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- IRS and State differences in treatment of PPP forgiveness and other COVID related Grants
IRS and State differences in treatment of PPP forgiveness and other COVID related Grants
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Cherylle
Level 2
03-20-2021
12:22 AM
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Has anyone heard from Intuit as to how they plan to handle the calculating the different tax treatment of COVID grants by the IRS and State Taxing Agencies? For example COVID grant income taxable by Federal but not by some States, and the reverse. Also Forgiven PPP Loan expense deductions allowed by Federal and not by some States.
Hawaii has not released a decision as to the conformity with PPP Loan Forgiveness treatment of expenses, nor conformity with the American Rescue Plan.
This situation applies to all business filing types.
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1 Comment 1
IRonMaN
Level 15
03-20-2021
08:09 AM
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You need to make any adjustments manually
Slava Ukraini!
