The WICPA joined an AICPA-led coalition of state societies in a co-signed letter to Congressional leaders Thursday, Dec. 3, urging them to pass legislation that makes expenses related to Paycheck Protection Program (PPP) loans deductible.
The letter follows in the wake of the IRS’ recent guidance denying a tax deduction for an otherwise deductible expense if the payment of the expense results in PPP loan forgiveness. Without immediate Congressional action during the lame-duck session, the coalition argues, millions of small businesses will face unexpected and insurmountable tax bills next year.
The letter was co-signed by state CPA societies from all 50 states and four territories. An additional letter sent to Congressional leaders was co-signed by the AICPA and several hundred national trade associations representing millions of employers and American workers. Learn more.