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Tax Tip Tuesday: Tip #40, PPP Expenses Not Deductible

August 11, 2020

Currently deductions are not allowed for PPP loan expenditures that result in forgiveness of a PPP loan. The IRS has stated that since PPP loan funds are not includible in taxable income, this lack of a tax deduction prevents a double tax benefit.  With this in mind, PPP loan recipients should plan accordingly.

If you have any business personal property tax questions, please contact Perry Barnett at (770) 287-7800 or Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!