Tarlow Invites You:
Tax Implications of PPP Loans
The CARES Act stated that forgiveness of a Paycheck Protection Program (PPP) loan would be considered tax-exempt income, but it failed to address the impact of the associated expenses paid.
The Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 on November 18, 2020. Revenue Ruling 2020-27 provides needed clarity on a taxpayers’ ability to deduct eligible expenses for PPP loan forgiveness.
We invite you to join Aprio’s expert panelists for a webinar on Thursday, December 17, 2020, at 3:00 PM (EST) as they review and discuss the latest updates from the IRS.
Experts on the panel include:
- Justin Elanjian, Partner, Assurance Services
- Mitchell Kopelman, Partner-in-Charge, Technology & Blockchain Practice, Co-Chair Tax Practice
Tarlow is Here to Help – Please Contact Us with Questions
Tarlow Partners and staff members are closely monitoring guidance from the SBA, the Department of Treasury, Congress, and the IRS, as well as the PPP rules, tax-related legislation, and regulations. We are readily available to assist business owners and will continue to send updates about relevant news and changing guidelines. If you have any questions about this update or any tax and/or year-end planning matter, please contact your Tarlow advisor for assistance.