Breaking PPP News: IRS Leaves Taxpayers Disappointed
Long-awaited guidance from the IRS released late 11/18/20 is not very favorable for taxpayers on the issue of the non-deductibility of expenses related to PPP loans.
Based upon this latest guidance, the IRS is clearly stating that the expenses associated with PPP are non-deductible in 2020.
To be clear, if you reasonable basis to assume you will be granted forgiveness, regardless of whether you have applied or applied and not received forgiveness, these expenses are non-deductible in 2020. It goes without saying that tax planning just got significantly more complex and businesses must plan accordingly.
Join SN’s PPP and Strategic Tax Planning experts as we provide you with an update on this latest guidance, plus any additional releases that occur.
About the Presenters
Tom Moul, CPA | Director, Strategic Tax Advisory Services Group
Tom specializes in customized planning that increases tax efficiency by considering the unique big-picture needs and goals of each client. Working closely with companies, Tom outlines steps to minimize taxes, identify alternatives, and understand tax implications and structure transactions.
Additionally, Tom applies his tax expertise to clients who are conducting or considering conducting international business ventures. His love of sports has given Tom an appreciation for the positive impact of coaching which he applies to his every day work by helping and encouraging others.
Jennifer leads clients through the complex world of federal, state and international taxation of corporations, partnerships and individuals. Additionally, she provides tax research, consultation, and compliance in the areas of accounting methods, international tax, multi-state taxation, tax credits, depreciation, entity selection and structure, and overall strategic tax planning and advisory services. In short, she knows a thing or two about taxes.
A tax specialist with a thing for history and the Civil War, Jennifer brings a unique perspective to her clients and with over 18 years of experience, she has seen just about every tax scenario. Her deep working knowledge of taxation has contributed to the success and profitability of clients in a diverse range of industries.
Mindy Toole, CPA, CGMA, CDA | Director, AEC Tax Practice
Mindy is not interested in being a “jack-of-all-trades” accountant. She is all AE, all the time, and her knowledge of the industry runs deep. Formerly an owner at both T. Wayne Owens & Associates, PC and TWO CPAs & Consultants, Inc., Mindy has handled many complex projects for AE firms during her career and understands the nuances that exist in the AE world. Some of her many client success stories include the time she helped a firm save nearly $9 million through a well-executed change in accounting method from accrual to cash, handling the tax side of the sale of a large multi-state engineering firm to a publicly-traded company, and successful M&A deals.
As Director, Steve’s concentration is on assisting clients within the architecture, engineering, construction and real estate development industries to improve internal processes and maximize profitability. Clients also benefit from his extensive experience auditing employee benefit plans ranging from 100 to 5,000 employees. In addition to his technical competence, Steve is an avid Penn State football fan and expert tailgater.