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    Program handling of PPP loan forgivness funds.

    Ehrler CPA
    Level 1
    ‎01-26-2021 02:06 PM

    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. 

     

     

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    9 Replies 9
    IRonMaN
    Level 15
    ‎01-26-2021 02:15 PM

    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)
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    abctax55
    Level 15
    ‎01-26-2021 02:55 PM

    SMH...

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

    If a post answers your question, click on *Accept as solution* for future searches
    Reply
    itonewbie
    Level 15
    ‎01-26-2021 03:01 PM

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

    ---------------------------------------------------------------------------------
    Still an AllStar
    Reply
    abctax55
    Level 15
    ‎01-26-2021 03:03 PM

    Sorry...😘

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

    If a post answers your question, click on *Accept as solution* for future searches
    Reply
    IRonMaN
    Level 15
    ‎01-26-2021 03:15 PM

    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)
    Reply
    itonewbie
    Level 15
    ‎01-26-2021 03:18 PM

    Snarky Memes Here, Shaking My Head. 🤣

    ---------------------------------------------------------------------------------
    Still an AllStar
    Reply
    abctax55
    Level 15
    ‎01-26-2021 05:00 PM

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

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

    If a post answers your question, click on *Accept as solution* for future searches
    Reply
    IRonMaN
    Level 15
    ‎01-26-2021 05:02 PM

    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)
    Reply
    abctax55
    Level 15
    ‎01-26-2021 03:02 PM

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

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

    If a post answers your question, click on *Accept as solution* for future searches
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