Taxpayers urgently need guidance on Paycheck Protection Program (PPP) loan forgiveness issues, the AICPA told the IRS in a letter on March 15.
The letter, sent to members of the IRS Chief Counsel’s office, makes recommendations on how to apply the Consolidated Appropriations Act, and specifically Sec. 276 of the COVID-related Tax Relief Act.
With tax filing deadlines approaching, practitioners and taxpayers need additional guidance on these provisions, the AICPA stated.