tax deduction Tag

IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...

On Sept. 30, 2020, the IRS issued final regulations that provide guidance for meal and entertainment deductions under section 274 of the Internal Revenue Code. The following is a general...

In most cases, charitable gifts are deducted by taxpayers who itemize. Those donations are claimed on Schedule A of their annual tax return. However, this year, the Coronavirus Aid, Relief...