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Ma unemployment tax forms4/30/2024 Where should I report my loan liability from my PPP loan? Do I need to report the loan if I am applying for loan forgiveness? Whether you are subject to the personal income tax or the corporate excise, if your trade or business expenses are deductible on your federal return, they are also deductible on your Massachusetts return. Can I deduct my business expenses paid with PPP loan proceeds? Therefore, any amount forgiven for a corporate borrower would be excluded from Massachusetts gross income. No. For purposes of the corporate excise, Massachusetts follows the Code as currently in effect. Is my forgiven loan taxable in Massachusetts? I report my business income on a corporate excise return ( Form 355, 355U, 355S or M-990T ). Your business must also include forgiven PPP loans in its total receipts when determining the rate of the entity-level excise on net income. If your business is subject to the entity-level excise on net income, do not include forgiven PPP loans when computing the amount of income upon which tax is due. Include forgiven PPP loans when determining whether your business’s total receipts are $6 million or more, subjecting the S corporation to the entity-level excise on net income. My business is an S corporation. Do I include forgiven PPP loans when determining how the entity-level excise on net income applies to my business? Therefore, personal income taxpayers do not need to report these amounts. 102, excludes PPP loan forgiveness from Massachusetts gross income for 2021 for taxpayers subject to the Massachusetts personal income tax. Recently passed Massachusetts legislation, “An Act Relative to Immediate COVID-19 Recovery Needs,” St. Forgiven PPP loans are not taxable for personal income taxpayers, including unincorporated businesses reporting income and expenses on Schedule C, partners in a partnership, and individual shareholders of an S corporation. My business received a Paycheck Protection Program (PPP) Loan that was forgiven pursuant to subsection (b) of Section 1106 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. I report my business income on a personal income tax return.
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