Gregory Gandrud
Level 3
02-27-2021
11:27 PM
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An S-corp received a COVID-19 grant from a local non-profit. It that grant includable in taxable income?
qbteachmt
Level 15
02-28-2021
12:48 AM
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I've worked a lot with the grants that went to businesses from the State and the County and even from the local health departments, and these are taxable to the business. I would treat a grant between entities as taxable. Keep in mind that it would be a wash event, because the grants were supposed to help offset unexpected costs or to maintain business operations, which would be reported for deduction.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
mhkdgal
Level 4
05-17-2021
04:02 PM
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Where would these taxable grants be entered in Lacerte and show up on tax return?
qbteachmt
Level 15
05-17-2021
06:50 PM
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Add the amount to the Business income.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
