Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- COVID Connections
- :
- COVID Connections
- :
- How do PPP loans get reported on 1120-S if they are not yet forgiven
How do PPP loans get reported on 1120-S if they are not yet forgiven
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Sam153
Level 1
03-18-2021
02:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If PPP loans are not yet forgiven, how is the PPP loan reported on 1120-S?
This discussion has been locked.
New comments cannot be posted on this discussion anymore. Start a
new discussion
1 Comment 1
pamdory
Level 8
03-24-2021
09:04 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have been recording them as a current liability. Except I do have an accrual basis client who had satisfied all requirements for forgiveness and submitted their application for forgiveness before 12/31/2020 and was granted forgiveness mid-January of 2021. I will report this as non-taxable income for 2020.
In Lacerte there are fields on the Gross Income screen 13 for PPP loan forgiveness and EIDL grants. These entries will then flow through to Sch K, Sch K-1, Sch M-1 & M-2 and increases the shareholders' basis.
