WebThe 24-week covered period for PPP loan forgiveness has not ended yet for any business with a PPP loan. Although the SBA has stated that businesses can apply for forgiveness … WebAug 19, 2024 · On August 4, 2024, the Small Business Administration resolved one big question when it issued the latest FAQs on PPP Loan Forgiveness. This is timely since the …
Is there an Official Position on showing PPP Forgiveness on ... - Reddit
WebMar 24, 2024 · Employee Tax Expert. March 24, 2024 5:04 PM. You should have reported your PPP loan forgiven amount on line 16 (b) of schedule K as Other Tax-Exempt Income. … WebJan 6, 2024 · But if the tax-free income and expenses both hit the OAA, then there would be additional AAA to make the distributions tax-free before having to dip into the E&P. This is what the new guidance allows. Consider an S Corp with $3M in each of its AAA, PTI, E&P, … java string tolowercase
Current developments in S corporations - The Tax Adviser
WebAug 19, 2024 · August 19, 2024. The IRS recently issued new guidance on the employee retention credit (ERC) that creates a safe harbor to exclude Paycheck Protection Program (PPP) loan forgiveness and other grants from the gross receipts test, and answers important questions on the definition of full-time equivalents and qualified wages. WebJan 9, 2024 · Yet nearly three years after the rollout of PPP, the vast majority of loans have been forgiven. An NPR analysis of data released on Jan. 8 by the Small Business … WebJan 3, 2024 · A potential problem for S corporations that received PPP loan forgiveness who had accumulated earnings and profits involved the proper classification of the … java string to char arraylist