Engage Blankenship CPA Group to complete your PPP贷款减免申请

Our compliance team is trained and ready to complete your financial institution's specific requirements surrounding the PPP贷款减免申请. We'll optimize and complete the ever evolving application while you continue to focus on business operations. Click here to engage us to complete your PPP贷款减免申请.

Increase in 税able Income for Recipients of 购买力平价的贷款s who Receive Forgiveness

Within the first month of the 关心行为 passage the IRS issued Notice 2020-32.  If you have been participating in our 客户端 Zoom Events (click here to view the recordings), you may recall some intentional discussions around this subject.  This Notice clearly sets forth the IRS position that if a 购买力平价的贷款 is forgiven, then the expenses associated with said forgiveness are not going to be deductible for income tax purposes.  购买力平价的贷款 forgiveness has been deemed a class of exempt income, 通过法令, as the 关心行为 specifically states that loan forgiveness shall not constitute taxable income.  This non-deductible expense issue stems from the overarching tax principals around two concepts: 1) Expenses associated with producing tax-exempt incomes and 2) 税-exempt income received by a taxpayer that is earmarked for a specific purpose that would typically result in ordinary and necessary business expenses.  Such otherwise deductible expenses attributed to the tax-exempt income are no longer deductible in both of these situations.  This effectively results in taxable income up to the amount of loan forgiveness, except for potential strategies surrounding self-employment reporting.  Although there is some controversy around this non-deductibility interpretation, 国会还没有采取行动.  We are advising our clients to consider this significant increase in taxable income when making estimates and planning for their 2020 income tax.  Please reach out to your CPA for additional discussions and to explore advanced income tax planning in light of this potential burden.

PPP贷款减免申请处理

Banks are starting to accept 购买力平价的贷款 forgiveness applications.  This process can be quite simple or incredibly complex depending upon the facts and circumstances.  不管, the document retention and substantiation requirements alone require a heightened level of intentionality. If you would like Blankenship to help you process your 购买力平价的贷款 forgiveness application you can reach out to your CPA to get our team moving, 或者为了方便起见 点击这里，我们会联系你 to discuss your unique situation and find the fastest and easiest route to forgiveness.  We have developed a plan that maximizes forgiveness while mitigating the non-deductibility issues, 如前所述, that our consulting team can potentially apply to your specific forgiveness application.

PPP贷款减免申请

6月16日^th, the SBA released an updated PPP贷款减免申请 following Congress passing the PPP Flexibility Act in early June.   这种新形式解决了许多悬而未决的问题, 创建了一个EZ Form选项, 总的来说，我做了很多支持借款人的职位.   我们更新了PPP贷款减免蓝图, 回答相关的新问题, and then talked through this on a Zoom event recorded June 25.  你可以看到我们的 three previous Relief Perspective event recordings here.