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
Mental health awareness and suicide prevention are a priority across the construction and service industries. MCAA member ServiceTitan recently amplified the conversation with a special episode of its ‘Toolbox for the Trades’ podcast. The hour-long podcast, hosted by Jackie Aubel, features a dialogue between the United Association’s (UA) Jennifer Massey and MCAA’s Raffi Elchemmas.…
Participating in industry peer groups not only offers a valuable platform for fostering relationships and exchanging expertise within a supportive community but also represents a proven best practice adopted by many successful MCAA contractor members. These groups provide professionals with an opportunity to benchmark their performance, exchange best practices, address common challenges, and gain strategic insights from industry peers.…
MCAA’s Virtual Trade Show connects our contractor members with the members of MCAA’s Manufacturer/Supplier Council.…
By specifying a new Marley® MH Element Fluid Cooler from SPX Cooling Tech, LLC, Letsos Company provided a more efficient, more sustainable alternative to repairing the deteriorating existing cooler of an historic Houston building while maintaining a similar footprint, simplifying the installation process.…
Load More...