Tag: PPP loan taxable

State laws differ in treatment of PPP loan expenses

Business owners sighed with relief when Congress approved the Consolidated Appropriations Act of 2021 allowing for PPP loan expenses to be deducted on federal taxes. It’s important to remember, though, that states pass their own tax laws – some of which may or may not conform to the federal tax laws. For instance, South Carolina […]

Coronavirus Relief Package allows PPP expense deduction

Congress has agreed to a deal to provide more aid to businesses and individuals as a result of the ongoing coronavirus pandemic. As of this writing, the package has not been formally approved, but one of the most significant provisions for business owners is that eligible expenses used with forgiven Paycheck Protection Program funds would […]

IRS clarifies position on PPP loan expenses

Please remember: Covid-19 pandemic is an unprecedented event and the PPP loans are a unique response to this crisis. Therefore, there is no prior precedent for taxability and the IRS is establishing its rationale for its decision. The IRS has issued a ruling this week that clarifies its position that expenses paid with PPP loan funds will […]

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