Abby Normal Posted May 8, 2020 Report Share Posted May 8, 2020 https://www.journalofaccountancy.com/news/2020/may/expenses-reimbursed-by-ppp-not-tax-deductible-paycheck-protection-program.html Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted May 8, 2020 Report Share Posted May 8, 2020 I was sent that by a snarky customer who was disagreeing my suggestion to, under the present (and long existing rules) remember their PPP forgiveness is clearly not 100% of payroll costs, partially because the amount forgiven must be counted, less the effective tax rate for the company, proprietor, partners, whomever pays taxes at the end. This is not a "now" issue, it is a several months down the road issue. I chortled at the angry customer's message, as it was written as if AICPA sets the rules... AICPA is also begging for the PPP rules to be altered, such as letting the recipient determine their magic 8 weeks and raising the other allowed expenses to 50%, which some are reading as the actual rule, causing even more confusion. Quote Link to comment Share on other sites More sharing options...
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