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
MCAA hosted its first Field Leaders Conference of 2025 from May 12-14 in Washington, DC. With over 140 registrants, the event provided an engaging and impactful experience for emerging leaders in the mechanical contracting industry. MCAA’s next Field Leaders Conference will take place in Toronto, ON from September 15-17. Registration will open May 27, 2025.…
MCAA’s Virtual Trade Show connects our contractor members with the members of MCAA’s Manufacturer/Supplier Council.…
By swapping out Excel spreadsheets for MSUITE software across multiple fabrication shops, McCarl’s Industrial and Mechanical Contractors now has real-time visibility into their workflow, not the two-to-three-day lag time. Adopting a fully digital platform has optimized workflows and increased operational efficiency.…
Bruno is a Mechanical Engineering student at Fairleigh Dickinson University and graduating in May.  He is an active member of his student chapter, served as President, Vice President, and Recruitment Chair, and interned at MCAA Member, Mid-Atlantic Mechanical.  Post-graduation, Bruno will be continuing on at Mid-Atlantic as a full-time Project Engineer.…
Load More...