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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