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Tax attorney explains IRS documents on PPP deductions

An IRS revenue ruling clarifies that Paycheck Protection Program funds used for otherwise deductible expenses are not deductible if the borrower has a reasonable expectation that the loan will be forgiven, even if the borrower has not applied for forgiveness, writes tax attorney Brian Thompson. A revenue procedure issued by the IRS provides safe harbor for deductions if the borrower doesn't expect the loan to be forgiven this year.

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