Since the IRS issued Notice 2020-32, PPP borrowers and their advisors have questioned whether they can deduct forgivable expenses paid with PPP loan proceeds on their 2020 tax returns if the loan will not be forgiven until 2021. On November 18, 2020, the IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 resolving the timing issues related to PPP loan forgiveness and the deductibility of related PPP expenses.

On October 26, 2020, the Small Business Administration (SBA) published a notice seeking approval from the Office of Management and Budget (OMB) to release two new forms to supplement the loan forgiveness applications of larger PPP borrowers. The forms, not yet publicly available but have been circulated, will facilitate the collection of information that will be used by SBA loan reviewers to assess borrowers’ good faith certification made on their Paycheck Program Protection (“PPP”) loan application that current economic uncertainty made the loan request necessary to support their ongoing operations.

When COVID-19 hit the U.S., it brought travel to a screeching halt. As restrictions in the country loosen or are lifted altogether, many are wondering how traveling can be safely resumed, especially in a business setting. Many companies that have traditionally relied on commercial aircrafts are contemplating purchasing a private plane for associates to use instead.

The upcoming presidential election could hold long-term implications for tax reform, no matter which candidate wins. While neither campaign has released a detailed tax plan on the campaign trail, former Vice President Biden has proposed high-level policies familiar of the Obama era, and an abrupt departure from the Tax Cuts and Jobs Act (TCJA) measures put into place in 2017.