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State Taxes Loan Forgiveness

Fleurinord Law PLLC

Understanding the Federal and State Tax Implications of Student Loan Forgiveness

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The idea of student loan forgiveness has caught the attention of many borrowers and sparked lots of discussions. If you're wondering how this might affect your taxes, you're not alone. It's important to know the rules and...more

McGlinchey Stafford

Student Loan Borrowers Beware: You May Owe State Tax on the Forgiven Debt Even If You Do Not Receive an IRS Form 1099-C

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As reported late last year, the IRS announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue IRS Forms 1099-C when certain student loan debts are forgiven. The Notice was in response to...more

Parker Poe Adams & Bernstein LLP

North Carolina's New Budget Conforms to Federal Tax Treatment of Paycheck Protection Program Expenses

Governor Roy Cooper signed the state budget on November 18 that the North Carolina General Assembly passed this week. There are a variety of important tax changes in the budget, including one that affects all North Carolina...more

Williams Mullen

Are PPP Loan Proceeds Gross Receipts for the Purposes of BPOL?

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The Virginia Department of Taxation has issued a ruling that addresses the question “does the receipt of a PPP loan and its possible forgiveness constitute gross receipts for purposes of the Business, Professional, and...more

BakerHostetler

[Podcast] How Will States Tax Forgiven PPP Loans?

BakerHostetler on

The CARES Act created the Paycheck Protection Program. The PPP allowed businesses to secure forgivable SBA loans. Federal taxation of forgiven loans and related expenses are quite favorable - will states follow suit? Matt...more

Foley & Lardner LLP

Top 10 Insights from the SBA’s PPP Loan Forgiveness Application

Foley & Lardner LLP on

On May 15, 2020, the SBA issued its Paycheck Protection Program (PPP) Loan Forgiveness Application. 1. Permits Use of Alternative Payroll Covered Period - While the term of the “Covered Period” for loan forgiveness...more

Foster Garvey PC

More Good News for Oregon Taxpayers – The Oregon Department of Revenue Got It Right

Foster Garvey PC on

New guidance from the Oregon Department of Revenue (the “DOR”) with respect to Oregon’s Corporate Activity Tax (“CAT”) was issued Wednesday, May 6th. Specifically, the DOR announced that: - Certain forgivable federal...more

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