Any form of identity theft can be costly and unsettling. And it can take months — sometimes years — to fully recover. But tax-related identity theft can be particularly disturbing because it involves the IRS. While the government agency has taken significant steps in recent years to help minimize the occurrence of tax-related identity theft, […]
Archives for December 2022
Surprise! Improperly Forgiven PPP Loans are Taxable Income
A new IRS memorandum has confirmed that improperly forgiven Paycheck Protection Program (PPP) loans should be considered taxable income, and recommends affected taxpayers file original (or amended) returns that accurately reflect the status of their loan. You may recall that PPP loans were established to help small U.S. businesses impacted by the pandemic cover certain […]