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Farm, business groups ask Congress to restore PPP tax credit

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The IRS issued a notice that the forgiven PPP loan amounts are not deductible as it would result in a so-called double tax benefit.
Hundreds of farm and business groups from the West and around the country are urging Congress to enact legislation before the end of the year that includes a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP).
As Western Growers explains, President Donald Trump in March signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law, which included the PPP. Congressional intent of the CARES Act was to allow for continued payroll deductibility, even for the amount forgiven under the PPP loan program. ....

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