Vorys (Ohio/Texas): IRS Guidance Clarifies Non-Deductibility of PPP-Funded Expenses Where Loan Forgiveness is Reasonably Expected

Paycheck Protection Program (PPP) borrowers have been waiting for additional guidance on the deductibility of PPP-funded expenses.  In late April, the IRS issued guidance stating that borrowers may not claim a deduction for expenses that result in the tax-free forgiveness of their loan.  This week, the IRS expanded upon this guidance by addressing the situation where a PPP loan has not yet been forgiven by the end of the tax year in which such expenses were incurred. MORE.

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