It counted as revenue on the income statement

which is, by definition, taxable income. Cash moved from an asset and liability on the balance sheet to an income statement transaction. All of this happened after the fact and was not known at the time of loan origination or forgiveness.

Replies:

No it didn’t. Unless recipient wrongly claimed forgiveness - gregmorrissey 2024-02-23 17:38:00
- I will check Federal vs. State, but I am 100% positive it - catripledomer 2024-02-23 22:02:37
  - That doesn’t mean it was taxed - gregmorrissey 2024-02-23 22:31:48
    - Except, the feds forced businesses to shut down. - EricCartman 2024-02-23 23:54:56
      - We’re talking about the double dip which cost me $150b - gregmorrissey 2024-02-24 08:04:06
        This was not a gift. It changed decision-making - catripledomer 2024-02-24 19:52:56
        It was not taxable. So you might want to amend. - gregmorrissey 2024-02-25 07:42:16
        What’s the JE to remove the loan? - EricCartman 2024-02-25 09:55:37
        Depends. Doesn’t really matter. Just a tax vs book differenc - gregmorrissey 2024-02-25 10:20:01
        I understand tax vs GAAP. I passed the CPA exam. - EricCartman 2024-02-25 22:36:30
        There’s nothing at play. It’s just basic math. - gregmorrissey 2024-02-26 00:29:49
        IRS says no double-dipping (see link) - EricCartman 2024-02-26 08:57:00
        Outdated. Congress codified in the next COVID bill - gregmorrissey 2024-02-26 09:23:17
        Thanks. - EricCartman 2024-02-26 14:32:42
        Hope you understand my frustration over the last 2 years - gregmorrissey 2024-02-26 21:48:25