By CHRISTOPHER S. MAYNARD
In a memorandum released in September 2022, the IRS has confirmed that if a PPP loan was forgiven based on misrepresentations or omissions by the taxpayer, the taxpayer is not eligible to exclude the forgiven amount from income. Any portion of the loan proceeds that were forgiven in error must be included in their gross income.
By ALFRED G. MUELLER, CPA
Pennsylvania lawmakers finally reached an agreement this summer to reduce the state’s corporate net income tax (CNIT) rate. With the enactment of House Bill 1342 as a component of the 2022-2023 fiscal year state budget, signed into law by Governor Wolf in early July, the nation’s second highest state corporate tax rate will see a substantial decrease.