WebJan 18, 2024 · Best Answers. john-pero. Community Champion. January 20, 2024 04:22 PM. Yes, you got it. Per the revised rules om forgiveness, a sole proprietor or LLC simply records the forgiveness as non-taxable grant, but an S corporation must add the forgiven amount to company basis, which means equity in a nutshell. View solution in original post. WebMar 17, 2024 · For example, there is no clear or uniform method to record forgiven PPP loans on a taxpayer's return, such as how and where they are reported (i.e., on a particular …
S Corporations and PPP Loan Forgiveness MCB Advisors
WebAug 26, 2024 · Every S corporation shareholder’s situation is different, and specific guidance should be sought from a tax professional. If you need assistance or have any questions … WebWe are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Our history of serving the public interest stretches back to … magic belt sauna therapy
Accounting for PPP loans received by businesses Grant Thornton
WebNov 23, 2024 · The IRS released three revenue procedures on November 18 (Rev. Procs. 2024-48, 2024-49, and 2024-50) providing important guidance on the treatment of amounts excluded from a taxpayer’s gross income related to the forgiveness of PPP loans and the timing basis adjustments. WebDec 21, 2024 · The IRS recently released guidance ( Rev. Proc. 2024-48 and Rev. Proc. 2024-49) on the timing of gross receipts and tax-exempt income from the forgiveness or partial … WebJun 30, 2024 · PPP loan forgiveness is included as book income. On the Schedule M-1 as income on books not on return. For an S Corporation, the amount is treated as other … kitty hello google slides templates