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ppp loans
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PPP Loan Forgiveness Taxability in 2020

Richard A. Huffman, CPA, MST Tax Partner Tony Maldonado, CPA Tax Senior   While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance…
ppp

SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form

Richard A. Huffman, CPA, MST Tax Partner The Small Business Administration has released additional Paycheck Protection Program (PPP) guidance and revised the forgiveness application form to align with the Paycheck Protection Program…
paycheck protection program

BREAKING NEWS: Significant Taxpayer Friendly Changes to the Paycheck Protection Program

Richard A. Huffman, CPA, MST Tax Partner The Senate just passed the House bill, called the Paycheck Protection Flexibility Act which is expected to be signed into law by the president.  The law will extend the Paycheck Protection Program…
ppp
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Non-Deductibility of PPP Related Expenses to the Extent of Forgiven PPP Funds (IRS Notice 2020-32)

Janet Kim, CPA, MST Tax Director   The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven and excluded…