The U.S. IRS has announced the issuance of Revenue Ruling 2021-02 on 6 January 2021, which provides guidance on changes under the latest COVID-19 package allowing deductions for otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven. --- Eligible Paycheck Protection Program expenses now deductible WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Today's guidance,...