Tax-exempt Income

The possible tax consequences of PPP loans

(CARES ACT), COVID-19, Income Tax, Internal Revenue Service (IRS), Paycheck Protection Program, Small Business, Small Businesses Administration / By Douglas Freeman

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance …

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Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

Capital Gains, Deductions, Investment, Investment Income Tax (NIIT), Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / By Douglas Freeman

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you …

Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit Read More »

Tax-exempt Income

The possible tax consequences of PPP loans

Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

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