IRS Reverses Stance on Deducting Expenses Under PPP

IRS Reverses Stance on Deducting Expenses Under PPP

Miller & Chevalier

The Internal Revenue Service (IRS) today rescinded its previously issued Notice 2020-02 and Revenue Ruling 2020-27 by issuing Revenue Ruling 2021-02, which permits deductions for eligible expenses for recipients of loans under the Paycheck Protection Program (PPP).

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