How New PPP Loan Guidance Impacts Tax Planning

by | Nov 24, 2020 | COVID-19, Tax and Accounting Desk

The IRS released new ruling and guidance on November 18, 2020 for businesses who received a Paycheck Protection Program (PPP) Loan, Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which clarifies the tax deductibility of expenses related to loans that have not been forgiven.

The PKF Texas team wants to share with you a special information document with timely considerations to start thinking about. Click the image to the right or download the document from our website.

There is not a uniform answer on when it is the best time for a business to apply for PPP Loan forgiveness, so please reach out to the PKF Texas accountants and advisors who can co-develop a solution which makes most sense for your business.

Byron Hebert, CPA, CTP
Chief Growth Officer & Practice Leader, EAS

Matt Goldston, CPA, CVA, CM&AA
Director, EAS

Sam Razmandi, CPA
Director, EAS

Danielle Supkis Cheek, CPA, CFE, CVA
Director, EAS

Del Walker, CPA
Practice Leader & Director, Tax

Frank Landreneau, CPA
Director, International Tax

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