Construction Dive quoted National Construction Industry Leader Joseph Natarelli in an article about the disallowance of deductibility for expenses funded by PPP loans that are forgiven.
By Jenn Goodman
“They’re saying, ‘If I knew then what I know now, then I wouldn’t have taken the loan and I would have had to lay people off,’” he said. The bottom line for contractors, Natarelli said, is to check with their accountants about tax implications before applying for loan forgiveness.
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One of the leading construction accounting firms in the U.S., Marcum LLP’s Construction Services group provides audit, consulting, and taxation services to clients ranging from start-ups to multi-billion-dollar enterprises. The group’s professionals, among the country’s foremost experts in construction accounting, are frequent industry authors and speakers and serve as technical reviewers for the AICPA’s construction audit and taxation guides. Marcum’s construction group also publishes several definitive industry resources – including the annual Marcum National Construction Survey, the quarterly Marcum Commercial Construction Index, the Marcum PAS Contractor Compensation Quarterly, and the annual Marcum JOLTS Analysis of construction employment trends – and presents an ongoing series of industry summits and technical webinars focused on the unique needs of construction contractors.
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