schirallicpa Posted May 6, 2021 Report Share Posted May 6, 2021 I hadn't come across this grant on any clients and then I get 2 this week. Both are s-corps that have received PPE grants from Fed. I believe this is exempt from Fed. But I'm not sure on the NYS. Can any one confirm for me? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted May 6, 2021 Report Share Posted May 6, 2021 NYS does NOT tax forgiven PPP loans. It will be something like Other Income - Nontaxable Income on the balance sheet and an M2 adjustment in the Other adjustments account for federal purposes. IIRC. I had only one s-corp with an EIDL grant and forgiven PPP loan, but that one is in CT only. 1 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted May 6, 2021 Author Report Share Posted May 6, 2021 This is a PPE grant. Personal Protective Equipment grant from the Feds. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted May 6, 2021 Report Share Posted May 6, 2021 That's how tired I am, reading too quickly. Sorry! The list of nontaxable grants is pretty short. Hopefully someone has a good link. Quote Link to comment Share on other sites More sharing options...
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