Are PPP Expenses Tax Deductible? {FREE DOWNLOAD}

So.....you know how the CARES act says that PPP forgiven amounts are not taxable as income? Well, that's still the case, but now the IRS has made themselves clear that expenses still need to be scrutinized. Payroll, rent, and other expenses allowable for forgiveness under the PPP may not be able to be included on your tax return as deductible items! This is a big deal! If you want to get the PPP Budgeting tool I discuss in the video, you can download that here: https://clara-cfo-group-llc.ck.page/d5ef5d9b84 The Cash Flow Forecast mentioned in the video can be found here: https://clara-cfo-group-llc.ck.page/db2aa65822 IRS notice discussing the issue: https://www.irs.gov/pub/irs-drop/n-20-32.pdf?fbclid=IwAR3UfSVDl4aFVXk0jiWdI2iOBWFsC7GPXDAHG8Fp4BVl1wMF0c1oLZCMUuE Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.

Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest