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Gregory Gandrud
Level 3
February 28, 2021

Taxation of COVID-19 grant to a business from a local non-profit

  • February 28, 2021
  • 1 reply
  • 11 views

An S-corp received a COVID-19 grant from a local non-profit. It that grant includable in taxable income?

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    1 reply

    qbteachmt
    qbteachmt
    Level 15
    February 28, 2021

    I've worked a lot with the grants that went to businesses from the State and the County and even from the local health departments, and these are taxable to the business. I would treat a grant between entities as taxable. Keep in mind that it would be a wash event, because the grants were supposed to help offset unexpected costs or to maintain business operations, which would be reported for deduction.

     

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      mhkdgal
      Level 4
      May 17, 2021

      Where would these taxable grants be entered in Lacerte and show up on tax return?

      qbteachmt
      qbteachmt
      Level 15
      May 17, 2021

      Add the amount to the Business income.

      Don't yell at us; we're volunteers
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