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Service Disallows Tax Deductions for Eligible PPP Expenditures

Thursday, May 7, 2020

Summary: Paycheck Protection Program (PPP) Expenditures Under the CARES Act

On April 30th, the IRS issued Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP)

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