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deductibility

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PPP – Expense deductibility supported by legislators

As expressed in our previous post titled " Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change " from May 2020, we mentioned that the legislators were planning to introduce legislation to allow the deductibility of expenses covered with PPP funds. After the IRS issued Notice 2020-32, several legislators commented that the IRS

By |2021-01-05T11:14:26+00:00August 4th, 2020|Categories: Business|Tags: , , , |
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Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change

After the IRS released the Notice 2020-32 (link below) indicating that the PPP funds used to cover business expenses were non deductible, the legislators like Sen. Charles Grassley (R-IA), the chair of the Senate Finance Committee, and Rep. Richard Neal (D-Mass.), the chair of the House Ways and Means Committee, have expressed that the IRS interpretation

By |2021-01-05T11:35:41+00:00May 29th, 2020|Categories: Business|Tags: , , , |
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