Some Interesting Tax Provision of the Consolidated Appropriations Act of 2021
December 29, 2020
There were some long awaited tax changes contained in the Consolidated Appropriations Act of 2021 (the “CAA”), but there were also some interesting additions.
For example, the CAA clarified that taxpayers can deduct expenses paid with PPP Loan proceeds overturning the IRS guidance on this issue. This benefit is substantial for taxpayers and effectively increases the PPP Loan proceeds by the amount…