Accounting Today (1/6, Cohn) reported, “The Internal Revenue Service and the Treasury Department released guidance [Jan. 6] on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven.” The latest coronavirus relief bill “included a provision that allows the expenses to be deductible,” and “it will allow expenses related to seeking forgiveness of the Small Business Administration-backed loans to be deducted by businesses that received the loans, so businesses will be able to engage accountants to help with the task of applying for PPP loan forgiveness.”
Small Business Advocates Pushing For Tweaks To Corporate Transparency Act. Bloomberg BNA (1/22) reported, “A recently crafted law to force anonymous shell companies to reveal their true owners has rankled small business advocates, who plan to push for tweaks.” The Treasury Department “has a one-year window to craft corresponding rules, and small businesses are scouring for opportunities to tweak it to their advantage.” NFIB vice president of federal government relations Kevin Kuhlman was quoted saying, “We’re definitely hoping that Treasury will do more to address the concerns of small businesses. ... We’re certainly going to be pushing for that —trying to get a broad exemption for small businesses that already disclose this type of information.”
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