media:remote_video:23dcfbd2-e5f0-4c33-a189-e3411130ac94
PayCheck Protection Loans: Are Expenses funded by "Forgiveable" PPP Loans Deductible or Not? If so, when?
Presented by Bradley Burnett, Bradley Burnett Tax Seminars, Ltd.
The IRS has recently rambunctiously launched Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to dissuade taxpayers from deducting expenses funded by a forgiven PPP loan. But, is the IRS correct?
This replay features tax attorney Brad Burnett leading a thoughtful review of questions:
- Is the IRS’s newly fortified approach (denying PPP funded deductions) correct?
- What are the odds of success of a taxpayer challenge?
- Can we penalty-proof a challenge to the IRS’s position?
- What are the potential consequences of challenging?
- How do you tax plan for 2020? NOL deductions? Estimated tax payments?
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