Somehow, we’re coming up on the end of 2020. How is that possible, you ask? Only those experienced in time travel can answer that question.
With the end of the year—especially a year like 2020 that introduced the complicated and ever-changing Paycheck Protection Program (PPP) to hard-hurt business owners—come many loose ends to tie up before we stumble into 2021 and what’s promising to be one of the most complicated tax years ever.
If you were one of those business owners who received PPP funds, what comes next for PPP forgiveness and the tax impact is one loose end you don’t want to leave dangling. To avoid a shockingly huge tax bill, here are 5 questions you need to be asking your accountant now about your PPP loan.