IRS Denies Deductions Paid With Forgiven PPP Loans

IRS Denies Deductions Paid With Forgiven PPP Loans

IRS

On April 30, 2020 the IRS issued Notice 2020-32 to provide guidance regarding the deductibility for Federal income tax purpose of certain otherwise deductible expenses incurred in a taxpayer’s business when the taxpayer receives a PPP loan.

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