In March, President Trump signed the CARES Act into law, which included the Paycheck Protection Program (PPP). Congressional intent of the CARES Act was to allow for continued payroll deductibility, even for the amount forgiven under the PPP loan program. However, the IRS later issued a notice that the forgiven PPP loan amounts are not deductible as it would result in a so-called “double tax benefit.”

Jonathan Sarager

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Legislative

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