Does any body know if PPP taxable income for all states ?
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No it's not taxable for all states."Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen -
Massachusetts still no guide line whether should be taxable or not ?Comment
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if i understand correctly, Massachusetts included PPP as taxable income and also allow expenses related to PPP to be tax deduction, basically wash it each other out to zero, net profit will be taxable as usual. if so, should Mass treat it as a PPP GrantComment
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See LION’s reply post. Usual specific reference provided.Originally posted by pasb View PostAlways cite your source for support to defend your opinionComment
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Important information for taxpayers
from the Massachusetts Department of RevenuePPP loan forgiveness income
New trustee tax advance payment date
New trustee tax return filing dateTelecommuter information
Sales suppression software penalties
Partnerships subject to federal auditPlease take some time to review these important tax matters, which could have an impact on your tax compliance. Many of the provisions summarized here were included in the Commonwealth’s FY21 budget.
Information will be updated on these items as it is available on Hot Topics. Please bookmark the link to check back for additional information.
PPP loan forgiveness income
The CARES Act provides that any cancelled indebtedness from the Paycheck Protection Program is excluded from gross income for federal income tax purposes. As you may know, legislation is currently pending that would change the rules about the Massachusetts tax treatment and reporting of forgiven PPP loan income. If the legislation passes, we will update the information on the FAQ webpage.
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