Read the full-text online article and more details about "IRS to Adopt Controversial Rules on Reporting of Debt Forgiveness" by Henry, Shannon - American Banker, Vol. 160, Issue 104, June 1, 1995By HenryShannonThe Iron and Steel Institute of Japan (ISIJ)...
Many employers that have had difficulty understanding the ever-changing rules under PPP may find it particularly irksome that this ruling describes the existing loan forgiveness procedures as “clear and readily accessible guidance”. If it turns out that a taxpayer paid or incurred PPP expenses in ...
The PPP provides qualifying taxpayers with access to loans, the proceeds of which must be used for certain specific purposes. PPP loans are eligible for forgiveness to the extent certain conditions are satisfied and the proceeds are used to pay certain “covered...
The Paycheck Protection Program offers an alluring loan of up to $10M tax free. If you comply, you don’t even have to pay it back. What’s more, there is no forgiveness of debt income when your loan is forgiven, something that is standard fare if you are relieved of paying back deb...
In addition, a business cannot claim the ERC on wages that it reported as payroll costs when it applied for Paycheck Protection Program (PPP) loan forgiveness or it was used to claim certain other tax credits. Also, a business must reduce the wage deductions claimed on its federal income tax...
the National Taxpayer Advocate released a report stating that taxpayers assigned to the program are entered into installment programs that they cannot afford. They also report that the program costs the U.S. Treasury more money that it collects from the program. Due to increasedIRS impersonating ph...
Banks mostly happy with IRS rules on debt forgiveness. (new Internal Revenue Service rules on debt discharges)(Brief Article)de Senerpont Domis, Olaf