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Are PPP expenses deductible?

Posted on November 30th, 2020

The IRS issued final guidance that states taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of the PPP loan. The reason being is that the income associated with the forgiveness is excluded from gross income under the CARES Act.

IRS doubles down on nondeductibility of PPP-funded expenses (thetaxadviser.com)


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