The latest COVID-19 relief bill, passed in late December 2020, created new tax considerations for small business owners as it clarified expenses paid for with money from Paycheck Protection Program (PPP) loans created under the CARES Act would be deductible for federal income tax purposes.
BPM’s Bob Houston discussed the tax considerations in a recent Law360 article on the topic and said the timing of the PPP loan deductibility change – right before the beginning of tax season – may present challenges for taxpayers and for states.
Read the full article on the Law360 website.
About Bob Houston
Bob Houston specializes in tax planning, compliance, and implementation of sophisticated tax strategies for complex, multinational multi-entity organizations, including extensive experience with public and closely-held corporations. Additionally, Bob has specific experience working with foreign subsidiaries of U.S.-based parent companies. Areas of expertise include Subchapter C, Subchapter S, tax accounting methods and periods, and accounting for income taxes (FAS 109 and FIN 48).
Bob previously taught Accounting and Taxation at Golden Gate University.
About BPM’s COVID-19 Resource Center
As the economic and physical disruption caused by the COVID-19 pandemic continues to change the landscape of many businesses around the world, BPM is offering a free online Resource Center to help clients and friends of the Firm navigate the current crisis and build an action plan to survive and thrive in the future. BPM’s COVID-19 Resource Center has recent articles from our specialists, as well as links to relevant resources for individuals and business owners.