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In cases where clients had received letters with forgiven interest, we typically ended up accruing the interest and then disallowing as a deduction on Sch M-1, ...
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It appears clear that the forgiven interest is tax exempt...what is not clear is whether the accrued but not paid interest is deductible or not. We are leaning ...
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Do you have any sources or guidance you could point to?I've looked through the more recent Rev-Procs that reiterate that "no amount is included in the gross inc...
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A number of clients have provided PPP forgiveness letters that include forgiven interest (which they never paid). I know the forgiven PPP loan balance is tax ex...
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I have an S-Corporation with 5 shareholders that files a 5471 for itself and on behalf of itsshareholders. The shareholders need to attach a statement to their ...
