Hawthorne & Co. CPAs

AICPA and Trade Associations Ask Congress to Fix PPP Loan Deductibility

AICPA and Trade Associations Ask Congress to Fix PPP Loan Deductibility

In a letter to Congress dated Thursday, December 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 to reverse the Internal Revenue Service’s position that amounts forgiven in loans under the Paycheck Protection Program be nondeductible business expenses.

If you should have any questions, please contact our office at (206)243-2336 or email us at office@hawthorne-cpa.com.

** This information is provided for general educational purposes only. Before taking any action based on this information, we strongly encourage you to consult with a professional accounting advisor about your specific situation.

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