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  • 1.  NYS Grants

    Posted 02-07-2023 10:06 AM
    Hello

    One of my clients received a 1099 G for his S Corp from NYS for a covid relief grant that is saying its taxable. for over $20k 
    Are these grants from NYS taxable  for both  federal and NYS?
    Thank you


  • 2.  RE: NYS Grants

    Silver Most Valuable Member
    Posted 02-07-2023 11:51 AM

    New York State COVID-19 Pandemic Small Business Recovery Grant Program $50,000 maximum):

    The proceeds from grant are included in the federal income of entities that receive them and are excluded from income for purposes of the New York State income tax. 

    S-Corps that receive this grant report the NY subtraction adjustment to income on Form CT-225, using code S-219.

    The Individuals who receive a Schedules K-1 report this subtraction adjustment on their NY personal income tax returns using the same code S-219 on Form IT-225.



    ------------------------------
    Marc Lusthaus
    CPA
    ROBERT S. LUSTHAUS, CPA PC
    Plainview NY
    ------------------------------



  • 3.  RE: NYS Grants

    Posted 02-08-2023 09:55 AM
    HI Mark

    Thank you for the information about the NYS covid grant





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