AICPA encourages COVID-19 tax relief and issues new auditing standards

The AICPA recently signed a letter requesting that the Paycheck Protection Program (PPP) loan forgiveness-related expenses remain deductible. In the CARES Act, Congress stated that any loan forgiveness would be excluded from the borrower’s taxable income. However, IRS Notice 2020-32 denies borrowers the ability to deduct the same expenses that qualified them for loan forgiveness, which eliminates the benefits.

Learn more about the issues that AICPA advocated for and how to leverage them.

Source - https://www.journalofaccountancy.com/news/2020/aug/aicpa-encourages-coronavirus-tax-relief.html

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