Comments on: The Small Business Long Game: Compound Growth https://evergreensmallbusiness.com/the-small-business-long-game-compound-growth/ Actionable Insights from Small Business CPAs Fri, 20 Nov 2020 20:23:43 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: PPP Loan Tax Returns: What We Know Now - Evergreen Small Business https://evergreensmallbusiness.com/the-small-business-long-game-compound-growth/#comment-10204 Fri, 20 Nov 2020 20:23:43 +0000 http://evergreensmallbusiness.com/?p=11471#comment-10204 […] For fun, CPAs may be interested in this blog post about one of the most profitable single owner CPA firms in the country: Small Business Compound Growth: The Long Game. […]

]]> By: Stephen Nelson CPA https://evergreensmallbusiness.com/the-small-business-long-game-compound-growth/#comment-10193 Fri, 20 Nov 2020 15:30:02 +0000 http://evergreensmallbusiness.com/?p=11471#comment-10193 In reply to Morgan.

The IRS guidance released this week answers this question. See here: http://evergreensmallbusiness.com/ppp-loan-tax-returns-what-we-know-now/

]]> By: Morgan https://evergreensmallbusiness.com/the-small-business-long-game-compound-growth/#comment-10183 Thu, 12 Nov 2020 17:19:16 +0000 http://evergreensmallbusiness.com/?p=11471#comment-10183 You know, I’d love to see an article from you about the possibility of transferring the potential tax consequences of the PPP to 2021 instead of 2020. In other words, if forgiveness isn’t applied for until 2021, then theoretically you can write of the expenses in 2020 and then it would be reversed (increasing taxes for 2021) for the following year. This seems reasonable since you won’t know if you get forgiveness until after you file taxes in all likelyhood regardless of when you actually apply.

I have at least one client where delaying the tax consequences could be useful.

What do you think?

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