Llc Specific Loan Forgiveness
Description
How to fill out Resolution Of Meeting Of LLC Members To Make Specific Loan?
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FAQ
Forgiveness of PPP loan proceeds should be recorded as income from continuing operations, as a separate line item. of loan forgiveness from the U.S. government is received.
Forgiven PPP loan proceeds is reported on Schedule M-3, page 2 as Other income (loss) items with differences. For an S-Corporation, forgiven PPP loan proceeds are also reported on: Schedule K, line 16b. Schedule K-1, Box 16B.
And if you're doing that instead of taking income out to avoid taxes, again, the IRS might take issue with the approach. Yes, an LLC can use its profits to pay off the owner's personal loans or student loans, and the owner can choose not to take a standard income.
Whether you have made 120 qualifying payments, or not, you should fill out and submit the PSLF form annually or whenever you change employers. Otherwise, you'll have to submit PSLF forms for each employer you worked for all at once.
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