Tax News Update    Email this document    Print this document  

September 21, 2022

IRS highlights recent Chief Counsel memorandum concluding proceeds of improperly forgiven PPP loans are taxable

In a news bulletin (IR-2022-162), the IRS cites a recently published Chief Counsel memorandum (202237010) in noting that if a Paycheck Protection Program (PPP) loan is forgiven based on a taxpayer's misrepresentations or omissions, the loan proceeds must be included in income and are taxable.