New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

Here’s a question you might think has a straightforward answer…

Are expenses related to your Payroll Protection Program (PPP) loan deductible?

So … does this question have a straightforward answer?

You must be joking!

You see, lawmakers and the IRS have screwed things up royally and the result is complications, contradictions, and confusion.

Need help sorting things out and seeing how all this affects you?

We’ll make sense of this when you…

Read the full article…

“New IRS Efforts to Destroy Tax Deductions
for PPP Paid Expenses”

Here’s the story in a nutshell.

Lawmakers and the IRS disagree on whether or not you can deduct the expenses we mentioned above.

How did this disagreement arise?

Thank the lawmakers. The problem started with their original ambiguous drafting of the loan-forgiveness-law language. Confusing. Sloppy.

Thank the IRS. Their position is that they have to follow the language of the law despite the fact that it’s internally contradictory and unclear.

We’ll spare you the details now, but suffice it to say that lawmakers and the IRS have been going back and forth arguing about how to handle this important disagreement.

Read the full article for full details.

The most important question.
How does all this affect you?