SUPPLEMENT TO ACCOMPANY - Pratt & Kulsrud

On April 30, 2020, the IRS released Notice 2020-32, IRB 2020-21, 05/01/2020 that takes that position. The Notice explains that a taxpayer that receives a loan through the Paycheck Protection Program (PPP) is not permitted to deduct expenses that are normally deductible under the Code to the extent the expenses were reimbursed by a PPP loan that ... ................
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