AICPA and Business Groups Urge Congress to Pass PPP Expense Forgiveness
Earlier this year, the American Institute of CPAs (AICPA) joined more than 170 organizations urging Congress to include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP) in its next round of legislation addressing the coronavirus pandemic. As we approach the close of 2020, legislation has been introduced in the House and the Senate that would ensure that PPP loan recipients are provided the full benefits intended in the Coronavirus Aid, Recovery and Economic Security (CARES) Act – S.3612 sponsored by Senator John Cornyn (R-TX), H.R. 6821 sponsored by Representative George Holding (R-NC), and H.R. 6754, sponsored by Representative Lizzie Fletcher (D-TX).
Original Article Source Credits: Tax Practice Advisor , https://www.taxpracticeadvisor.com/
Article Written By: NA
Original Article Posted on: Dec 7th, 2020
Link to Original Article: https://www.taxpracticeadvisor.com/business-income-taxes/news/21165460/aicpa-and-business-groups-urge-congress-to-pass-ppp-expense-forgiveness