Preparation 
IRS Clarifies Timing of Paycheck Protection Program Loan Forgiveness Basis Increase
The Internal Revenue Service (IRS) released three new revenue procedures last month clarifying Paycheck Protection Program (PPP) loan and other federal COVID-19 grant tax-exempt income recognition, expense deductions paid with COV... Jane Ryder, EA, CPA
Jan/Feb 2022,
Preparation,
Rev. Proc. 2021-50, SBA Community Advantage loans, s corporation, SBA microloan, partnership, COVIDTRA, Restaurant Revitalization grants, COVID-19, COVID-related Tax Relief Act of 2020, subsidiary member, PPP, tax-exempt income, Bipartisan Budget Act of 2015, Paycheck Protection Program, loans, carryback, SBA loans, Rev. Proc. 2021-49, pass-through, Schedule K-1, Emergency Economic Injury Disaster Loan, Form 1065, EIDL, net operating loss, SBA 7(a) loans, NOL