Category: Uncategorized
Tax Implications of Expenses Paid with a Forgiven Paycheck Protection Program (PPP) Loan
The Internal Revenue Service (IRS) recently issued Revenue Ruling 2020-27 which provides that expenses paid with Paycheck Protection Program (PPP) loan proceeds are not deductible in the tax year paid or incurred, if at the end of the tax year the taxpayer has a “reasonable expectation of forgiveness.” As a result, many calendar-year taxpayers that … Continued
Recent Business Owner Survey on Owner Dependency Reveals an Average Score of 54%
In a recent release of findings from an ongoing research effort being conducted by Pinnacle Equity Solutions, Inc., a national leader in the emerging field of business transition planning, it was revealed that business owners, on average, score 54% in terms of the level of dependency that a company has on their individual efforts. Generally … Continued