[vc_row type=”full_width_background” full_screen_row_position=”middle” bg_color=”#3a3a3a” scene_position=”center” video_bg=”use_video” video_webm=”https://www.sansiveri.com/wp-content/uploads/2019/06/Healthcare-Increasing-Revenues.m4v” text_color=”light” text_align=”left” top_padding=”17%” bottom_padding=”17%” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column centered_text=”true” column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none” enable_animation=”true” animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none”][vc_column centered_text=”true” column_padding=”padding-7-percent” column_padding_position=”all” background_color=”#ffffff” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” top_margin=”-6%” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

November 23, 2020

[/vc_column_text][divider line_type=”Small Line” line_alignment=”default” line_thickness=”2″ divider_color=”accent-color” animate=”yes” custom_height=”50″ custom_line_width=”80″][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” bg_color=”#ffffff” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none”][vc_column centered_text=”true” column_padding=”padding-7-percent” column_padding_position=”all” background_color=”#ffffff” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” top_margin=”-6%” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

Update on PPP Forgiveness Funds

[/vc_column_text][divider line_type=”Small Line” line_alignment=”default” line_thickness=”2″ divider_color=”accent-color” animate=”yes” custom_height=”50″ custom_line_width=”80″][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

[/vc_column_text][divider line_type=”No Line” custom_height=”30px”][vc_column_text]

Revenue Ruling 2020-27 (https://www.irs.gov/pub/irs-drop/rr-20-27.pdf) reiterates the IRS position that no deduction is allowed for eligible PPP expenses if the payment of such expenses results in the forgiveness of a PPP loan. The ruling then further clarifies and elaborates that a taxpayer may not deduct such expenses in the taxable year in which such expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness, even if the taxpayer has not submitted an application for forgiveness by the end of such taxable year. Thus, in the case of a taxpayer who incurs PPP expenses in 2020 and applies for forgiveness in 2021, the PPP expenses will still not be deductible in 2020.

[/vc_column_text][divider line_type=”No Line” custom_height=”10px”][vc_column_text]

Revenue Procedure 2020-51 (https://www.irs.gov/pub/irs-drop/rp-20-51.pdf) provides guidance for situations where in 2021, the PPP loan forgiveness is either a) partially or completely denied; or b) the taxpayer decides not to apply for forgiveness. In such situations, the IRS generally provides 2 safe harbor options: 1)  The taxpayer may then deduct the applicable PPP expenses on its original 2020 tax return (or an amended 2020 tax return if the original tax return has already been filed); or 2) The taxpayer may choose to deduct the applicable PPP expenses on its 2021 tax return.

[/vc_column_text][divider line_type=”No Line” custom_height=”10px”][vc_column_text]

We will continue to monitor this issue and provide updates as any new guidance becomes available.

[/vc_column_text][/vc_column][/vc_row][vc_row type=”full_width_content” full_screen_row_position=”middle” equal_height=”yes” content_placement=”middle” scene_position=”center” text_color=”light” text_align=”left” top_padding=”100″ bottom_padding=”0″ overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column centered_text=”true” column_padding=”padding-8-percent” column_padding_position=”all” background_color=”#000000″ background_color_opacity=”0.6″ background_color_hover=”#002a5c” background_hover_color_opacity=”0.6″ video_bg=”use_video” video_mp4=”https://www.sansiveri.com/wp-content/uploads/2019/02/Healthcare2.m4v” column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/2″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none” enable_animation=”true” animation=”grow-in” delay=”50″][vc_custom_heading text=”Your Wellbeing Matters to Us” font_container=”tag:h5|text_align:center|color:rgba(255%2C255%2C255%2C0.7)” use_theme_fonts=”yes”][vc_custom_heading text=”Healthcare” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][nectar_cta btn_style=”underline” heading_tag=”h5″ link_type=”regular” alignment=”center” link_text=”Learn More” url=”https://www.sansiveri.com/healthcare/”][/vc_column][vc_column centered_text=”true” column_padding=”padding-8-percent” column_padding_position=”all” background_color=”#002a5c” background_color_opacity=”1″ background_color_hover=”#002a5c” background_hover_color_opacity=”0.6″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/2″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_custom_heading text=”Get in Touch” font_container=”tag:h5|text_align:center|color:rgba(255%2C255%2C255%2C0.7)” use_theme_fonts=”yes”][vc_custom_heading text=”How can we help you define the future?” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][nectar_btn size=”medium” button_style=”see-through-2″ hover_text_color_override=”#ffffff” icon_family=”none” url=”https://www.sansiveri.com/contact-us/” text=”Contact Us” margin_top=”25″][/vc_column][/vc_row]