IRS Notice 2020-32, issued on April 30, 2020, denies deductions for otherwise deductible expenses of businesses that received qualifying business loans under the Paycheck Protection Program (PPP loans) to the extent that such loans are later forgiven as permitted under certain circumstances pursuant to the program.  resource: www.irs.gov/ Bonus! Subscribe on our YouTube: WYCOTAX and receive ($110 value) 1-hour FREE consultation of our outsource bookkeeping, tax and payroll services. Free COVID-19 Relief Summary PDF Download: wycotax.com/ebooks/ Outsourcing your tax, payroll, bookkeeping and COVID-19 relief to WYCOTAX will give you more time and financial freedom. It helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business. Moreover, you will find more time to provide value for your clients. The more satisfied clients you have, the more referrals they will generate. Outsource TODAY! Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is a profit company and not associated with any aforementioned institution.

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