HHS Stimulus HHS Payment Taxable?

[JML]

Is the payment received from HHS Stimulus HHS Payment for medical providers taxable?

If not, would it be another M-1 Adjustment like PPP Grant?

Thank you 

[qbteachmt]

This grant?

https://www.irs.gov/newsroom/cares-act-coronavirus-relief-fund-frequently-asked-questions

[qbteachmt]

Oh, I found this one:

https://www.irs.gov/newsroom/frequently-asked-questions-about-taxation-of-provider-relief-payments

[JML]

THANK YOU.

[JML]

Thank you so much for sharing and the effort of looking up

[qbteachmt]

I'll let you know if I come across a "corrected guidance" for these grants. I have clients that got them, and so far, I haven't seen anything that removes them from being taxable.

[bm]

What is the HHS stimulus payment taxable?

Has any one done in Pro-series

If you or your practice are not tax-exempt and you received and kept such funds, you have two options: (1) include the funds in your taxable income and pay the 21% tax rate or (2) return the funds to HHS.

Jul 15, 2022

[qbteachmt]

@bm 

"What is the HHS stimulus payment taxable?"

Did you click any of the provided links, to read about these grants?

"Has any one done in Pro-series"

You are asking in a Lacerte topic. Perhaps you want to start this as your own, new, topic in the Pro Series section of this community.