The IRS has released guidance explaining that a taxpayer who receives funds through the Paycheck Protection Program (PPP) is not permitted to deduct any expenses that were reimbursed by forgiven PPP funds. However, as seen in the article below, the AICPA is challenging that position because they do not feel that was the intent of Congress. As we learn more about this situation, we will plan to post updates.
Read more in a Journal of Accountancy article here.