Gildardo
Level 3
04-03-2022
12:33 PM
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Yup. Very helpful information how to enter the CA grants (taxed on federal, but no taxed on California) but not instructions for a PPP (taxed on California in this case).
What's an ineligible entity under AB 80?
An entity is ineligible to deduct expenses paid with forgiven PPP funds if it didn’t have a 25% or greater reduction in gross receipts in any calendar quarter in 2020 compared to the same calendar quarter in 2019.