AICPA and trade associations ask Congress to fix PPP loan deductibility

December 4, 2020 Tax Coronavirus

In a Dec. 3 letter addressed to the U.S. Senate majority and minority leaders and the leaders of the House of Representatives, several hundred national trade associations, including the AICPA, and many state and regional affiliates appealed to Congress to pass legislation this year reversing the IRS’s treatment of expenses paid by funds borrowed under the Paycheck Protection Program (PPP) that are ultimately forgiven. Continue reading the full article on the Journal of Accountancy website >

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