“IRS Reversal: Expenses Paid With PPP Loan Funds Are Now Tax-Deductible,” by Melanie Waddell, ThinkAdvisor
“The Internal Revenue Service and Treasury Department issued new guidance Wednesday ending the prohibition on ‘double dipping’ when it comes to expenses paid with funds from Paycheck Protection Program loans. The new guidance allows ‘tax deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan under the Paycheck Protection Program.’ Previous guidance said that business expenses like rent, mortgage, utilities and salaries — deductible under normal circumstances — could not be deducted if paid for with PPP funds. But that guidance is now obsolete, says IRA expert Ed Slott of Ed Slott & Co.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
What is the opposite of double jeopardy?