Payroll reports Intuit has provided a nice report for historical payroll to use in applying for PPP loan. It would be great if the same report could be run for the “Covered Period” to use when applying for loan forgiveness.
When I was researching we ran into the inquiry “Can I access the PPP payroll cost reports?”.
I appreciate you joining in this thread, KM36. As long as you have the supported Quick. Books Desktop version, you can access the PPP Cash Compensation and PPP Average Monthly Payroll Cost Reports.
Is intuit doing ppp loans?
Let me share some details about PPP loan. As of now, Intuit is still working on a process to support the application for Paycheck Protection Program loan forgiveness. You can stay up-to-date with the latest news by visiting our PPP loan forgiveness webpage.
The PPP loan is not counted as income. I am also wondering how to show this on turbotax . IT is not a “dumb question”. If we deduct the PPP loan from payroll, then payroll will not match 941’s. That seems like it’s a set up for an audit. Still searching for an answer. Been searching for hours.
One of the next things we wondered was, how are PPPP loans treated as income?
The best answer is pPP loans is a bookkeeping issue NOT an income tax issue. In your books you will either : 1) count the loan proceeds as income and take the expenses you paid with it as deductible expenses like normal. 2) enter the loan as a loan on the books and once it is forgiven you must also reduce your expenses by the amount of the forgiven loan.
Are your PPP forgiveness reports in QuickBooks Desktop (qbdt) payroll updated?
I’ve come to make sure your PPP Forgiveness reports in Quick. Books Desktop (QBDT) Payroll are updated, @Moose2021. Yes, the reports for PPP loan forgiveness have been updated to run for round 2 (2nd draw) forgiveness with applicable dates in 2021.
How do I access the PPP report in QuickBooks Desktop?
On your Quick. Books Desktop (QBDT) account, you can access the PPP Forginess report by going to the Reports menu at the top. Then, at the bottom, select the PPP report you want to open. To know more about the reports available, see the below links: Learn how to download your Payroll Costs for PPP Loan Forgiveness Determination report.
Currently, the application for the Paycheck Protection Program (PPP) is still unavailable in Quick, and books. Our product engineers are still working on this to support the application for loan forgiveness. You can check out the articles provided by my colleague to get the PPP updates and to know more about the Lender PPP Loan Number.
Is there a PPP payroll cost report for PPP loan forgiveness?
I’m here to provide you a few information about the PPP payroll cost report and help you with your concern, nhhc. For the Quick. Books Desktop Cash compensation report for PPP Loan Forgiveness. You’ll have to select a time period consistent with the SBA’s guidance on payroll costs eligible for forgiveness.
Enter the amount and check yes on Line 12 of Schedule B on Form 1120-S as a debt that was forgiven. The PPP Loan amount also is reported on line 16, code B of the Shareholder K-1 as non taxable income that affects shareholder basis.