Improperly Forgiven Paycheck Protection Program Loan? The IRS Has News for You!
The IRS recently issued guidance to taxpayers who received forgiveness of their Paycheck Protection Program (‘PPP’) loan inappropriately, encouraging them to take steps towards compliance, including filing amended returns that include the forgiven loan amounts, as income. As you probably remember, the PPP loan program was established by the Coronavirus Aid, Relief and Economic Security Act (CARES …
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