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Your business may have to comply with new reporting requirements that took effect on January 1, 2024.
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Does PPP Loan Forgiveness
Prevent Your Business from Deferring Payroll Tax?
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Good news! The Paycheck Protection Program (PPP) Flexibility Act of 2020 was signed into law on June 5. The new law repeals a provision of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that could disallow the payroll tax deferral privilege for some taxpayers that receive PPP loans that are later forgiven.
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So, the payroll tax deferral privilege (see main article) is now fully available to taxpayers that benefit from forgiven PPP loans. Apparently, the same is true for self-employed individuals who take advantage of the self-employment tax deferral privilege and benefit from forgiven PPP loans.