Скачать или смотреть Tuesday Tax Tips - Round 2 PPP Forgiveness (Ep. 33)

Tuesday Tax Tips is back for 2022. In an attempt to break up the monotony of "Marchternity" in the tax world, we're back with more short updates and tips on the ever-evolving tax code.

For this 2022 series of tips, we'll be increasing our focus on business-related issues. Less FYIs on the Advanced Child Tax Credit, and more shoutouts to the changes in 1099-K reporting, self-employed health insurance deductions, and state pass-through elections (otherwise known as SALT workarounds), just to name a few.

In episode 8 of 2022, we have yet another valuable reminder. This time, it's round 2 of PPP.

Yes, the PPP program seems to be a faded memory. But it was only a year ago when businesses were applying for the second round of funding.

Though this is a loan...it's a forgivable loan if certain criteria are met, at which point it becomes a tax-free grant (states may vary, but Federally, there is no tax consequence).

This tip is a reminder of the time limits surrounding applying for forgiveness and the grace period before payments need to be made.

This is the final tip for 2022. Learn, from a CPA's point-of-view, changes to be aware of while filing and planning your taxes.

All changes mentioned will differ in their effect based on each person's own facts and circumstances. These tips are not intended to be a substitute tax advice and will not be updated for new or changing laws and regulations after the release of this video. Please consult your tax advisor to discuss for a comprehensive tax assessment.

0:00 Introduction
0:10 Business Tax Day: The Final Tip
0:30 A Review of This Year's Tips
1:11 A Reminder on Round 2 PPP Forgiveness
2:07 Disclaimer on applicability
2:36 Closing