Just my personal opinion. Congress will keep tinkering with this stuff. Currently we have an unfavorable IRS interpretation saying that expenses paid with forgiven PPP loan money are not deductible. That could easily change by another act of Congress. They've already tinkered with the minimum payroll percentage to allow more "other" qualified expenses to be included in the forgiveness calculation.
Given the track record of Congress lately (I still have a list of 2018 1040X returns to file with energy credits & other extenders!), I would not be surprised if we're well into 2021 before we really know what the "final" rules are going to be regarding PPP loan forgiveness and the taxation thereof. So I'm not personally in a rush to have folks file right now.
Rick
Given the track record of Congress lately (I still have a list of 2018 1040X returns to file with energy credits & other extenders!), I would not be surprised if we're well into 2021 before we really know what the "final" rules are going to be regarding PPP loan forgiveness and the taxation thereof. So I'm not personally in a rush to have folks file right now.
Rick
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