Congress Authorizes Deductions for Qualifying Expenses Paid with PPP Forgivable Loan Proceeds
By EsqSocial Corporation 29/12/20
On December 27, President Trump signed the Consolidated Appropriations Act, 2021 (the “Act”) into law. Despite opposition from the IRS, the Act provides that qualifying expenses paid with proceeds from a forgivable Paycheck Protection Program (“PPP”) loan are deductible for federal income tax purposes, notwithstanding the fact that the PPP loan may be ultimately forgiven and exempt from income tax....
By: Hodgson Russ LLP