PPP Loan Forgiveness Will (Not) Be Taxable After All
Edit 12/21/20- The relief bill passed by the Congress in late December 2020 explicitly allows expenses covered by PPP funds to be deductible in the year incurred, whether or not the associated loan is forgiven. The information provided below is no longer correct under current law. Section 1102 and 1106 of the Coronavirus Aid, Relief,…