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’s Virtual Trade Show connects our contractor members with the members of MCAA’s Manufacturer/Supplier Council.…
Miscommunication and excessive administrative efforts led Modern to adopt MSUITE technology to manage their fabrication operations in unison with other departments. “MSUITE helps prioritize the work for our shop managers to make sure we’re on the right track,” said Jim Tedrow, piping operations leader.…
Registration is open for the 38th Annual MSCA Education Conference where we will journey into uncharted territories, set against the stunning backdrop of Colorado Springs, CO, September 22-25, 2024. With a theme of exploration, the conference invites attendees to push the boundaries of our industry and envision what lies ahead. Here's a glimpse of what you can expect...…
Add your voice to the 2025 MEP Innovation Conference and submit your education session information today for the January 28-30, 2025 event in Los Angeles, CA. Built by MCAA, NECA, and SMACNA, the MEP Innovation Conference joins thought leaders across the electrical, mechanical and sheet metal trades to improve MEP contractors’ profitability and productivity. The deadline for proposals is June 20, 2024.…
Load More...