We are awaiting Congress for appropriate clarification regarding expense deductibility when Covid-19 SBA PPP loans are forgiven and the usual taxable income from debt forgiveness pursuant to Internal Revenue Code (IRC) Section 61(a)(12) is determined to be tax-free income.
Harvey is asked by Bloomberg Tax to quote on this hot topic in the attached article entitled “Small-Business Relief Loans Could Face Some State Tax Hurdles” https://news.bloombergtax.com/daily-tax-report-state/small-business-relief-loans-could-face-some-state-tax-hurdles?context=search&index=0
