Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness

Consolidated Appropriations Act, 2021 Clarifies Non-taxable and Deductible Tax Treatment for PPP Loan Forgiveness The recent legislation has clarified what many businesses have been waiting for: taxpayer-friendly clarification of the tax effects of PPP loan forgiveness. Section 276 of the Consolidated Appropriations Act (“Act”) states that no amount from PPP Read more…