Received PPP money? IRS says you can’t deduct related expenses on 2020 tax return

With 2020 coming to a close, local CPAs say it’s important for businesses to be aware, as they prepare their year-end tax returns, that any money they obtained under the federal Paycheck Protection Program is, essentially, taxable, according to a clarification of PPP rules issued shortly before Thanksgiving by the Internal Revenue Service. Though PPP