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. --- IRS advises that improperly forgiven Paycheck Protection Program loans are taxable IR-2022-162, September 21, 2022 WASHINGTON — The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer's loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiveness from income and must include in income the portion...