Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 23, 2020

By not allowing the expenses to be deducted on our taxes, doesn’t the IRS position effectively make PPP forgiveness taxable?

Posted by Armanino Financial Advisory Team

No. Forgiven loan proceeds are not taxable. Therefore, by adding back the forgivable expenses paid, this a net-zero tax effect.

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