IRS Leaves Business Owners Who Took PPP in a Tax Quandary
Getty Images Editor's note: Congress on Dec. 21 passed the Consolidated Appropriations Act, 2021, which includes language that clarifies the tax treatment of forgiven PPP loans allowing for small businesses to deduct their expenses. For details, please read Good News! Business Owners Who Took PPP Will Get to Deduct Expenses After All. Struggling business owners who took advantage of the government’s Payroll Protection Program (“PPP”) lifeline this year are now caught in the middle of an ugly fight between Congress and the IRS. At stake: Business owners’ ability to deduct several bus...
Source: kiplinger.com