IRS Confirms Expenses Paid with PPP Loans Not Deductible in 2020

In guidance issued in late November, the IRS confirmed that taxpayers that received a Paycheck Protection Program (PPP) loan and that paid eligible expenses with proceeds from that loan cannot deduct those expenses in the tax year in which the expenses were paid if, at the end of that tax year, the taxpayer reasonably expects Read more about IRS Confirms Expenses Paid with PPP Loans Not Deductible in 2020[…]