Question If I obtain Paycheck Protection Program (PPP) loan forgiveness, can I still deduct the business expenses I paid with the loan forgiveness proceeds? Answer We have bad news—the IRS just released Notice 2020-32 telling us the answer is no. Quick Review As we discuss in COVID-19: New SBA Loans for Small Businesses – Maybe […]
COVID-19
Q&A: Are PPP Loan Forgiveness Expenses Deductible?
COVID-19 Crisis Creates Silver Lining for Roth IRA Conversions
For years, financial and tax advisors have lectured about the wonderfulness of Roth IRAs and why you should convert traditional IRAs into Roth accounts. But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing. For many, the financial fallout from the COVID-19 crisis creates a once-in-a-lifetime opportunity to […]
COVID-19: Tax Benefits for S Corporation Owners
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction. Perhaps you, too, would like us to help clarify which of […]
