CORONAVIRUS (COVID-19) STATEMENT – CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Mark Hayward

IRS Say PPP Loan Forgiveness Makes Expenses Not Deductible

As we struggled through the Paycheck Protection Program (PPP) loan applications this last month, something didn’t make sense in the way that the loan forgiveness worked. The recurring question we came up with was “How are expenses treated if they are paid with tax-free money?” We asked and the IRS answered. In Notice 2020-32, the …

IRS Say PPP Loan Forgiveness Makes Expenses Not Deductible Read More »