Currently deductions are not allowed for PPP loan expenditures that result in forgiveness of a PPP loan. The IRS has stated that since PPP loan funds are not includible in taxable income, this lack of a tax deduction prevents a double tax benefit. With this in mind, PPP loan recipients should plan accordingly.
If you have any business personal property tax questions, please contact Perry Barnett at (770) 287-7800 or firstname.lastname@example.org. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!