Are PPP Forgiven Funds Taxable Income?

Last week the IRS issued a notice saying that PPP forgiveness is taxable income (essentially).  Now both sides of the political aisle are saying that the IRS didn’t read the law, that the PPP is NOT supposed to be taxable income & all associated expenses should be deductible.  We will wait to see how this play out, but this could be GREAT NEWS for my #SmallBusiness clients if congress gets the IRS position overturned. Read the Forbes article: Congressional Leaders Tell Treasury That PPP Borrowers Should Be Entitled To Deductions