New IRS Safe Harbor Allows 2021 Deduction of Eligible 2020 PPP Expenses
On April 22, 2021, the IRS issued Rev. Proc. 2021-20, which allows the recipient of an original Paycheck Protection Program (PPP) loan (the taxpayer) to deduct on its 2021 return expenses actually incurred in 2020 that were not previously allowed as deductions, so long as the taxpayer filed a timely
