Retroactive deductions for PPP loans

      The Internal Revenue Service announced that certain businesses with forgiven Paycheck Protection Program loans are allowed to retroactively deduct regular business expenses.

      It affects taxpayers who, based on guidance prior to passage of the Consolidated Appropriations Act, 2021, did not deduct certain otherwise deductible expenses.

More information:
IRS guidance: https://www.irs.gov/pub/irs-drop/rp-21-20.pdf

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