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Please consider donating to support this site like I did again today. I looked back and found that we have almost 20 full pages of new topics in General Chat and another 5 in the new Covid-19 section since the beginning of 2020. That's a lot of discussion and help that members have shared that wouldn't be possible without our ongoing financial support to Eric for hosting and maintaining this site. @Eric, this wouldn't be possible without you. Thank you for another great year here!

Technically this is not your problem, I made it very clear to anyone that asks me, that this stimulus payment is something I do not control and it has been a mess since day.

Tax-wise, the IRS may not care. It's a 1065 either way. Legal-wise, I would want that building titled in the LLC's name.

1-800-829-1040

I wholeheartedly agree. I make a donation every year and the benefits that I receive being a member of this community far exceeds the dollars that I donate!

Would this be helpful? https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

This happens a lot. The client doesn't have a clue. Not a problem if there is no loan. But with a loan, I would think the bank would have to have a new loan processed. They're probably not going to want to do that. If there are partners, they should get this titled correctly and the loan too.

Exactly, years ago I picked up some new clients who included 3 brothers who jointly owned some commercial rental property. The CPA who had previously prepared the returns had treated the situation as a joint venture reported on the Schedule E of each brother. I followed the joint venture approach for several years, until the IRS sent my clients a letter forcing them to file a Form 1065.

I have seen many LLC prepared by attorneys and non-attorneys after the fact and the loan is under the owner name, not the LLC. Does the IRS care? I don’t know, but some would be happy to say, the IRS doesn’t care how it’s reported, just as long as it is reported.

It appears that due to intense criticism and pressure, that there will be significant changes to the PPP Loan and forgiveness process. We will have to see what happens.