Taxes

IRS Destroy Tax Deductions

New IRS Efforts To Destroy Tax Deductions For PPP Paid Expenses

From what we know, when lawmakers originally passed the Paycheck Protection Program (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. Fly in the Ointment In late April, the IRS issued Notice 2020-32, which …

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IRS Destroy Tax Deductions