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BSG Blog

How Will COVID-19 Affect My 2020 Tax Return?

By: Elisabeth - June 30, 2020 - 8:16 am

Federal and state governments have taken action to help Americans financially with the COVID-19 pandemic. How will this affect your taxes? Payroll Protection Program (PPP) Loan Forgiven Expenses are NOT deductible The IRS has issued guidance that expenses paid with PPP funds are not a deduction on your 2020 tax return. Specifically, an expense (rent,  Read more…

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