Main Street Practitioner Blog

NSA pushes for quick clarity on PPP loan forgiveness and tax deductions. Support appears to be growing in Congress.

By Erica Ryder posted 05-13-2020 05:19 PM

  

NSA sent a letter to Senator Chuck Grassley (R-IA) last week objecting to details of IRS Notice 2020-32. 

 

Lawmakers on both sides of the aisle are requesting that the Internal Revenue Service (IRS) reverse their ruling made in Notice 2020-32. This momentum, now building in Congress, seeks to allow small businesses to receive tax-free loan forgiveness under the Paycheck Protection Program (PPP) while also deducting their expenses, a move that would provide clarity and unusually generous tax benefits.

 

Late last Tuesday, senior senators seemed willing to back legislation that would overturn the IRS ruling if the agency was unwilling to change its position itself. However, it remains uncertain how quickly such legislation could move through both Houses.

Read the full story here.

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