National accounting firm Withum shares information to help you understand the tax implications of the recent Internal Revenue Service (IRS) ruling addressing the proper treatment of improperly forgiven paycheck protection program (PPP) loans. The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the Small Business Administration (SBA) and the lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness.
On Wednesday November 20, 2024, the Pipeline Hazardous Materials Safety Administration (PHMSA) published a notice explaining that for calendar year 2025 it is increasing from 25% to 50% the rate of random drug and alcohol testing for employees of operators and contractors engaged in operations, maintenance or emergency response for gas pipelines facilities, hazardous liquid pipeline facilities, carbon dioxide pipeline facilities, liquefied natural gas (LNG) plants, and underground natural gas storage facilities. In the notice, PHMSA also clarifies how operators and contractors should report their drug and alcohol testing data.
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