sjrcpa wrote:No. It is not income. But the expenses paid with the PPP loan are not deductible in 2020.
per yesterday's Rev Rul 2020-27
taxnexus wrote:Can those expenses that are not allowed be deducted in 2021?
JR1 wrote:IRS overstepped, I believe, from the legislative intent.
CornerstoneCPA wrote:I remain hopeful Congress will get off their ass and pass a bill overriding the IRS, which IMO are being cocky pricks on this subject.
Seaside CPA wrote:Sure do wish they had included a safe harbor for these fiscal year ends that go ahead and file without deducting the expenses due to expecting the loan to be forgiven, and then Congress changes the law at year-end to say they are deductible. I really do not want to have to go back and amend returns for any of this!
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