WASHINGTON—Bipartisan momentum is building in Congress to let small businesses get tax-free loan forgiveness while also deducting their expenses, a move that would provide clarity and unusually generous tax benefits. Top lawmakers in both parties asked the Internal Revenue Service Tuesday to reverse a ruling that would deny those deductions. And senior senators backed legislation that would overturn the IRS ruling if the agency doesn’t change its position, though how quickly such a bill could move through Congress is far from...

Source: Wall Street Journal May 05, 2020 22:41 UTC