The U.S. IRS has issued Notice 2020-32 on the non-deductibility of otherwise deductible expenses in relation to the Paycheck Protection Program and covered loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
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PURPOSE This notice provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer's trade or business when the taxpayer receives a loan (covered loan) pursuant to the Payche…