PPP Expenses are Not Tax Deductible
We recently came across this helpful article from RuderWare about PPP Expenses that are Not Tax Deductible. The IRS has re-affirmed their stance on this subject, which is talked about in more detail.
Specifically, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses. Things such as payroll, rent, covered utility payments, etc. if those payments are made using Paycheck Protection Program (PPP) funds. Also, if the company “reasonably expects” to have their PPP loan forgiven.
Again, please feel free to read the article from RuderWare, and reach out to us with any questions you may have around how PPP Expenses are Not Tax Deductible.Tags: Enlighten Financial, PPP Expenses are Not Tax Deductible