The Paycheck Protection Program offers an alluring loan of up to $10M tax free. If you comply, you don’t even have to pay it back. What’s more, there is no forgiveness of debt income when your loan is forgiven, something that is standard fare if you are relieved of paying back debt. However, IRS Notice 2020-32 confirms […]
via IRS Denies Tax Deductions For Wages, Rent Paid With Forgivable PPP Loans — Easy Money
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