Question
IRS and State differences in treatment of PPP forgiveness and other COVID related Grants
Has anyone heard from Intuit as to how they plan to handle the calculating the different tax treatment of COVID grants by the IRS and State Taxing Agencies? For example COVID grant income taxable by Federal but not by some States, and the reverse. Also Forgiven PPP Loan expense deductions allowed by Federal and not by some States.
Hawaii has not released a decision as to the conformity with PPP Loan Forgiveness treatment of expenses, nor conformity with the American Rescue Plan.
This situation applies to all business filing types.
