News & Analysis as of

Internal Revenue Service › Loan Forgiveness › Tax Exemptions

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Husch Blackwell LLP

Executive Order Highlights Risks to Nonprofit Tax-Exempt Status

Husch Blackwell LLP on

President Trump’s executive order (EO) “Restoring Public Service Loan Forgiveness,” issued March 7, 2025, sets limits on student loan forgiveness under the Public Service Loan Forgiveness (PLSF) program. But the language used...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues Guidance on Reporting of Tax-Exempt Income under PPP

Pillsbury Winthrop Shaw Pittman LLP on

The Internal Revenue Service issues three Revenue Procedures detailing how taxpayers can account for tax-exempt cancellation of indebtedness income arising from forgiven Paycheck Protection Program loans in their Federal tax...more

Downs Rachlin Martin PLLC

IRS Reaffirms Non-Deductibility of Forgiven PPP Loan Expenses and Affords New Tax Filing Safe Harbor Rules

Downs Rachlin Martin PLLC on

In May, the IRS issued Notice 2020-32, providing that a taxpayer that receives a loan through the Paycheck Protection Program (“PPP”) is not permitted to deduct expenses that are normally deductible under the Code to the...more

3 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide