Lion EA Posted June 12, 2022 Report Share Posted June 12, 2022 Not really, it's actually the Restaurant Revitalization Fund. Someone pointed me to Rev Proc 21-49 which states that the RRF is treated like the PPP and other Covid relief programs. This partnership received the money in 2021 and has until 2022 to spend it on qualifying expenses; they spent part in 2021 and expect to spend the rest in 2022 and all on qualifying expenses, per a partner. I don't prepare very many business returns and only two partnerships, and the other one had no PPP or RRF. How do I report it?? At 12/31/2021, some was spent but much remains in the bank account. How do I balance the BS? (I have lots of notes from a couple of S-Corporations that had PPP; M-2 addition to AAA, subtraction from OAA. But Form 1065 Schedules L and M are the same as Form 1120-S.) Quote Link to comment Share on other sites More sharing options...
KATHERINE Posted June 13, 2022 Report Share Posted June 13, 2022 Hi Lion, What I did is: I posted all in liability first then based on 12.31.2021 reported, move it to TAX EXEMPT RRF GRANTS (Other Income). Then, the balance of NOT SPENT yet, will remain in balance sheet till 12.31.2022 when you file the RRF reporting again. Thank you! Kate 1 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted June 13, 2022 Author Report Share Posted June 13, 2022 Thank you, Katherine. I think I understand that. Quote Link to comment Share on other sites More sharing options...
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