8180 NW 36th St., Suite 301, Doral FL 33166 (305) 517-3977 info@ia.tax

Another wrinkle in the PPP loan debacle!

PPP loan

The IRS has added a new wrinkle to the Small Business Administration's Paycheck Protection Program.  The new guidance, issued Nov. 18,

has specifically prohibited any small business that has a reasonable expectation of PPP loan forgiveness from deducting those expenses in its 2020 taxes.  Even if it takes until 2021 or 2022 to reach actual forgiveness, or if the business has yet to even fill out a forgiveness application.

With this new rule, we will be including any PPP funds as taxable income on your 2020 tax returns, unless congress acts fast to change it.  

Sorry to be the bearer of bad news!

Respectfully,

Mathew Shiebler, CPA

Matthew Shiebler, CPA is the President of Interactive Accountants, LLC a CPA Firm based in Doral. He is a licensed CPA in the states of Florida, New Jersey and New York and a member of the American Institute of Certified Public Accountants (AICPA). Since 1993, it has been his mission to help small and medium sized companies to comply with all their accounting needs. Whether it be taxes, finances or acquisitions and mergers, Matthew is well versed in all aspects. Matthew has unique experience in the hospitality and restaurant industries, law firms, medical practices, e-commerce, technology firms and start-ups. It is his passion to bring his experience and knowledge to all his clients.

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About Us

At Interactive Accountants, we have one primary goal. We help you minimize your taxes and measure your success. Throughout the years, we’ve helped hundreds of entrepreneurs by taking accounting matters off their plate, providing stellar ongoing tax advice and amazing customer support.

Contact Info

Address:
8180 NW 36th St., Suite 301, Doral FL 33166

Phone:
(305) 517-3977

Email:
info@ia.tax