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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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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.
Slava Ukraini!
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SMH...
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Anna, you always have me look up the acronyms you use. 🤣
Still an AllStar
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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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Sorry...😘
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Obi-Wan - in case you haven't looked it up yet - SMH - Snarky Memes Here 😀
Slava Ukraini!
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Snarky Memes Here, Shaking My Head. 🤣
Still an AllStar
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You'se talkin' to ME, Mr. Yote ?!?!??!?!?!??!?!?!??!?
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I talk to pretty much anybody that will listen😁
Slava Ukraini!
