Tax
May 12, 2020
IRS finds expenses paid with PPP loan proceeds are nondeductible
What Congress and the Small Business Association giveth, the IRS taketh away.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
IRS finds expenses paid with PPP loan proceeds are nondeductible
What Congress and the Small Business Association giveth, the IRS taketh away.
On April 30, the IRS issued Notice 2020-32 regarding the deductibility of expenses when a taxpayer receives a Paycheck Protection Program loan, a forgivable loan designed to help businesses keep their workforce employed during the coronavirus pandemic. T...
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