WebNov 18, 2024 · Advocacy & Tax Relief. In three revenue procedures (Rev. Procs. 2024-48, 2024-49, and 2024-50) the IRS provided guidance Thursday on the treatment of amounts excluded from taxpayers' gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. The AICPA had requested guidance in a March 15, … Rev. Proc. 2024-48 section 3.01 addresses the timing of reporting the income excluded from gross receipts due to the PPP Loan. Income may be either received or accrued based on: (1) When the expenses eligible for forgiveness were paid or incurred; (2) When an application for PPP loan … See more Rev. Proc. 2024-49 addresses reporting of income and expense according to Section 1366(a)(1) and adjustments to basis of stock according to Section … See more An S corporation that has tax-exempt income resulting from the forgiveness of a PPP loan must attach a statement to their return titled "RP2024-48" including the … See more To enter the Rev. Proc. 2024-48 statement, from the Main Menu of the S corp return (Form 1120-S) select: 1. Miscellaneous 2. Preparer Notes - Select Newand … See more
IRS Draft 2024 S Return Instructions Provide That Expenses Paid …
WebJan 31, 2024 · In the meantime have you tried completely the M-2 as suggested below. You want to list separately but the correct reporting of the PPP loan forgiveness on M-2 of the 1120-S should be: Report on Line 3, Col (d) the amount of the PPP loan forgiveness. Report on Line 5, Col (d) the amount of expenses paid with the PPP proceeds forgiven, The … 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 expenses paid with the PPP loan proceeds in the computation of the accumulated adjustments account (AAA). A post by Dan Chodan, CPA on Twitter on January 3, 2024 pointed out … momo asian bar chisinau
IRS guidance on tax exempt income and timing of basis adjustments …
WebNov 18, 2024 · Treat tax-exempt income resulting from the forgiveness of a PPP Loan, at a time described in section 3.01(1), (2) or (3) of Rev. Proc. 2024-48 by filing an amended … WebApr 5, 2024 · Requirements for Purchase Transactions with LTV, CLTV, or HCLTV Ratios of 95.01 – 97%. If the LTV, CLTV, or HCLTV ratio exceeds 95% for a purchase transaction, the following requirements apply. Note: The CLTV ratio can be up to 105% if the subordinate lien is a Community Seconds loan. Fixed-rate loans with terms up to 30 years. WebIf you have not received a Paycheck Protection Program (PPP) loan before, First Draw PPP loans may be available to you. i am wasting my life doing nothing