Patrick Michael Posted June 30, 2021 Report Share Posted June 30, 2021 Client owns a restaurant/bar (S Corp). The city used funds they received from the federal/state for pandemic relief to give grants to struggling restaurants. Grant does not have to repaid. I know that forgiven PPP loans do not have to be included as income but what about other pandemic relief grants? I can't find anything saying they are excluded from income and am hoping I just not looking on the right place. Anyone else run into this? Thanks Quote Link to comment Share on other sites More sharing options...
Lee B Posted June 30, 2021 Report Share Posted June 30, 2021 The general rule is that unless it specifically excluded from taxable income then it is taxable. Perhaps your state excluded it from state taxable income? Quote Link to comment Share on other sites More sharing options...
Patrick Michael Posted June 30, 2021 Author Report Share Posted June 30, 2021 34 minutes ago, cbslee said: The general rule is that unless it specifically excluded from taxable income then it is taxable. Perhaps your state excluded it from state taxable income? That's what I am looking for, an exclusion that I can't find! Quote Link to comment Share on other sites More sharing options...
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