dedutibility of expenses paid with PPP proceeds

[TaxGuyBill]

Hesse, a local CPA, who heads the AICPA Taxation committee says "the intent was to have the expenses deductible and the PPP loan forgiveness not taxable!! The committee has asked for communications with the IRS to review the Notice? I think IRS saw who were getting the loans and said "WHAT"! More information to come from the IRS as to PPP and what they will examine and how,promised by 5/15/20..

Although I haven't read the fine details of the IRS notice, it seems like it is correct according to current law.

If Congress meant the expenses to be deductible, Congress needs to correct that, not the IRS. The IRS is limited to what the law says.

[BOB W]

Every time new guidance is provided it seems there will be another new guidance to be issued.. When will it end????