The IRS' upcoming priority guidance plan, which will detail regulatory projects it plans to cover from July 2020 through June 2021, should address the tax implications of loan forgiveness under the Paycheck Protection Program, the accountant group said in the comments dated Aug. 7.
For example, guidance should focus on the characterization of loan forgiveness for exempt organizations and allow tax deductions for expenses covered by PPP loans or through other federal disaster relief, the comments said.
The loan program was authorized by the Coronavirus Aid, Relief and Economic Security Act
. The comments, organized by the AICPA working groups that developed them, also sought regulations or other guidance on certain provisions of the 2017 Tax Cuts and Jobs Act
. Other topics the AICPA seeks guidance on include the tax treatment of cryptocurrency and the agency's policy to not issue letter rulings on certain tax issues.--Editing by Neil Cohen.
For a reprint of this article, please contact reprints@law360.com.