Showing 2 posts by Julian A. Fortuna.
Tax Deductions for COVID-19 Losses
The COVID-19 disaster has caused significant financial losses for many businesses and their owners. Whether a business is owned by a sole proprietor, or by a Limited Liability Company, Partnership, or S Corporation treated as pass-through entity for income tax purposes, or by an entity taxable as a C Corporation, there are opportunities for the business and/or its owner(s) to use current year business and investment losses to obtain refunds of taxes paid in prior years.
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Paycheck Protection Program Loan Forgiveness and Tax Deductions
On April 30, 2020, the IRS announced in Notice 2020-32 (the Notice), its position regarding the disallowance of certain otherwise allowable tax deductions for a borrower (taxpayer) that is forgiven repayment of a Paycheck Protection Program (PPP) loan. While the notice is apparently contrary to the intent of Congress and not entitled to judicial deference because it was issued without prior notice and comment, the IRS nevertheless will attempt to enforce it.
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