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Started By
Message
$175 Billion of the $310 Billion has already been allocated in the 2nd batch of the PPP
Posted on 5/3/20 at 10:35 am
Posted on 5/3/20 at 10:35 am
LINK
This post was edited on 5/3/20 at 10:36 am
3
Posted on 5/3/20 at 11:29 am to Whodatforlife21
The fact that there is still money left at this point is surprising
Posted on 5/3/20 at 11:42 am to wickowick
Yeah def.
Posted on 5/3/20 at 1:27 pm to Whodatforlife21
Got an email from CPA that it is TAXABLE INCOME. IRS getting ready to do an IRS.
Posted on 5/3/20 at 1:51 pm to PUB
I think we all expected the PPP to be taxable
Posted on 5/3/20 at 3:02 pm to Whodatforlife21
No way this will be taxable income from the debt forgiveness. Defeats the whole purpose.
Totally get not being able to write off the expenses that ppp was used for, but taxing it on its face amount won’t happen.
Totally get not being able to write off the expenses that ppp was used for, but taxing it on its face amount won’t happen.
Posted on 5/3/20 at 3:19 pm to PUB
quote:
Got an email from CPA that it is TAXABLE INCOME. IRS getting ready to do an IRS.
I imagine it is if you aren't forgiven and it turns into a low interest loan
Posted on 5/3/20 at 3:21 pm to HailToTheChiz
quote:
I imagine it is if you aren't forgiven and it turns into a low interest loan
Very true and should be in this case.
Posted on 5/3/20 at 5:01 pm to PUB
Your CPA is wrong. But I’m guessing you just misunderstood his email.
Posted on 5/3/20 at 6:24 pm to Spock
Not income, but cannot deduct those expenses that were used to forgive the loan.
I think this will be challenged, and Congress may amend the CARES act before it gets to that point.
I think this will be challenged, and Congress may amend the CARES act before it gets to that point.
Posted on 5/3/20 at 6:48 pm to JakeRStephenes
And the email said the CPAs are going to lobby for that change
Posted on 5/3/20 at 7:18 pm to JakeRStephenes
There are already provisions in the tax code that disallow the deduction of expenses from tax free income. I don’t see them making an exception for this, especially after already announcing it. But that still doesn’t make the loan taxable.
Posted on 5/3/20 at 7:32 pm to PUB
Either your CPA is wrong or you misunderstand the e-mail.
The loan forgiveness isn’t taxed. But you can’t deduct the related expenses. Which makes complete sense.
Now some people want to be able to deduct the expenses as well including some in Congress so they may well pass a new law to allow that.
The whole point of PPP was for the government to pay employees. What we have today and what people expect is far different.
The PPP was NEVER meant to be a windfall or honestly even support business. It was about taking care of employees, and if that meant some businesses ride out the storm, all the better.
AICPA is asking for a double dip, this will be one of the few times I don’t support them. Our job as CPAs is to call balls and strikes. Requests for rule changes need to come from small businesses and the chambers of commerce that are supposed to advocate for them.
The loan forgiveness isn’t taxed. But you can’t deduct the related expenses. Which makes complete sense.
Now some people want to be able to deduct the expenses as well including some in Congress so they may well pass a new law to allow that.
The whole point of PPP was for the government to pay employees. What we have today and what people expect is far different.
The PPP was NEVER meant to be a windfall or honestly even support business. It was about taking care of employees, and if that meant some businesses ride out the storm, all the better.
AICPA is asking for a double dip, this will be one of the few times I don’t support them. Our job as CPAs is to call balls and strikes. Requests for rule changes need to come from small businesses and the chambers of commerce that are supposed to advocate for them.
This post was edited on 5/3/20 at 7:34 pm
Posted on 5/3/20 at 9:24 pm to Whodatforlife21
BuT iT WiLl RuN oUT iN 2 dAyS
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