IRS Clarifies Tax Implications of PPP Funds

Our friends over at Aprio shared important information: IRS Clarifies Tax Implications of PPP Funds

On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 (Ruling) which provides needed clarity on a taxpayers’ ability to deduct eligible expenses for Paycheck Protection Program (PPP) loan forgiveness.

Take a moment to read this article by Justin Elanjian. Justin is a partner in Aprio’s Real Estate & Construction, Non-Profit and Education groups.