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043: 2020 Tax Update - State’s Choice on Deductibility for Paycheck Protection
Manage episode 285682269 series 2794943
Jessica Mae Stafford, Jessica Mae, and Marilyn Parham에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Jessica Mae Stafford, Jessica Mae, and Marilyn Parham 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
This episode is BREAKING NEWS related to the 2020 tax update regarding the choice of states on the deductibility for paycheck protection.
We feel it's important to get the word out because this is one of those little hidden minefields that nobody knows about. And frankly, your tax preparers, accountants, or advisors may not even know about this. After all, there's just so much to know.
So here it is...
Most states all follow the actual federal guidelines for the Paycheck Protection Program. However, there are some states that are not following the federal steps for tax with regards to the Paycheck Protection Program.
The paycheck protection program has been able to help online businesses and other small business owners survive and be able to continue their businesses. We don't want this update to dampen anybody's spirit. So don't let this deter or derail you – just start having conversations if you're in one of these 10 states we’re going to mention today!
In this episode, you will hear:
- Take advantage of the PPP
- The states that are not tying their tax code to the federal government's position
- Why it matters if the expenses on the PPP loan pays are deductible
- The impact of loan forgiveness
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