Is My PPP Income Going to Be Taxed?
Unfortunately, there’s not a straightforward answer, yet. Within the CARES Act, Congress says that PPP recipients whose loans are forgiven are not required to treat the income as taxable. But the IRS says that expenses paid with PPP funds are not deductible. While not requiring you to pay income tax directly on the PPP money, this is a roundabout way of making sure you will pay taxes on it. Wiping… Read more