The Paycheck Protection Program was created to help small businesses, not create future challenges. Please take the time to learn more and join us in sharing your voice with our elected representatives.
On April 30, the Internal Revenue Service issued a ruling stating that expenses paid with the proceeds of Paycheck Protection Program loans cannot be deducted as business expenses, which has the practical effect of making the loan forgiveness amounts taxable income. Earlier this week, the U.S Senate began debating legislation to overrule the IRS ruling.
Please take a moment to communicate with your elected representatives in Washington D.C. and ask them to overrule the IRS and restore the deductibility of these expenses.
The Ohio Society of CPAs has made this very easy.
All you have to do is enter your name and home address; your federal legislators will pop up. Drafted messages are already prepared that you can send “as is” or customize for more impact.
Thank you for helping us help small businesses.