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Tax Tip Tuesday: Tip #53, IRS PPP Loan Guidance for Deductibility

November 24, 2020

local accounting firms near me - Amanda Fricton Certified Public Accountant Bio IMGThe IRS recently released guidance about the deductibility of expenses in connection with the Paycheck Protection Program (PPP) loan under the CARES Act. The IRS position is that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a PPP loan because the income associated with the forgiveness is excluded from gross income under the CARES Act.

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