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Loan Forgiveness Tax Exemptions

Husch Blackwell LLP

Executive Order Highlights Risks to Nonprofit Tax-Exempt Status

Husch Blackwell LLP on

President Trump’s executive order (EO) “Restoring Public Service Loan Forgiveness,” issued March 7, 2025, sets limits on student loan forgiveness under the Public Service Loan Forgiveness (PLSF) program. But the language used...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues Guidance on Reporting of Tax-Exempt Income under PPP

The Internal Revenue Service issues three Revenue Procedures detailing how taxpayers can account for tax-exempt cancellation of indebtedness income arising from forgiven Paycheck Protection Program loans in their Federal tax...more

Tonkon Torp LLP

PPP Round 2: Nonprofit Eligibility, Application Deadline, And Tax Impacts

Tonkon Torp LLP on

Shortly before the end of the bizarre and painful 2020 calendar year, the Consolidated Appropriations Act for 2021 (the Act) was signed into law, providing an additional $284 billion appropriation for the Paycheck Protection...more

WilmerHale

In Case You Missed It: Launch Links - January 2021 #4

WilmerHale on

Some interesting links we found across the web this week: Do You Have to Pay Taxes on Your PPP Loan? Since the Paycheck Protection Program (PPP) started in 2020, the Small Business Administration has issued more than...more

Downs Rachlin Martin PLLC

IRS Reaffirms Non-Deductibility of Forgiven PPP Loan Expenses and Affords New Tax Filing Safe Harbor Rules

In May, the IRS issued Notice 2020-32, providing that a taxpayer that receives a loan through the Paycheck Protection Program (“PPP”) is not permitted to deduct expenses that are normally deductible under the Code to the...more

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