True Partners Insights
State & Local Tax Insights
Washington Tax Insight July 2020
Politics and Congressional Activity Discussion of the next COVID-19 pandemic relief legislation continues to dominate discussion in Washington despite the fact that many other important issues have yet to be addressed. Funding for FY21 for the federal government is being addressed in the House and Senate appropriations committees, but time is beginning to run short on the likelihood that Congress will meet the end of September deadline. Police reform legislation […]
IRS Guidance on Expenses Paid with PPP Loans
On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32 (Notice) which claims that expenses will be nondeductible if paid using loan proceeds that are later forgiven under the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Background The PPP was established as a low-interest emergency loan program to enable employers to retain employees and cover overhead costs along with the […]
The Paycheck Protection Program Flexibility Act & Treasury/IRS Guidance in Response to COVID-19
Congressional Action to Date In response to the COVID-19 crisis, government officials in Washington DC have taken a number of actions related to the economic effects of the crisis including legislation, regulatory action, and government agency action. Three pieces of legislation have been enacted thus far, including the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included several taxpayer-favorable changes to current tax laws to address the economic […]
