In the News: Bloomberg Tax

In the News: Bloomberg Tax We are awaiting Congress for appropriate clarification regarding expense deductibility when Covid-19 SBA PPP loans are forgiven and the usual taxable income from debt forgiveness pursuant to Internal Revenue Code (IRC) Section 61(a)(12) is determined to be tax-free income.

Harvey is asked by Bloomberg Tax to quote on this hot topic in the attached article entitled “Small-Business Relief Loans Could Face Some State Tax Hurdles”