24Nov
IRS Releases Additional Guidance Regarding Interaction of Employee Retention Tax Credits and PPP Loans in M&A Transactions and Deductibility of PPP Loan Expenditures
Last week, the Internal Revenue Service (IRS) issued additional guidance on two outstanding issues regarding Paycheck Protection Program (PPP) Loans and the Employee Retention Tax Credit (ERTC) provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). First, the IRS updated previously published Frequently Asked Questions (FAQs) to provide helpful clarification of the interaction of the ERTC and PPP Loans in M&A transactions. Second, the IRS issued Revenue Ruling 2020-27...
By:
Wilson Sonsini Goodrich & Rosati
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