Taxes: PPP Forgiveness and Using Business Losses October 13, 2020, 4:00pm CDT October 13, 2020, 4:00pm CDT

Chris will address the business taxes issues related to IRS emergency business funds under CARES Act. For example, the Act provides that the debt discharge of a PPP loan is excluded from the gross income of the business for federal income tax purposes. He will also advise you if your business is looking to obtain tax refunds as a result of 2020 Tax Code changes on Net Operating Loss (NOSs) carryback. 

Chris founded Wycotax in 2015 with its main purpose to offer payroll, bookkeeping, and tax services to businesses of different types. Chris is a Filipino who migrated to the US in 2010 to work as a nurse, but he never settled as an employee. Instead, he pursued his long-term dream to become a full-time entrepreneur. As a result of his effort and dedication to serving the business community of South Texas, he received the 2018 SBA Minority Business of the Year award. He believes that business owners should leverage their skills and time on finding the right people to help grow their businesses. Not knowing how to delegate and elevate is the major challenge of business owners today, in terms of managing the technical parts of the company such as investments, cash-flow, and tax. 

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Taxes: PPP Forgiveness and Using Business Losses