IRS Releases Additional Guidance on Non-Deductibility of PPP-Funded Expenses

IRS Releases Additional Guidance on Non-Deductibility of PPP-Funded Expenses

Last week, the Internal Revenue Service (“IRS”) issued two pieces of guidance—Revenue Procedure 2020-51 and Revenue Ruling 2020-27—reiterating its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (“PPP”) loan and clarifying the tax treatment for business expenses where a PPP loan is not forgiven in the year received. MORE.

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