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The PPP Loan is $40,000. Since it goes on the K-1, Line 16B, the S/H Equity is increased by $40,000, and the Balance Sheet is off by $40,000. What Journal Entry...
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The Forgiven amount on K-1, Line 16B, and the Expenses paid with it on K-1, Line 16B?
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Thank you. Sorry, but I made a "late night-working too long" boo-boo. The Inventory purchases were made with another, not PPP, loan. The PPP loan did pay the wa...
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If the Expenses paid with the PPP Loan (Forgiven) are "moot," should they reduce the cost of whatever was purchased with them? One of my S-Corp clients bought I...
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I e-filed a client's 1040 about 3 weeks ago. She had informed me that she had not received the Dec 2020 Covid Rebates ($600x3=$1,800). A week ago she called to ...
