IRS Issues Tax Guidance on PPP Loans

Ferrone & Associates CPAsBlog

The Treasury Department and the IRS have just released additional guidance on the tax treatment of forgiveness of Paycheck Protection Program (PPP) loans authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act. But is it enough? The CARES Act says PPP loans may be forgiven without any tax consequences. The new ruling and accompanying revenue procedure follow up … Read More

What Now? Next Steps for Phase 4 Relief

Marci RomneyBlog

Among other tax changes, the CARES Act loosened rules governing net operating loss deductions (NOLs). These modifications provided much-needed relief for businesses, and there is an opportunity to build upon them in upcoming “Phase 4” economic relief legislation. Contrary to some of the rhetoric surrounding the changes to NOL deductions in the CARES Act, the provisions are a step forward … Read More