SECURING GUIDANCE CLARIFYING PPP ADDBACK TIMING

In response to a request from NCACPA, the NCDOR issued revised guidance to clarify when taxpayers should add back expenses paid using the proceeds of a forgiven PPP loan. The timing of the addback of expenses has been the subject of questions and concerns raised by NCACPA members on our Connect platform, especially after Congress passed legislation in December 2020 ensuring that such expenses would be deductible at the federal level. 

February 2021