions
Sign up for Animal Health SmartBrief
News for animal health professionals
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.