“Nontaxable” PPP Loan Forgiveness Will Essentially Be Taxable

The Internal Revenue Service has clarified in an IRS notice today, that no deductions will be allowed for those expenses resulting in loan forgiveness granted through the Paycheck Protection Program.  While we are disappointed in this outcome, it did not come as a surprise (as predicted in our 4/17/2020 PPP Forgiveness Webinar). In most cases this … Continue reading “Nontaxable” PPP Loan Forgiveness Will Essentially Be Taxable