Janet Kim, CPA, MST Tax Director The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven and excluded from the borrower’s income. The IRS has determined otherwise deductible expenses that are paid with PPP funds may not be deductible for federal income tax purposes to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the PPP, the
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Archives for covid
Summary Analysis of Coronavirus Enacted Laws
Richard A. Huffman, CPA, MST Tax Partner With the recently enacted laws to help companies with the current Coronavirus pandemic, there has been confusion regarding which benefit programs will apply to what companies. In our efforts to assist you in which benefits can help you and your company, WFY has created a breakdown summary spreadsheet and flowchart below.
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accountants, accounting, benefits, california, cares act, certified public accountants, coronavirus, coronavirus help, covid, covid19, cpa, cpa firm, family first corona virus act, irvine, orange county, paycheck protection program, payroll tax credit, payroll tax deferral, ppp, sba loans, tax, tax benefits, tax firm, wfy, and wright ford young.