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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 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

IRS Notice 2020-32The Non-Deductibility of PPP Expenses · IRS Notice 2020-32: The Non-Deductibility of PPP Expenses No Impact on Gross Income COVID-19 Impact on Gross Income. Business

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Page 1: IRS Notice 2020-32The Non-Deductibility of PPP Expenses · IRS Notice 2020-32: The Non-Deductibility of PPP Expenses No Impact on Gross Income COVID-19 Impact on Gross Income. Business

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

Understanding Exchange Expenses in an Exchange Transaction · 2019. 4. 1. · IRS Form 8824, the tax form filed with the IRS to report a 1031 exchange transaction, provides that exchange

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