IRS Notice 2020-32: The Non-Deductibility of PPP Expenses No Impact on Gross Income COVID-19 Impact on Gross Income Business Cash Flow Impact Business Tax Impact Employee Tax Impact PPP Loan Forgiveness (Non-deductible Salaries) Notice 2020-32 – Section 1106(b) PPP Loan Forgiveness (Deductible Salaries) No PPP Loan *Includes FICA Social Security and Medicare Taxes and Ignores FUTA and SUTA Tax Liabilities
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IRS Notice 2020-32: The Non-Deductibility of PPP Expenses
No Impact on Gross Income COVID-19 Impact on Gross Income
Business CashFlow Impact
Business Tax Impact
Employee Tax Impact
PPP Loan Forgiveness(Non-deductible Salaries)
Notice 2020-32 – Section 1106(b)PPP Loan Forgiveness(Deductible Salaries)No PPP Loan
*Includes FICA Social Security and Medicare Taxes and Ignores FUTA and SUTA Tax Liabilities
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