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Home - Posts tagged: TAXABLE

TAXABLE

05/11/20 – IRS Disallows Tax Deduction for PPP-Related Expenses

  • by SKDO
  • May 11, 2020
  • 0
  • Category: COVID-19 Resources, PPP Loan

The IRS issued a notice stating that no tax deduction will be allowed for any expenses later forgiven under the PPP loan, so, in essence, any amount forgiven will be taxable. This notice goes against the very intent of the CARES Act, which specifically stated that loan forgiveness would not be includible in gross income. […]

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SKDO
SKDO
  • 1605 North Convent
    Bourbonnais, IL 60914
  • 815.937.1997
  • info@skdocpa.com

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