Before leaving town, U.S. Secretary of Agriculture Sonny Perdue and U.S. Trade Representative Robert Lighthizer announced the appointment of 67 members to serve on seven agricultural trade advisory committees. A complete list of committee members are available at fas.usda.gov/atacs and includes a who’s who of influential voices from commodity groups to agribusinesses.
The Agricultural Policy Advisory Committee is comprised of senior representatives from across the U.S. agricultural community who provide advice to USDA and USTR on trade policy matters including the operation of existing trade agreements and the negotiation of new agreements. Members of the six Agricultural Technical Advisory Committees provide technical advice and guidance from the perspective of their specific product sectors. This group of appointed advisors will serve until 2025.
Getty Images The IRS issued a notice that the forgiven PPP loan amounts are not deductible as it would result in a so-called double tax benefit.
Hundreds of farm and business groups from the West and around the country are urging Congress to enact legislation before the end of the year that includes a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP).
As Western Growers explains, President Donald Trump in March signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law, which included the PPP. Congressional intent of the CARES Act was to allow for continued payroll deductibility, even for the amount forgiven under the PPP loan program.