Congress Asks IRS To Allow Tax Breaks For Virus Loan Recipients

Top lawmakers on the Senate Finance Committee and the House Ways and Means Committee ask the Treasury Department and Internal Revenue Service to reverse a decision that prevented small businesses to claim deductions tied to their Paycheck Protection Program loans.

• “We believe the position taken in the Notice ignores the overarching intent of the PPP, as well as the specific intent of Congress to allow deductions in the case of PPP loan recipients,” the bipartisan group of lawmakers said in a letter Tuesday
• Earlier: IRS Denies Deductions for Forgiven Paycheck Protection Loans

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