{ "media_type": "text", "post_content": "New to tax. What are some questions to ask the client related to the cares act? ie, have they taken a ppp loan and when will it be paid back…. Also how is the ppp loan treated for tax? What/when is the add back. Does it depend if they picked it up as income?", "post_id": "616d87f56c86390036c74ddf", "reply_count": 6, "vote_count": 2, "bowl_id": "599555b669a73a0010aab3ac", "bowl_name": "Tax Bowl" }

New to tax. What are some questions to ask the client related to the cares act? ie, have they taken a ppp loan and when will it be paid back…. Also how is the ppp loan treated for tax? What/when is the add back. Does it depend if they picked it up as income?

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Do some research and ask your senior. 👍 Now is a great time to learn and ask questions.

This is part of my research. Thanks for stating the obv. 👍

Haven’t encountered much PPP loans. 163j has been the big piece for us in state.

Same here

PPP loan is not taxable for Fed assuming the client is applying for and expecting forgiveness. For the states, you’d have to check how each state handles it. Some follow Fed but disallow deductions for expenses paid with PPP.

Most of the time the client has told us they took out the loan or we see it on their financials. Guidance we were given for 2020 filing was pretty straightforward. I’ve only seen a handful of PPP loans and it is not complicated and your senior can usually answer the questions. States were an issue for 2020 with changes in whether they conform to fed in the loan forgiveness being tax exempt and the expenses paid being a deduction. The bigger COVID issue I’ve run into is deferred FICA and whether that would get paid in time to deduct on their 2020 returns.

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