Expenses paid with 2020 PPP loans can be...

A new safe harbor in Rev. Proc. 2021-20 allows taxpayers who filed a tax year 2020 return on or before Dec. 27, 2020, to deduct their #PPP expenses on their 2021 tax return rather than file amended returns or administrative adjustment requests. @AICPA_JofA

Expenses paid with 2020 PPP loans can be...

The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended re

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