Program handling of PPP loan forgivness funds.

[Ehrler CPA]

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. 

[IRonMaN]

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.

[abctax55]

SMH...

[itonewbie]

Anna, you always have me look up the acronyms you use. 🤣

[abctax55]

And pay attention to the State treatment.  Some are following the Feds regarding deductibility of the expenses paid with PPP funds; some are not.

[abctax55]

Sorry...😘

[IRonMaN]

Obi-Wan - in case you haven't looked it up yet - SMH - Snarky Memes Here 😀

[itonewbie]

Snarky Memes Here, Shaking My Head. 🤣

[abctax55]

You'se talkin' to ME, Mr. Yote ?!?!??!?!?!??!?!?!??!?

[IRonMaN]

I talk to pretty much anybody that will listen😁