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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- PPP LOAN FORGIVEN
PPP LOAN FORGIVEN
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ALEMAN96
Level 1
03-22-2021
09:00 PM
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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 Comment 1
dd4vols
Level 10
03-22-2021
09:12 PM
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Yes. and the Non-Taxable SBA PPP funds incomes are an M-1 adjustment on corporations and partnerships.
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