Congress Could Reverse IRS Denial Of Tax Deductions For Paycheck Protection Expenses

Congress Could Reverse IRS Denial Of Tax Deductions For Paycheck Protection Expenses

On April 30, the IRS ruled out tax deductions for wages and rent paid with forgivable PPP loans. The IRS views it as a double dip. But some Senators and Congressmen are pushing back, saying that expenses funded with small business loans should be tax deductible after all, disagreeing with the IRS. The stakes clearly matter to businesses who have scooped up Paycheck Protection Program loans of up…

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