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BEIJING AP 鈥?With China s biggest freshwater lake reduced to just 25% of its usual size by a severe drought, work crews are digging trenches to keep water flowing to one of the country s key rice-growing regions.The dramatic decline of Poyang Lake in the landlocked southeastern province of Jiangxi had otherwise cut off irrigation channels to nearby farmlands. The crews, using excavators to dig trenches, only work after dark because of the extreme daytime heat, the official Xinhua News Agency reported. Wan Xiang/AP In this aerial photo released by China s Xinhua News Agency, water flows through chanels in the lake bed of Poyang Lake, China s largest fr
stanley cups uk eshwater lake, in eastern China s Jiangxi Province, Monday, Aug. 22, 2022. With China s biggest freshwater lake reduced to just 25% of its usual size by drought, work crews are digging trenches to keep water flowing to irrigate crops. Wan Xiang/Xinhua via AP A severe heat wave is wreaking havoc across much of southern China. High temperatures have sparked mountain fires that have forced the evacuation of 1,500 people in the southwest, and factories have been ordered to cut production as hydroelectric plants reduce their output amid drought conditions. The extreme heat and drought have wilted crops and shrunk ri
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The approaching tax season is raising fresh questions for business owners who received a loan through the Paycheck Protection Program.Can you deduct expenses paid with your loan funds Do you need to do anything differently this year And if your loan is forgiven, is it considered taxable income Answers to these questions have been hard to nail down,
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garrafa stanley lief help put an end to the confusion. Doing your taxes wasnt easy before COVID, says Keith Hall, president and CEO of the National Association for the Self-Employed. The good news is this year isnt going to be any harder than tax returns youve had in the past. Forgiven PPP loans are not taxable Historically and forever, if you have a business loan and it is forgiven, that automatically is taxable income. Its been in the internal revenue code forever, Hall says.Paycheck Protection Program loans break from that code. Congress specified, and the IR
stanley cups uk S clarified, that forgiven PPP loans will not count as income. This applies whether your entire loan is forgiven or just a portion. If it is forgiven, it will not be taxable income. Period, Hall says.You can deduct expenses paid with a PPP loanThis one has been more of a moving target. Initially, the IRS position was this: Expenses paid with PPP loan funds cant be deducted if the loan was or will be forgiven.However, that changed with the coronavirus relief act signed into law
