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In recent days and weeks, President Biden and Congress have proposed various changes to the tax code. Here is an update on some of those proposed changes.
Are received bonuses subject to additional taxes? If not, why does it often seem like that is the case?
03/03/2021
Forgiven Paycheck Protection Program (PPP) loans are not taxable on Federal tax returns, but that does not mean the funds are automatically tax exempt at the state level. This article provides summary information on a state-by-state basis regarding the taxability of forgiven PPP loans.
State Tax Treatment of Forgiven PPP Loans Congress chose to exempt forgiven Paycheck Protection Program (PPP) loans from federal income taxation. Many states, however, remain on track to tax them by either treating forgiven loans as taxable income, denying the deduction for expenses paid for using forgiven loans, or both.
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