New York and Alabama will conform to a provision of the latest federal pandemic relief law that allows businesses to deduct expenses funded with forgiven Paycheck Protection Program loans.
More states are expected to join them in the coming weeks as legislatures and revenue departments begin to focus on the deductibility issue and develop strategies to guide taxpayers during the upcoming tax filing season, said Eileen Sherr, director of state tax policy and advocacy for the American Institute of Certified Public Accountants.
“Within the next few days we will send something out to our state CPA societies and suggest ...
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