The Internal Revenue Service (IRS) has issued several items of new guidance relating to loans under the Paycheck Protection Program (PPP), including two new FAQs addressing the interaction of PPP loans and employee retention tax credits (ERTCs) in M&A transactions, a Revenue Ruling holding that expenses funded by PPP loans that are expected to be forgiven in a subsequent taxable year are not deductible, and a Revenue Procedure covering how to claim deductions if such a PPP loan subsequently is not forgiven.

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Eileen Marshall

Adriana Wirtz

David Dalton

Timothy Shapiro

Patrick Sharma

Rick Jantz

Posted by Cooley