LEARNING CENTER

Video Tips: Improperly Forgiven PPP Loans Are Now Taxable

The IRS recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). When a taxpayer's loan is forgiven based upon misrepresentations or omissions, they are not eligible for exclusion and must include in income the portion of proceeds that were unfairly given up.

Share this article...

Want tax & accounting tips and insights?

Sign up for our newsletter.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .

Get in Touch with Cherokee CPA

You can count on us for professional, timely and reliable tax and accounting services. If you’re ready to get started, just fill out this form and we’ll be in touch.

101 Mountain Brook Drive, Suite 101
Canton, Georgia 30115
I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .
I consent to receive SMS messages and agree with the