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If the ppp loan was forgiven, how are we supposed to record
If the ppp loan was forgiven, how are we supposed to record the transaction in quick books?… read more
Rick
Rick
MBA
11,771 satisfied customers
Regarding the ppp 2nd draw. If 1 person s-Corp received $20k
Regarding the ppp 2nd draw. If 1 person s-Corp received $20k in ppp funds and paid out 10,000 per quarter in payroll would that qualify for the $7000 (70%) per quarter ERTC? Or do you have to use non … read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
1,069 satisfied customers
Does the PPP loan or disaster loan amounts go on an 1120S
Hello Barbara, does the PPP loan or disaster loan amounts go on an 1120S besides as a dr to cash and cr to PPP loans payable. In other words are they shown as tax exempt income or not included in inco… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
Since ppp loans are not taxable when it has been used for
For Lane. Since ppp loans are not taxable when it has been used for payroll Did the AICPA get a determination from the senate that the payroll can be an expense deduction? I have questions regarding t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,009 satisfied customers
This question is regarding PPP loan forgiveness. We received
Hello. This question is regarding PPP loan forgiveness. We received a PPP loan in the amount of $250,000 on 04/16/20. Our first payday after receiving the loan was 04/17/20. We pay two weeks behind so… read more
Rama-CPA
Rama-CPA
President
Bachelor's Degree
1,535 satisfied customers
Was wondering if any companies have received official PPP
Hello, Was wondering if any companies have received official PPP loan forgiveness as yet or is the SBA still working on their procedures. Is there a sense of what percent of applications will be grant… read more
Rick
Rick
MBA
11,771 satisfied customers
Payroll using PPP fund and reimbursement and insurance] My
Payroll using PPP fund and reimbursement and insurance]Hello again,My situation: Solo S-corp owner/employee, received PPP amount of $9489, trying to finish it in 2 monthsSo, I am trying to run the pay… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
Does the 60% payroll portion of the PPP loan include a
Does the 60% payroll portion of the PPP loan include a SEP-IRA contribution made by a sole proprietor for herself?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,958 satisfied customers
I'm curious on accounting for PPP funds. Our loan will be
I'm curious on accounting for PPP funds. Our loan will be 100% forgiven due to payroll over 24 weeks far exceeding the loan amount. Since it is not repaid, does this essentially look like owner capita… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,009 satisfied customers
Our company received a "tax free" PPP loan, does that mean
Our company received a "tax free" PPP loan, does that mean any forgiveness amount resulting in a windfall profit is not taxable income?… read more
Rick
Rick
MBA
11,771 satisfied customers
I see My ppp loan can pay 8/52 of annual profit for my
Dear Carter I see My ppp loan can pay 8/52 of annual profit for my compensation. But it is 74.15% of the total loan that does not meet 75% loan to payroll. Will that still be forgiven ? Or I need to p… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
My company received loan from SBA for the PPP. How to record
My company received loan from SBA for the PPP. How to record this loan money in the books? What is the financial accounting treatment?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
I have a single member LLC (no employees). After got PPP
Hi, Carter, I have a single member LLC (no employees). After got PPP loan, how should I spend it and book keeping? I filed schedule C in 2019 tax return.ThanksThanks.… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
My company received $10k from SBA for the EIDL. How to
My company received $10k from SBA for the EIDL. How to record this money in the books? What is the accounting treatment?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
I am trying to understand how I can use the PPP funds so
I am trying to understand how I can use the PPP funds so that the loan is forgivable … read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
Lane. For Taxpayer who is 100% owner of LLC (files business
Hello Lane. For Taxpayer who is 100% owner of LLC (files business schedule C), what would be considered average monthly payroll to be entered on PPP Application form? Would it be his net income for th… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,009 satisfied customers
Lane, for PPP to be forgiven, do you have to keep and pay to
Lane, for PPP to be forgiven, do you have to keep and pay to the same employees or, if original employees left (because they afraid to work due to COVID-19), but new were hired, would that qualify for… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,009 satisfied customers
I have a question that might be more bookkeeping than tax.
Hello, I have a question that might be more bookkeeping than tax. Two separate entities, one is a partnership and one is a corporation (S-Corp) owned equally by dad an son. The partnership is shutting… read more
Mr. Tax
Mr. Tax
CPA
Master's of Science
1,010 satisfied customers
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