Revised December 30, 2020. Originally published December 22, 2020.

Congress just passed a second Coronavirus stimulus package that could dramatically reduce your 2020 taxes. This new law provides certainty that expenses paid with PPP funds will be tax-deductible. Below are five strategies to realize your cash flow savings from the tax reduction sooner.

Tax Certainty

From its inception in March, 2020, the CARES Act was clear that any PPP loan amounts forgiven would not be considered as taxable income. However, the law was silent on whether business expenses paid with PPP funds would be tax-deductible.

After months of uncertainty leading to massive confusion, the IRS ruled that...