WASHINGTON– Small businesses that get their loans forgiven can’t take tax reductions for associated salaries and other expenses, the IRS stated in a judgment that shrinks the prospective value of the popular Income Protection Program.
The Internal Revenue Service ruling clarified an uncertainty in the $660 billion program, which intends to prop up struggling employers throughout the coronavirus pandemic.
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source https://jobsearchtips.net/internal-revenue-service-rejects-tax-deductions-tied-to-small-business-loans/
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