Ehrler CPA
Level 1
01-26-2021
02:06 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Presently, the tax program appears to include the tax free PPP loan forgiveness funds in taxable income, which is carried over to Schedule K as ordinary income. Also, the PPP is carried to retained earnings and is included in a shareholders basis, and available for NOL utilization.
I'm not sure if the PPP treatment is correct. Appreciate any other comments on the subject.
Labels