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IRS doubles down on nondeductibility of PPP-funded expenses
11/20/2020

The Internal Revenue Service has issued guidance for taxpayers who pay otherwise deductible expenses with Paycheck Protection Program loan funds, saying even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible. The IRS has also provided a safe harbor procedure for taxpayers whose application for PPP loan forgiveness is either withdrawn or denied.

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