Uncertainties with PPP and tax in 2021 | Tax Section Odyssey
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Uncertainties with PPP and tax in 2021 | Tax Section Odyssey

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UPDATE: As of April 30, 2021, there are still questions remaining on how to account for PPP loan forgiveness for calendar year flow-through entities. There is clarification for fiscal-year taxpayers with Rev. Proc. 2021-20. In this guidance, the IRS allows qualifying taxpayers (specifically those who filed 2020 returns prior to Dec. 27, 2020), who didn’t deduct their Paycheck Protection Program (PPP) loan expenses on their 2020 returns, to elect to deduct the expenses on their 2021 returns instead of

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