PPP Loan

Forum|Forum|5 years ago
January 5, 2021
3 replies
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I have a client who files a C-Corp. Her fiscal year is July1, 2019 to June 30, 2020. She received her PPP Loan on April 30, 2020. I am filing her C-Corp for 2019. How do I report her payroll info on a 2019 return

ProConnect Tax

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sjrcpa

Level 15

Is this a cash or accrual basis tax return?

The more I know the more I don’t know.

C

cmb2106Author

Level 3

Cash basis

BobKamman

Level 15

Are you filing for the fiscal year ending 6/30/20? That's not a 2019 return.

sjrcpa

Level 15

Yes it is.

The more I know the more I don’t know.

BobKamman

Level 15

Well, it depends on which IRS you believe. The “government by FAQ” IRS calls a “tax return for fiscal year 2019,” one that was originally due on October 15, 2018. Fiscal years are named according to the year they end, not by the edition of the form that may be used.

Q. I am a fiscal year filer who filed an extension to file my Federal income tax return for fiscal year 2019. The extended due date is April 15, 2020. Am I an “Affected Taxpayer” eligible for relief under Notice 2020-23?

A. Yes. The relief provided in Notice 2020-23 applies to Federal income tax returns and payments and postpones until July 15, 2020, all income tax return filings and payments due on or after April 1, 2020, and before July 15, 2020.

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

sjrcpa

Level 15

You report the amount of wages actually paid during the fiscal year.

The more I know the more I don’t know.

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