United States: IRS Confirms Taxpayers Cannot Deduct Expenses Paid With PPP Loans If Forgiveness Is Reasonably Expected - Ballard Spahr LLP

United States: IRS Confirms Taxpayers Cannot Deduct Expenses Paid With PPP Loans If Forgiveness Is Reasonably Expected - Ballard Spahr LLP

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In Revenue Ruling 2020-27, the IRS announced that taxpayers cannot deduct expenses paid for with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven.

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