The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from the SBA for forgiveness of loans of $2 million or more.
IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire
Updated: Nov 19, 2020