May/June 2021 - 22

Tax ramifications of PPP loans clarified
Congressional act cleans up confusion on paycheck
program that many have leaned on during pandemic
By Debbie Eiesle
CONTRIBUTING WRITER
T
22
he program designed to provide
financial relief to businesses
during the pandemic caused
confusion for many businesses during
2020. The Paycheck Protection Program
(PPP), part of the CARES Act, is complex
and the related tax ramifications were
not initially clear. In late December
2020, Congress passed the Consolidate
Appropriations Act, 2021, which clarified
the tax ramifications of PPP loans.
However, it is extremely important
for businesses to enlist the help of
a professional - a certified public
accountant (CPA) and/or tax attorney -
Spudman.com
to assist with any tax related issues that
may arise from obtaining any PPP funds,
or if a business is considering applying
for PPP funds.
CONDUCT DUE DILIGENCE
Although CPAs are an asset to any
small business, owners can conduct
due diligence and prepare ahead of
time for a meeting with a professional
advisor. By researching information
ahead of time, businesses may save time
and also have a more comprehensive
understanding of potential pitfalls and
benefits from receiving the PPP funds.
When it comes to research, there is
a great deal of information available
on the Internet, but it is important to
utilize bonafide resources to obtain the
right information necessary to handle
tax season this year. Here is a short list
of resources and some details that can
be used to start any due diligence on
tax planning.
REPUTABLE RESOURCES
First and foremost, go directly to the
source - the IRS. On IRS.gov, there is
an enormous amount of information
on PPP.
Other valuable resources are SBA.gov
and the USChamber.com. Additionally,
the U.S. Treasury Department may
also provide businesses with additional
information and helpful hints to review
with a tax professional.

http://www.IRS.gov http://www.SBA.gov http://www.USChamber.com http://www.Spudman.com

May/June 2021

Table of Contents for the Digital Edition of May/June 2021

May/June 2021 - 1
May/June 2021 - 2
May/June 2021 - 3
May/June 2021 - 4
May/June 2021 - 5
May/June 2021 - 6
May/June 2021 - 7
May/June 2021 - 8
May/June 2021 - 9
May/June 2021 - 10
May/June 2021 - 11
May/June 2021 - 12
May/June 2021 - 13
May/June 2021 - 14
May/June 2021 - 15
May/June 2021 - 16
May/June 2021 - 17
May/June 2021 - 18
May/June 2021 - 19
May/June 2021 - 20
May/June 2021 - 21
May/June 2021 - 22
May/June 2021 - 23
May/June 2021 - 24
May/June 2021 - 25
May/June 2021 - 26
May/June 2021 - 27
May/June 2021 - 28
May/June 2021 - 29
May/June 2021 - 30
May/June 2021 - 31
May/June 2021 - 32
May/June 2021 - 33
May/June 2021 - 34
May/June 2021 - 35
May/June 2021 - 36
https://www.nxtbook.com/greatamericanmediaservices/SPUD/april-2024
https://www.nxtbook.com/greatamericanmediaservices/SPUD/march-2024
https://www.nxtbook.com/greatamericanmediaservices/SPUD/february-2024
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-january-2024
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-november-december-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-september-october-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-july-august-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-may-june-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-april-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-march-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-february-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-january-2023
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-november-december-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-september-october-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/spudman-july-august-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/may-june-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/april-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/march-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/february-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/january-2022
https://www.nxtbook.com/greatamericanmediaservices/SPUD/november-december-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/september-october-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/july-august-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/may-june-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/april-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/march-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/february-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/january-2021
https://www.nxtbook.com/greatamericanmediaservices/SPUD/november-december-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/september-october-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/july-august-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/may-june-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/april-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/march-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/february-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/january-2020
https://www.nxtbook.com/greatamericanmediaservices/SPUD/november-december-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/september-october-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/july-august-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/may-june-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/april-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/march-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/february-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/basf-2019
https://www.nxtbook.com/greatamericanmediaservices/SPUD/january-2019
https://www.nxtbookmedia.com