Carl K. asked
I have a single-owner, single-employee S-Corp that received a fully forgiven Paycheck Protection Program (PPP) loan in 2021, used for payroll. I have not yet filed my 2021 Form 1120S due to uncertainty about the tax treatment of the PPP funds. How should I report the PPP funds on my tax return, and what is the tax-free benefit for me as the sole owner and employee?
August 5th, 2023
Olivia C. answered
The PPP loan forgiveness is not considered taxable income, and the expenses paid using the PPP funds...
August 5th, 2023
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