MCAA
Withum Explains Why PPP Loan Forgiveness May Not Be Tax-Free

Withum Explains Why PPP Loan Forgiveness May Not Be Tax-Free

September 22, 2022

National accounting firm Withum shares information to help you understand the tax implications of the recent Internal Revenue Service (IRS) ruling addressing the proper treatment of improperly forgiven paycheck protection program (PPP) loans. The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the Small Business Administration (SBA) and the lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness.

LEARN MORE
Related Articles
Resource Highlight: MCAA’s Worker Health Resources
Worker health is at the heart of all that safety professionals do. MCAA's Worker Health Resources include six worker safety videos and their accompanying materials and eleven worker safety resources that let you refresh training on subjects such as Asbestos Awareness, Bloodborne Pathogens, Hexavalent Chromium, Silica, Radio Frequency Radiation Safety, Respiratory Protection. Guides, bulletins, and programs on each topic support these efforts. These are just a few of MCAA’s educational resources that are free to MCAA members as a benefit of membership.…
Who’s Your Everyday Hero?
The MSCA25 Education Conference, Transform, is set to take place November 9–12 in stunning Scottsdale, AZ, and registration is opening soon. As we prepare to welcome you to the mechanical service industry's premier educational event – featuring inspiring speakers, relevant education sessions, and insightful peer-to-peer discussions and networking – we want to take a moment to celebrate the heart of our industry: our Everyday Heroes.…
Find the Latest from Delta Cooling Towers, Inc. and FARO Technologies, Inc. in MCAA’s Virtual Trade Show
MCAA’s Virtual Trade Show connects our contractor members with the members of MCAA’s Manufacturer/Supplier Council.…
Doubling Shop Productivity with Novarc Technologies Inc. & W.W. Gay Mechanical Contractor, Inc.
W.W. Gay Mechanical Contractor, Inc. saw a 200-percent increase in shop productivity and a 12-fold increase in weld productivity by implementing Novarc Technologies Inc.’s collaborative Spool Welding Robot (SWR). They are also realizing a 100-percent pass rate on radiography tests (RTs). The SWR has reduced W.W. Gay’s dependence on highly skilled welders, of whom there is a global shortage.…

MCAA News Follow 2,528 1,277

MCAA is a national trade association representing the industry’s most innovative and forward-thinking mechanical construction, plumbing and service firms.

MCAANews
Load More...
×