Congressional Leaders Tell Treasury That PPP Borrowers Should Be Entitled To Deductions

Congressional Leaders Tell Treasury That PPP Borrowers Should Be Entitled To Deductions

Getty

The IRS ruled that a Paycheck Protection Program (PPP) borrower who spends PPP funds on normal business expenses cannot deduct those expenditures for federal tax purposes.  But its position, which left many in congress wondering if the IRS missed the 335-page memo, may not be the last word.  Today, a bipartisan group of congressional leaders formally alerted the Treasury Department that…

View On WordPress