Has anyone had to deal with the PPP Loan that some companies received? I know that the loan itself is not taxable but do you show it somewhere if it is on a Sch C income company? And the expenses for this particular client all the PPP was used for was to pay workers.
Thanks
Most of us have.
It goes nowhere on Schedule C. Schedule C reports taxable income only.
At the federal level all the expenses are deductible. Your state may have a different treatment.
If it was forgiven in 2021, or if you're treating it as forgiven in 2021 you have to attach a statement to the return.
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