Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

August 4, 2020

In the Forgiveness Calculation Model, do I put owners in the Pay Cycle Input tab (tab 2) or the Owner’s Compensation tab (tab 7)?

Posted by Armanino Financial Advisory Team

Any individual who meets the “self-employed” test (“owner employees” who are sole proprietors, Single Member LLCs, General Partners, S-Corp shareholder/employees and C-Corp shareholder/employees) should be listed on Tab 7. Owner’s Comp. Do not list them in Tab 2. Pay Cycle 1 Input because the costs input in Tab 2 show up in Schedule A on other lines than line 9, where Owner’s Compensation is to be reported.

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