Program handling of PPP loan forgivness funds.

Ehrler CPA · ‎01-26-2021

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.

IRonMaN · ‎01-26-2021

I'm guessing it is treating it that way because that is how you entered it. In reality it is tax free income for federal and treated as a reconciling item between book and tax income.

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

abctax55 · ‎01-26-2021

SMH...

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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itonewbie · ‎01-26-2021

Anna, you always have me look up the acronyms you use. 🤣

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abctax55 · ‎01-26-2021

Sorry...😘

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IRonMaN · ‎01-26-2021

Obi-Wan - in case you haven't looked it up yet - SMH - Snarky Memes Here 😀

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

itonewbie · ‎01-26-2021

Snarky Memes Here, Shaking My Head. 🤣

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Still an AllStar

abctax55 · ‎01-26-2021

You'se talkin' to ME, Mr. Yote ?!?!??!?!?!??!?!?!??!?

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IRonMaN · ‎01-26-2021

I talk to pretty much anybody that will listen😁

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

abctax55 · ‎01-26-2021

And pay attention to the State treatment. Some are following the Feds regarding deductibility of the expenses paid with PPP funds; some are not.

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Program handling of PPP loan forgivness funds.

Lacerte Tax

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