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IRS Denies Deductions for Business Expenses Paid with Proceeds of Forgiven Paycheck Protection Program (PPP) Loans

USA - May 11 2020 IRS Notice 2020-32, issued on April 30, 2020, denies deductions for otherwise deductible expenses of businesses that received qualifying business…

Erez I. Tucner.

IRS Provides Procedural Relief to Non-U.S. Individuals Unable to Leave the United States and U.S. individuals Working Abroad Unable to Return to Their Foreign Residence Country Due to COVID-19

USA - April 29 2020 Rev. Proc. 2020-20 provides temporary relief for foreign individuals who did not anticipate becoming a U.S. resident in 2020 and losing certain…

Pallav Raghuvanshi.