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IRS Disallows Tax Deductions for Eligible PPP Expenditures

On April 30, the IRS issued Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP). The PPP was established by Section 1102 of the Coronavirus Read More »

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