Congress Could Reverse IRS Denial Of Tax Deductions For Paycheck Protection Expenses

Some Senators and Congressmen are pushing back, saying that expenses funded with small business loans should be tax deductible after all, disagreeing with the IRS ... The CARES Act does not say one way or the other, but the IRS has a point when it cites several traditional tax principles for the usual notion that if income is tax exempt, you usually cannot also claim deductions relating to it ... The CARES Act expressly says that the PPP loan forgiveness amount are not to be treated as taxable i