Tax Resolution Attorney John P. Willis Talks About A Shift In The Business Tax Law That Is Good News For Businesses That Received PPP Loans.
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR shares some good IRS news for business owners who applied for and received PPP loans that will be helpful this tax season.
Fairhope, AL, January 19, 2021: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “No Deduction Denied.” Mr. Willis speaks to a policy change of heart that means good news for business.
Willis writes, “With the 2020 tax season bearing down upon us, the Internal Revenue Service has issued some good news for small business owners who received PPP Loans under the 2020 Cares Act.” He continues, “In a policy shift that came after Congress passed new legislation last month, the IRS will now allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money.” He adds, “This decision overrides previous rules stating that recipients of PPP loans that had been forgiven couldn’t claim deductions for the wages, rent, utilities and other expenses covered by the loans.”
According to Willis, “In a recent statement, the IRS said, “no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan.””
Willis goes on to say, “This IRS change of heart means that some businesses could end up paying a negative tax rate on their PPP money — meaning the tax benefits outweigh the amount of their loan. For business owners paying the top tax rate, it generally means they could save as much as $37 on their taxes for every $100 of tax-free PPP money they received.”
The entire blog can be read at: http://www.irsallstar.com/blog/no-deduction-denied.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 21 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities. The entire blog can be found at http://www.irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.