The U.S. IRS has announced the recent issuance of guidance advising that improperly forgiven Paycheck Protection Program (PPP) loans are taxable where a loan is forgiven based upon misrepresentations or omissions.

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IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

IR-2022-162, September 21, 2022

WASHINGTON — The Internal Revenue Service recently issued …

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