Tax and financial advice from the Silicon Valley expert.

Does waiting to apply for PPP loan forgiveness change the time for the expense offset?

the IRS clarifies that when a taxpayer satisfies all of the requirements (having qualified expenses during 2020) and expects to apply for forgiveness of the related PPP loan, those expenses aren't tax-deductible for 2020, even when the application for forgiveness isn't made until 2021.

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Tax and financial advice from the Silicon Valley expert.