Preparers May Fight IRS On PPP Deduction Denial-Hundreds Of Billions At Stake
One of the most exciting features of the Paycheck Protection Program was that it appeared that borrowers were going to be getting deductions funded with loans that did not have to be paid back. And there was an explicit statement that the discharge of indebtedness would not be taxable income.
Taxability.—For purposes of the Internal Revenue Code of 1986, any amount which (but for this subsection)…
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