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How do I record a PPP or EIDL deposit? What is the entry?
Hello Carter How do I record a PPP or EIDL deposit?What is the entry?How do I record this on the 1120S return?… read more
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We received a PPP loan forgiveness. The loan given was
Hello, We received a PPP loan forgiveness. The loan given was booked as one of our debts, how do I move the forgiven amount? Income? Thank you.… read more
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Employee Retention Credit for businesses that received PPP
Employee Retention Credit for businesses that received PPP loan]Hello, I am trying to work on my 1120S and heard that I might be able to claim ERC for the wage periods covered by non-PPP funds. Is thi… read more
Carter McBride
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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
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Doctoral Degree
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I am a little confused about my PPP Loan I received last
I am a little confused about my PPP Loan I received last year. Do I really need to include in my taxes 2020? I have heard different answers and I want to make sure if I do not include it, then will no… read more
Carter McBride
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How does PPP forgiveness work for a restaurant with tipped
How does PPP forgiveness work for a restaurant with tipped employees? Since the tips do not come from the restaurant (they come from the customer), or those eligible for forgiveness? Or only the amoun… read more
Carter McBride
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We are possibly going to apply for PPP 2 loan. In 2020 our
We are possibly going to apply for PPP 2 loan . In 2020 our restaurant lost money but if we receive forgiveness on our PPP 1 loan we will be fine depending on how the loan hits the P$L Now we want to … read more
Carter McBride
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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
Carter McBride
Carter McBride
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I have 6 questions regarding how to account for the PPP Loan
I have 6 questions regarding how to account for the PPP Loan and an a SBA Grant on Federal Income Tax. … read more
Carter McBride
Carter McBride
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If PPP loan forgiveness has not been approved by the end of
If PPP loan forgiveness has not been approved by the end of the year, will it stay in the liabilities on the balance sheet? Or should it reduce the payroll cost for bookkeeping purposes?… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
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PPP Question. The PPP distribution was received and I setup
PPP Question. The PPP distribution was received and I setup a Long Term Liability account SBA PPP and booked the amount received there. Meanwhile, during my covered period, I booked all payroll, S-Cor… read more
Carter McBride
Carter McBride
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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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I have a question about the PPP for our business. when we
I have a question about the PPP for our business. when we apply for PPP in March our taxes were not file yet since our book weren't done. The bank ask us to just give a 2019 1040 Draft. We did provide… read more
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Alex, regarding my previous inquiry about PPP loan
Hi Alex, regarding my previous inquiry about PPP loan forgiveness...I did not receive my loan through my bank. It was with Cross River. On July 24th I reached out to them, please see conversation. At … read more
Carter McBride
Carter McBride
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Hope you are continuing to stay well. I have a question on
Hi Carter, Hope you are continuing to stay well. I have a question on the PPP loan where the application has been extended to Aug 8th. I have a fairly new S corp that did not report wages at all in 20… read more
Carter McBride
Carter McBride
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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
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Ppp loan forgiveness application. I've been approved for the
I've been approved for the ppp loan as an independent contractor. Would like to know process for loan forgiveness… read more
DK_CPA
DK_CPA
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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
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
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