This article by SPS's Abhi Parikh, CPA, MST discusses the tax issues related to the forgiveness of PPP loans.
A tax update on expenses funded with PPP loans
Author Archives: Abhi Parikh, CPA, MST
Trade guaranteed payments for net profits to gain from QBI deduction
The law known as the Tax Cuts and Jobs Act allows a qualified business income (QBI) deduction that can provide valuable tax savings to individual taxpayers who receive income from passthrough entities, such as S corporations, partnerships, and sole proprietorships.