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The start of the year is when everyone has tax season on the brain. Our team is always ready to provide the guidance you need before filing your personal or business taxes. Contact us today and learn how we can help.
Last year was complicated for all of us, so if you’re looking for an experienced team to help you file, look no further than Caldwell & Company Accounting.
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Assuming that Trump signs the Relief Bill passed by Congress this week, it will have a few useful items for business owners.
One of them is that the PPP loans will actually be tax free. Normally, a forgiven loan is considered taxable income; however, the Relief Act passed earlier this year specifically stated that the PPP debt forgiveness would not be taxable income. Sounds good, right?
Unfortunately, like practically everything else in 2020, someone came along to ruin the ride. Earlier this year, the IRS issued a ruling that stated the debt forgiveness would not be considered taxable income; however, based on long standing regulations, the expenses used to obtain the forgiveness could not be considered deductible expenses. In other words, the PPP forgiveness was for all intents and purposes taxable income. Also, even if the forgiveness is not obtained until 2021, you would still need to count this PPP as either income or not deduct the expenses in 2020. The argument is that you have a “reasonable expectation” of debt forgiveness and therefore income.
Congress fixed this issue by allowing businesses to deduct the expenses used to obtain the PPP forgiveness.
The end of the year is approaching and Caldwell & Company Accounting is ready to help with your fourth quarter taxes. Contact us today and learn how we can help you.
