You may have heard that Paycheck Protection Program (PPP) loan forgiveness is already being administered, but you can wait until 2021 to apply. It might even be more tax-advantaged to do so (depending on your situation). And you may decide that full forgiveness isn’t worth it As of October, the IRS had ruled out the usual tax deductions for wages and rent that were paid with forgivable PPP loans to prevent a “double tax benefit”.
2020 Last-Minute Tax Checklist Before the New Year
