The latest Irs along with awarded Rev

A week ago, the new Irs composed great tips on two items of interest to several taxation therapists and you will website subscribers. One to items concerned clarification on taxation therapy of Paycheck Protection Program (PPP) loan forgiveness. The other item inside if for every diem meal reimbursements try one hundred per cent allowable otherwise is actually simply for 50 %. In addition to, the brand new newly passed infrastructure statement has actually a couple of tax provisions away from relevance to many taxation preparers and you may customers.

For the Rev. Proc. 2021-forty eight, 2021-49 I.Roentgen.B., the fresh new Internal revenue service indexed you to definitely whenever you are PPP loan forgiveness was excluded of gross income, as tax-exempt earnings it can be used in a taxpayer’s terrible invoices for most other reason for the fresh new Code. For example, the brand new Internal revenue service listed you to tax-exempt money is roofed from the disgusting receipts take to to have reason for deciding whether an effective taxpayer qualifies to utilize cash accounting while the an effective home business taxpayer. Read More >