Ignore the Hype! Read this before you apply for your PPP Loan Forgiveness

Ferrone & Associates CPAsBlog

There are issues that have not been dealt with, perhaps the most important of which is the tax effect of loan forgiveness.  The IRS has taken the position, and rightfully so, that if a PPP loan is forgiven, it is considered to be cancellation of debt, which is taxable.  At issue is whether or not Congress passes legislation that will … Read More