IRS Denied PPP Write-Offs, Congress May Restore Tax Deductions

Author: External Author | | Categories: Accountant , Audit Quality Control , Bookkeeping , Business Tax Preparation , Cash Management Services , Certified Public Accountant , Certified Public Accountants , Financial Planning , Financial Services Consulting , Payroll , Small Business Accounting , Tax Resolution

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The key is to try to get loans forgiven, so the money is really a tax-free grant from the government. One still unanswered question is whether you can take a tax deduction for the wages or rent you pay with PPP money. These are clearly business expenses, so why not? Because on April 30, the IRS ruled out tax deductions for wages and rent paid with forgivable PPP loans

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Original Article Source Credits: Forbes , https://www.forbes.com/

Article Written By: Robert W. Wood

Original Article Posted on: Aug 10, 2020

Link to Original Article:  https://www.forbes.com/sites/robertwood/2020/08/10/irs-denied-ppp-write-offs-congress-may-restore-tax-deductions/#3a3fcaa86133



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