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 is to be tax free.
I expect Congress to enact legislation reversing this IRS ruling soon.
- Mark S Gleason CPA
- www.Mattson-CPA.com
