U.S. Internal Revenue, IRS provides guidance on deductibility of PPP loans
The Treasury and the IRS have issued two instructions on the tax treatment of expenses paid with a loan from the Paycheck Protection Program (PPP). 2020-27, released late in the afternoon on November 18, provides sub-regulatory guidance on whether a PPP loan participant who paid or incurred certain deductible expenses can deduct those expenses in…
Read more