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IRS Doubles Down on Nondeductibility of PPP-funded Expenses

(JofA) - The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible



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More Headlines
Tax Wrinkles for Work-at-Home Employees During COVID-19 
(Kiplinger) - Are your home office expenses deductible? How does going out of state to work for a while affect your tax picture? There are some interesting wrinkles to iron out.


U.S. Housing Starts Increase 4.9% in October 
(CFO) - The housing market’s “momentum could slow amid a resurgence in new COVID-19 infections that is putting strain on the economic recovery.”


How to Insert Bullet Points in an Excel Spreadsheet 
(How-to-Geek) - Adding a bulleted list in an Excel worksheet isn’t straightforward, but it’s possible. Unlike Microsoft Word—or even PowerPoint—there’s not much in the way of visual cues to guide you when adding these lists. Instead, we’ll try some manual trickery to get the task done.


Do Professional Standards Account for Pandemic Risks? Sustainability Reporting and COVID-19 
(CPA Journal) - How do the profession’s standards stack up against the new pandemic risks? Are they sufficiently robust to address the challenges of the coronavirus era? These questions are urgent and timely...


IRS Criminal Division Identified $2.3 Billion in Tax Fraud in 2020 
(CPA Practice Advisor) - Key focuses of CI in fiscal year 2020 included COVID-19 related fraud, cybercrimes, with an emphasis on virtual and cryptocurrencies, traditional tax investigations, international tax enforcement, employment tax, refund fraud and tax-related identity ...


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