Paycheck Protection Program Are PPP loan proceeds taxable income on my tax return if my PPP loan was forgiven under COVID-19 relief? No. Loan proceeds received under the Paycheck Protection Program (PPP) are not taxable income, regardless if the loan was forgiven or not. Forgiven PPP loans are not considered cancellation of debt income, and as such, you should not report these loan proceeds on your tax return. This applies to all taxpayers, whether your business is a sole proprietorship, single-member LLC, partnership, multi-member LLC, corporation, or any other entity type. Are expenses paid with PPP loan proceeds deductible on my tax return? Yes. Expenses paid with PPP loan proceeds are deductible on your tax return, regardless if the loan was forgiven or not. With the passing of the Consolidated Appropriations Act of 2021, Congress made it clear that these expenses are deductible. Originally, the IRS ruled that expenses paid with forgiven PPP loan proceeds would not be deductible. #tax #loans #business #debt #smallbusiness #covid #ppploans
Kind Capital Resources
金融服务
Roseland，New Jersey 118 位关注者
KCR, registered investment advisory firm, focus on management consulting of MWBE with finite time and resources.
关于我们
Access to Capital is the #1 impediment to a business reaching its goals. Minorities and women are considerably less likely to garner funding from financial institutions, VC's or private investors, and this reality is widening the wealth and opportunity gap in this country. We are in business to paliate to these markets inefficiencies. KCR is a registered investment advisory firm specialized in Management Consulting and Wealth Management for Minority and Women-owned businesses (MWBE), agnostic of their sector of activity. We’ve been particularly successful with companies in fragmented industries disrupted by technology, with sustainable market positions, historically stable cash-flows, and with long-term opportunities for growth and improvements, who are concerned with sales back log unable to fulfill current orders due to high demand, or unhappy with static revenues, or disappointed by the limited amount of time and resources which hinder their profit margin growth. We’ve been able to provide much needed access to capital, deploy those assets to build everlasting business infrastructures and add maximum value to realize a sound financial future, and strategical plan for that growth and legacy. We are looking forward talking to you about your business development challenges, whether it is navigating the Reg D process, structuring a comprehensive financial plan, or simply providing a strategic executive plan: click here to connect with us.
- 网站
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https://www.mykindcapital.com
Kind Capital Resources的外部链接
- 所属行业
- 金融服务
- 规模
- 2-10 人
- 总部
- Roseland，New Jersey
- 类型
- 私人持股
- 创立
- 2009