NEW Guidance on Paycheck Protection Program (PPP) Deductibility Expense

On Wednesday, November 18, 2020, the U.S. Treasury Department and IRS issued, in a press release, additional guidance that clarifies the deductibility of expenses where a business received a Paycheck Protection Program (PPP) loan.     Per the newly issued revenue...

Small PPP Loan Borrowers Get Big Break

According to a recent release from the Small Business Administration, borrowers can apply for forgiveness of their PPP loan using new SBA Form 3508S if the total PPP loan amount they received from their lender was $50,000 or less. “SBA Form 3508S requires fewer...

Hobby or Business: The IRS Takes a Stand

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allocable mortgage interest and property taxes. However, by...
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