Episode from the podcastPay Play Profit

2020 Tax Update - State’s Choice on Deductibility for Paycheck Protection

Released Tuesday, 23rd February 2021
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This episode is BREAKING NEWS related to the 2020 tax update regarding the choice of states on the deductibility for paycheck protection.
We feel it's important to get the word out because this is one of those little hidden minefields that nobody knows about. And frankly, your tax preparers, accountants, or advisors may not even know about this. After all, there's just so much to know. 
So here it is...
Most states all follow the actual federal guidelines for the Paycheck Protection Program. However, there are some states that are not following the federal steps for tax with regards to the Paycheck Protection Program. 
The paycheck protection program has been able to help online businesses and other small business owners survive and be able to continue their businesses. We don't want this update to dampen anybody's spirit. So don't let this deter or derail you – just start having conversations if you're in one of these 10 states we’re going to mention today!
In this episode, you will hear:
  • Take advantage of the PPP
  • The states that are not tying their tax code to the federal government's position
  • Why it matters if the expenses on the PPP loan pays are deductible
  • The impact of loan forgiveness

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If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just go to the episode page at www.profithero365.com/payplayprofit​ to download it.
Supporting Resources:
DigiTax Pro
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com

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