ACCOUNTING SERVICES OF YORK, LLC

Just a heads up if you got a PPP Loan and requested forgiveness PA is making the forgiven PPP loan taxable income. A message from the PA Department of Revenue From the PA Department of Revenue website:... 1. Paycheck Protection Plan loans used to pay business expenses during the COVID-19 pandemic that are forgiven by the lender will constitute as taxable income for PA personal income tax purposes. The business can deduct proceeds from the forgiven loan that are used to cover ordinary, necessary and reasonable expenses related to that income. 2. If the borrower is a corporation subject to the corporate net income tax (CNIT), for CNIT PA taxable income is based upon federal taxable income. PA law does not include an add back to or deduction from federal taxable income for forgiveness of a Paycheck Protection Plan loan. See more

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Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place. To help protect their financial safety in a disaster situation, taxpayers should: Update emergency plans. A disaster can strike at any time. Personal and business situations are constantly evolving, so taxpayers should review their emergency plans annually. [ 299 more words ] https://accountingservicesofyork.com/?p=8171

The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to help taxpayers understand the home office deduction and whether they can claim it: [ 417 more words ] https://accountingservicesofyork.com/?p=8136