IRS says improperly forgiven PPP loans are taxable

The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan), which states that improperly forgiven Paycheck Protection Program loans are taxable, as federal investigators uncover billions of dollars in fraud tied to pandemic relief programs. The PPP loan program was originally established by the CARES Act in […]

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Penalty Relief for Taxpayers Filing 2019, 2020 Returns

The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers. Under  Notice 2022-36 released by the IRS, the Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their […]

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