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Are EIDL advanced grants n PPP loans forgivable? If so are
Are EIDL advanced grants n PPP loans forgivable? If so are they taxable for both Federal n California? Will there be a law to be passed very soon to waive the taxes. I am asking because if there will … read more
Carter McBride
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Hope all is well....I have a client that is an ac company
Hi Carter, hope all is well....I have a client that is an ac company and received $ 100K PPP loan, used it for payroll and even with listing it on the balance sheet has $ 126 K loss. I know he guarant… read more
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What are the requirements to have a PPP loan forgiven? What
Hello Barbara what are the requirements to have a PPP loan forgiven?What are the new rules for a new PPP loan?… read more
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If I pay for this service, will I be able to have a CPA look
hello, if I pay for this service, will I be able to have a CPA look at my SCORP tax return and answer some questions about it?… read more
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Looking for an update for this question: PPP Question. The
Looking for an update for this question: PPP Question. The PPP distribution was received and I setup a Long Term Liability account and booked the amount received there. Meanwhile, during my covered pe… read more
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This question is regarding PPP loan forgiveness. We received
Second Opinion] 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… read more
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Rick I am helping with a PPP Loan forgiveness application
Hi Rick I am helping with a PPP Loan forgiveness application for one of my clients and I have a few questions in regards ***** *****1. Loan covered period: The loan was funded to the loan account 4-7-… read more
JeffS6413
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Need an opinion re PPP loan. Client has $100,000 annual
Need an opinion re PPP loan. Client has $100,000 annual gross payroll. He receives $30,000 PPP loan, which he easily spends and now qualifies for 100% forgiveness. When the loan was received, we CR PP… read more
JeffS6413
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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
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Client took a PPP loan for $46,000. It was used for rent
Client took a PPP loan for $46,000. It was used for rent payroll utilities.Can these payments be taken as an expense on the 2020 1120S return.How is the PPP loan shown on the return… read more
Barbara
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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
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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
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I have a question related to a PPP loan. I applied for my
I have a question related to a PPP loan. I applied for my real estate business for a ppp loan. Of which I was awarded a sum. I put on my application that I have 2 total employees. Myself and my daught… read more
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Question on PPP: If the money coming to the business is not
Question on PPP: If the money coming to the business is not taxable income and business cannot deduct expenses - how is this helping the business? It ends being a wash, no?… read more
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PPP question and how it relates to EIDL advance. I client
For CarterHey- Another PPP question and how it relates to EIDL advance.I client received $5K of EIDL a month ago. Just got funding for PPP for $50K. I think the EIDL advance now rolls up into PPP. How… read more
Carter McBride
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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
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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
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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
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