USA Used Revenue Ruling 20-27 for PPP

Joined
Nov 22, 2021
Messages
1
Reaction score
0
Country
United States
I filed a 2019 federal tax return for a corporate client when Revenue Ruling 20-27 was relevant for PPP loans, so I excluded expenses related to the PPP loan (i.e. wages paid). After the return was filed, new guidance was released stating that the expenses were deductible and the forgiveness was nontaxable. Other than amending the 2019 return, is there anything else I can do to correct how I originally handled this? Please provide support for your answer.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,775
Messages
27,839
Members
21,814
Latest member
alea2024

Latest Threads

Top