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ALEMAN96
Level 1
March 23, 2021
Question

PPP LOAN FORGIVEN

  • March 23, 2021
  • 1 reply
  • 8 views

PPP LOAN: LOAN IS FORGIVEN AND ALL FUNDS WERE USED TO COVER PAYROLL EXPENSES.

CAN YOU STILL CLAIM THE PAYROLL EXPENSES USED TO SATISFY THE FORGIVENESS OF THE LOAN AS A DEDUCTIBLE EXPENSE IN THE BUSINESS TAX RETURN?  

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1 reply

dd4vols
dd4volsIntuit Community Champion
Intuit Community Champion
March 23, 2021

Yes.  and the Non-Taxable SBA PPP funds incomes are an M-1 adjustment on corporations and partnerships.

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