accounting entries for a forgiven ppp loan for an s-corp?
Anyone know the correct accounting entries for a forgiven ppp loan for an s-corp? Close out the liability (loan) and book to equity? Thanks in advance for any assistance.
accounting entries for a forgiven ppp loan for an s-corp?
Yes, you got it. Per the revised rules om forgiveness, a sole proprietor or LLC simply records the forgiveness as non-taxable grant, but an S corporation must add the forgiven amount to company basis, which means equity in a nutshell.
accounting entries for a forgiven ppp loan for an s-corp?
Yes, you got it. Per the revised rules om forgiveness, a sole proprietor or LLC simply records the forgiveness as non-taxable grant, but an S corporation must add the forgiven amount to company basis, which means equity in a nutshell.
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