ALEMAN96
Level 1
‎03-22-2021 09:00 PM

PPP LOAN: LOAN IS FORGIVEN AND ALL FUNDS WERE USED TO COVER PAYROLL EXPENSES.

CAN YOU STILL CLAIM THE PAYROLL EXPENSES USED TO SATISFY THE FORGIVENESS OF THE LOAN AS A DEDUCTIBLE EXPENSE IN THE BUSINESS TAX RETURN?  

0 Cheers
dd4vols
Level 10
Level 10
‎03-22-2021 09:12 PM

Yes.  and the Non-Taxable SBA PPP funds incomes are an M-1 adjustment on corporations and partnerships.

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