The North Carolina Department of Revenue has announced that expenses that were funded with forgiven PPP loans are now deductible. This means that all recipients, both corporate and individual, that paid income tax on the loan in tax year 2020 are able to file an amended tax return and receive a refund for those funds. Please note that these changes will not happen automatically and that in order to receive the refund for overpaid taxes you must file a complete amended 2020 tax return. Additionally, these changes will also apply moving forward for tax year 2021. If you have any questions or need any help filing, please contact DHW. We will continue to keep you informed of any further changes that may affect you or your taxes.
PPP Income Tax Changes
