IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds
Dear friends and clients,
On Wednesday, November 18, the IRS issued further guidance regarding the tax deductibility of business expenses paid with Paycheck Protection Program loan proceeds. The article below published in Forbes.com and written by their frequent contributor Brian Thompson does an excellent of summarizing the IRS stance and how it may impact business taxes for 2020. We will continue to monitor developments out of Washington DC regarding PPP loans and work with you on planning strategies as we approach the end of 2020. Please contact us with any questions once you have an opportunity to review the information.
Regards,
Isler Northwest LLC
Isler Northwest LLC is a firm of certified public accountants and business advisors based in Portland, Oregon. Our local, regional, and global resources, our expertise, and our emphasis on innovative solutions and continuity create value for our clients. Our service goals at Isler Northwest is to earn our clients trust as their primary business and financial advisors.
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