Technical topics regarding tax preparation.
24-Sep-2021 2:46pm
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- 806
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- 21-Nov-2018 5:00pm
- Location:
- CA
Client received a $9,000 PPP loan but doesn't qualify for deducting the expenses on the CA 100S. The $9,000 shows up on page 1 of the 100S on line 7 Other additions. It shows up on the K-1 as non-deductible expenses, line 16c. When importing the K-1 into the 1040/540, there doesn't seem to be an adjustment. The $9,000 shows up as non-deductible expenses but net income for CA doesn't reflect that. Calling TR support for second time but not found any help yet.
Or maybe I have to manually make an adjustment on screen CA adjustments? If you use different software, how has your software handled this?
29-Sep-2021 6:25pm
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- 27-Jul-2014 10:19pm
- Location:
- Orange County,CA
Just to confirm, during 2020 your client did not have any of the 4 quarters where the gross revenue was 25 % lower than comparable quarter in 2019 . is your client on an accrual basis or cash ?
30-Sep-2021 11:01am
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- 21-Nov-2018 5:00pm
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- CA
Thanks. It's not entirely clear to me why you're asking these questions.
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