Posted on December 22, 2020 by Mary Ellen Schill
Blog
On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated COVID-19 pandemic relief to individuals and businesses. President Trump is expected to sign the legislation shortly. It is […]
Posted on November 19, 2020 by Amy E. Ebeling
Blog
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments, etc.) if those payments are made using Paycheck Protection Program (PPP) funds and the company “reasonably expects” to have their PPP loan […]