States Clarify Personal Income Tax Treatment Related To PPP Loan Forgiveness
By EsqSocial Corporation 01/02/21
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the recently enacted Consolidated Appropriations Act, 2021 (CAA) addressed tax issues related to the forgiveness of a Paycheck Protection Program (PPP) loan and the deductibility of expenses associated with a forgiven PPP loan. We previously discussed these issues and several states have recently issued guidance on how these items will be treated for state personal income tax purposes....
By: White and Williams LLP