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Business & farm
WRONG INFORMATION. PPP taxes are forgiven for tax purposes. They are NOT taxable and therefore do NOT increase income or reduce expenses. Other Covid benefits such as the Employee Retention Tax Credits, Transportation Grants are fully taxable and must be reported in the year of receipt.
Still looking for how to informationally report on a Schedule C situation. On an SCorp they are an M1 adjustment.
‎April 15, 2022
9:02 AM