Tax Warrior Chronicles

PPP Update #18 – Further Clarity on Deductibility of Expenses

Posted on Fri, Nov 20, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

 

On November 18, 2020, the IRS released Revenue Ruling 2020-27, amplifying Notice 2020-32, and simultaneously issued Revenue Procedure 2020-51. Both provide further clarity on deductibility of expenses paid with Payroll Protection Plan (PPP) funds and, not surprisingly, leave us with more unanswered questions.

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