Posted 2/21/2021 20:05 (#8849762 - in reply to #8849529) Subject: RE: Cfap tax?
Joe@RFDG - 2/21/2021 17:56
coup - 2/21/2021 06:19
dvdwtrmn - 2/21/2021 17:13
If a PPP loan is forgiven it will be taxed as income.
PPP loan is tax free when forgiven.
Federal yes, tax free. Depending on how Marxist your state is, you may be taxed at the state level . As of right now, in MN, you WILL pay tax on anything ppp that is forgiven. Your mileage will vary by state.
If a person gave PPP$ to a 501C3 would you still have to pay MN state tax?