Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
I have a S-Corporation last year I apply for a PPP Loan and
I have a S-Corporation last year I apply for a PPP Loan and I was approved Now I summited the paperwork for the loan forgiveness. How do I report the loan if I am still waiting for the answer of the f… read more
Rama-CPA
Rama-CPA
President
Bachelor's Degree
1,535 satisfied customers
I am filling out a Restaurant Revitalization application. It
Hello Carter. I am filling out a Restaurant Revitalization application. It asks for affiliated companies which I understand. However it asks for PPP loans which again I understand. Should a EIDL be li… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
How do I treat a $15,000 fine paid for a violation for
Hey Carter how do I treat a $15,000 fine paid for a violation for opening his bar to the public too soon. Where does this go on the balance sheet… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
PDtax. I am filing an 1120S. How do we record a PPP deposit.
Hello PDtax. I am filing an 1120S. How do we record a PPP deposit . Is it a debit to cash and a PPP loan payable credit. Is the deposit recorded somewhere on the 1120S or is it a balance sheet item in… read more
PDtax
PDtax
Owner
Master's Degree
6,508 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
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
Client owns 2 bars in NYC. He did receive $100k in PPP for
Hello Carter. Client owns 2 bars in NYC. He did receive $100k in PPP for each bar.Are there any additional loans, grants or programs available to him now.… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
My partnership received an SBA Grant (code 310 on bank
My partnership received an SBA Grant (code 310 on bank statement) in 2020 due to COVID-19- does this need to get reported on the 1065 or on our individual returns anywhere?… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
Is an EIDL Grant (Not EIDL Loan) taxable? If a company has
Is an EIDL Grant (Not EIDL Loan) taxable? If a company has not received PPP and only EIDL Grant then it is not an advance. So would that be other income and would that be taxable?Prashant… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
PPP Question. If a business with less than 5 employees was
PPP Question. If a business with less than 5 employees was incorporated in early 2020 but operated as a sole proprietorship through most of 2019, can the records be used to take advantage of the tempo… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
Single owner LLC taxed as s-corp since 2016; Cash based;
Single owner LLC taxed as s-corp since 2016; Cash based; Never had a loss in the past and am struggling to figure out how everything will affect taxes/balance sheet. Background: A shareholder distribu… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
I received 2 10k grants. One was from the county in Ohio and
Hello, I received 2 10k grants. One was from the county in Ohio and another was from the Cares act. I will have qualified expenses that allow them to not need to be paid back. How do I record those gr… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
Those businesses that have a first round PPP Loan and the
Hello, Those businesses that have a first round PPP Loan and the loans have not yet been forgiven should be shown as loan on a tax return. However, for loans that have been forgiven should be shown as… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
I'm so happy you had a good experience with McBride! Do you
I'm so happy you had a good experience with Carter McBride! Do you have any follow-up tax questions or need help with other financial matters? It's included! yes please Will businesses be able to to a… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
I am trying to make sense of the loan request section of the
I am trying to make sense of the loan request section of the revised PPP loanAverage Monthly Payroll x 2.5 + EIDL, Net of Advance … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
I received EIDL advances. When should I spend it and what
Hi, Carter, I received EIDL advances. When should I spend it and what should I spend it on to get forgiven? Thanks… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
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
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
For the updated PPP application for counting Payroll
For the updated PPP application for counting Payroll Estimate Cost it says 2.5 times + EIDL net of advance. What does EIDL net of advance mean? Does it mean if the borrower wants to borrow more money … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
Is there a way to determine if there is still grant money
Is there a way to determine if there is still grant money from the eidl act? Is the total $ used already for the grant act ?-marty… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
9,178 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

6,039 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

838 satisfied customers

B.A., M.B.A, J.D.

Loren

Loren

Attorney

741 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

23,416 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x