July 23, 2020
Can I make my profit-sharing contribution for 2019 in the Covered Period and include it in my forgiveness calculation?
Posted by Armanino Financial Advisory Team
No. To be forgivable, any profit-sharing contributions that you make should be related to the Covered Period. Our interpretation is that retirement plan expenses should be both paid and incurred in the period that is covered, or, incurred in the immediately preceding contiguous period and paid in the Covered Period, or, incurred in the Covered Period and paid in the immediately following contiguous period.