Does Ppp Loan Forgiveness Increase Basis
Re Proc. 2021-48: Timing issues Rev. Proc. The time frame for receiving PPP forgiveness tax-exempt income is 2021–2048. When (1) expenses that qualify for forgiveness are paid or incurred, (2) a request for PPP loan forgiveness is submitted, or (3) PPP loan forgiveness is approved, taxpayers may treat such income as received or accrued. When … Read more