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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Virginia does not accept deductions for expenses paid by the EIDL. How do I adjust for that on a Sch C?
Virginia does not accept deductions for expenses paid by the EIDL. How do I adjust for that on a Sch C?
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melanie5
Level 1
04-12-2021
01:00 PM
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sjrcpa
Level 15
04-12-2021
01:45 PM
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I though it was:
Only $100K of expenses paid with a PPP loan that will be forgiven are deductible.
EIDL is a loan that has to be repaid.
The more I know, the more I don't know.
