On our latest episode of Tax in Ten we discuss if expenses paid with money received through the Paycheck Protection Program are deductible from a tax perspective. Currently, the IRS has interpreted the CARES Act to state that taxpayers will receive no deduction for expenses paid related to the forgiven amounts. However, we are under the impression that this is on the agenda for a legislative fix in the next round of legislation, and the IRS’ stance is also being challenged by the AICPA. Tune in to here more on this topic below.
For further questions related to the CARES Act and the Paycheck Protection Program please reach out to a member of our COVID-19 task force at [email protected] or visit our COVID-19 Resource Center.