PPP Guidance by State

Does anybody have a link or resource to share that provides PPP guidance by state?

I have a multi-state LLC that received $1.3 million of PPP funds. I know CA taxes this and that's about all I know.

Some general guidance.

https://advocacy.sba.gov/2020/11/03/som ... -proceeds/

Thank you. That's great.

Except it has CA in yellow and CA is taxing PPP. What gives?

What is rolling conformity ?

Automatically conform to federal law as it changes (rolls)

This is going to be brutal for those corporate returns where we are doing 5 or 6 different states.

In Massachusetts, the corporations and S Corp align with the current IRC code so all PPP expenses are deductible. But for SMLLC, Partnerships or Schedule C they align with the IRC code as of 2005 so they are not deductible for those entities.

There is hope that the Massachusetts legislature will pass some type of relief but that is probably a long shot

5 or 6 states? I've got entities that file in every state with an income tax.

I think I want a different chart.

Red = Forgiveness is taxable.
Yellow = Forgiveness is not taxable, but expenses are not deductible.
Green = Same as Fed.

sjrcpa, please post a link to that when you have the completed

See you in September. Those returns are going on extension.

I think I want a different chart.

Red = Forgiveness is taxable.
Yellow = Forgiveness is not taxable, but expenses are not deductible.
Green = Same as Fed.

sjrcpa, please post a link to that when you have the completed

I will keep my eyes open for this and share it if I ever find it. Just be warned, the change in law in December may or may not be accepted by different states. For example, Wisconsin conforms to PPP nontaxability, but would potentially need another law to conform to the expense deductibility of the December law.

FUN (opens bottle of gin)

I am hoping AICPA will provide a chart. They did last year for what states gave COVID extensions and they updated it often.

This might be helpful, particularly the last item.

https://www.aicpa.org/content/dam/aicpa ... t=taxcomms

I just learned that CA said to not take the expense reduction for fiscal years beginning prior to 1/1/20. So we don't take the reduction now against the actual expenses paid with the PPP. We take it next year. Weird!

Do you have a cite?

AB1577
https://www.ftb.ca.gov/tax-pros/law/leg ... 070920.pdf

Effective/Operative Date
As a tax levy, this bill would be effective immediately upon enactment and specifically
operative for taxable years beginning on or after January 1, 2020.