IRS Rules Against Deduction of Expenses Paid with Forgiven PPP Loans

Category Archives: PPP Loans

IRS Rules Against Deduction of Expenses Paid with Forgiven PPP Loans

IRS Notice 2020-32 rules that taxpayers are not entitled to a deduction for expenses paid with forgiven Paycheck Protection Program Loans. This flies in the face of the language in the CARES Act stating that the forgiveness of the loan … Continue reading

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