Tax
Jun. 22, 2020
IRS taxes most loan forgiveness, beware exceptions
The Payroll Protection Program, or PPP, has been one of the things holding many small businesses together. Now that loan forgiveness applications are available, there are many businesses struggling with whether they will qualify and how to make sure of that.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
The Payroll Protection Program, or PPP, has been one of the things holding many small businesses together. Now that loan forgiveness applications are available, there are many businesses struggling with whether they will qualify and how to make sure of that. For an excellent summary of the lay of the PPP land, see May 22 PPP final interim rules provide further guidance. More generally, it is worth reviewing the basic rules and why the IRS usually taxes loan forgivenes...
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