The Treasury Department and Internal Revenue Service (IRS) on January 6 issued guidance clarifying that expenses financed from forgiven Paycheck Protection Program (PPP) loans are fully tax deductible.
While the Treasury Department and IRS had previously taken the opposite position, Congress passed COVID relief legislation in December 2020 mandating the change. NMHC has strongly advocated for congressional action to address this issue.
For more information on NMHC’s advocacy work on this topic, visit the NMHC COVID-19 hub.
- NMHC Joins Coalition to Oppose Joint Employer Provision Included in PRO Act
- DOJ to Appeal Texas Court’s Ruling Regarding CDC Eviction Moratorium
- NMHC Requests Treasury Fix Burdensome Business Interest Deductibility Requirement
- Texas Court Rules CDC Eviction Order Exceeds Federal Authority
- Industry Supports Recently Introduced Legislation Regarding Pass-Through Deductions