Tax questions over PPP loans remain unresolved

HOLDING ON: Joseph A. Mansour Jr. is the president of Marcovich, Mansour & Capobianco LLC in Lincoln, an accounting firm that represents about 400 businesses that received Paycheck Protection Program loans. Mansour said he’s advising those clients to keep some of that money, if possible, in case they have to pay taxes on the funds in April 2021. / PBN PHOTO/MICHAEL SALERNO
HOLDING ON: Joseph A. Mansour Jr. is the president of Marcovich, Mansour & Capobianco LLC in Lincoln, an accounting firm that represents about 400 businesses that received Paycheck Protection Program loans. Mansour said he’s advising those clients to keep some of that money, if possible, in case they have to pay taxes on the funds in April 2021. / PBN PHOTO/MICHAEL SALERNO
Accountants who helped shepherd businesses through the process of obtaining federal Paycheck Protection Program loans this year are now cautioning them to not assume it will go untaxed. Among the many questions so far this tax year is whether any portion of the PPP proceeds are going to be subject to taxes, according to Rhode…

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