043: 2020 Tax Update – State’s Choice on Deductibility for Paycheck Protection
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This episode is BREAKING NEWS related to the 2020 tax update regarding the state’s choice on the deductibility for paycheck protection.
We feel it’s important to get the word out because this is one of those little hidden minefields that nobody knows about. And frankly, your tax preparers, accountants, or advisors may not even know about this. After all, there’s just so much to know.
So here it is…
Most states all follow the actual federal guidelines for the Paycheck Protection Program. However, there are some states that are not following the federal steps for tax with regards to the Paycheck Protection Program.
The paycheck protection program has been able to help online businesses and other small business owners survive and be able to continue their businesses. We don’t want this update to dampen anybody’s spirit. So don’t let this deter or derail you – just start having conversations if you’re in one of these 10 states we’re going to mention today!
In this episode, you will hear:
- Take advantage of the PPP
- The states that are not tying their tax code to the federal government’s position
- Why it matters if the expenses on the PPP loan pays are deductible
- The impact of loan forgiveness
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