Bronsky & Company, CPAs
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General Information
Locality: Amherst, New York
Phone: +1 716-634-1100
Address: 501 John James Audubon Pkwy 14228 Amherst, NY, US
Website: www.bronskyandcompany.com/
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In case you missed the update on our website last week, we posted this small update on whether the IRS will allow PPP funded expenses to be deducted: IRS DENIES DEDUCTIBILITY OF PPP-FUNDED EXPENSES November 24, 2020... On 11/08/20, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, clarifying their previous position as stated in the IRS Notice 2020-32, regarding the deductibility of expenses paid with Paycheck Protection Program (PPP) funds. IRS Notice 2020-32 states, no deduction is allowed for an eligible expense that is otherwise deductible if the payment of the eligible expense results in forgiveness of the covered (PPP) loan. What this essentially means is that although the PPP funds should not be considered taxable income if the loan is forgiven, the qualified expenses paid using those funds should also not be deductible for income tax purposes. The American Institute of CPAs believes that the IRS’s interpretation denying deductions of expenses forgiven under the PPP is contrary to Congress’s intent when creating the PPP loans, and is continuing to advocate for legislation that would clarify that the receipt and forgiveness of assistance through the PPP does not affect the deductibility of ordinary business expenses. As of the date of this writing, Congress has not signed anything into law that counters the IRS guidance issued.
We are approaching the end of a long, chaotic year but don't let the distractions keep you from addressing your year end tax-planning! Need some help? Give us a call at 716-634-1100!
In light of our changing environment and in an attempt to protect our staff, we request that you mail, scan, or fax your records to us, if you're able to, instead of dropping the records off in person. We can also schedule phone appointments to go over any questions you may have regarding your return. If you would like to securely scan your documents to us, please call or email us to receive a secure link for upload. Our office number is 716-634-1100 and our fax number is 716-204-4894. Thank you for your cooperation and patience during this time.
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