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IRS Destroys Deduction for PPP Paid Expenses
Dec 16, 2020
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When lawmakers originally passed the PPP they thought that under its provisions
- you did not pay taxes on the forgiveness amount, and
- you also could deduct the expenses that you paid with the PPP money.
Obstacle
In late April, the IRS issued Notice 2020-32, which asserts that PPP loan recipients...
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