Some elected leaders are pushing back on the IRS ruling. The Small Business Expense Protection Act introduced in the Senate in early May would reverse the IRS decision and make the expenses deductible. According to Forbes, there has been pushback on the legislation.
“Earlier this summer, the bill seemed likely to pass, but that is hardly certain now,” Forbes contributor and tax expert Robert W. Wood wrote.
Joseph Natarelli, leader of the national Construction Industry Practice group at accounting firm Marcum LLP, said some contractors are unaware of the tax implications of PPP forgiveness on their businesses if the ruling is not reversed.
