January 11, 2021
On December 27, 2020 the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, was signed into law on Dec. 27, 2020. This new tax law confirmed that confirmed that congress intended for eligible business expenses to be deductible even if the Paycheck Protection Program (PPP) loans that funded the expenses were forgiven.
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