Max W
Level 1
03-02-2021
12:24 PM
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This is for California specifically and Federal generally. PPP loan on books at 12-31-2020 and not yet forgiven. Loan is $300,000. California is not going to allow related expenses if forgiven for amounts over $150,000. How are you reporting this situation on 2020 California and Federal if you know.
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abctax55
Level 15
03-02-2021
01:07 PM
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1040?
1065?
1120-S?
1120?
990?
1041?
HumanKind... Be Both
Max W
Level 1
03-02-2021
01:13 PM
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My question is not form specific. For California I don't know how to treat the expenses that are to be used to forgive PPP loan if the loan is not yet forgiven but most likely will be. Do we add back all the expenses to California income for 2020; or just those over 150K in anticipation that the law will pass allowing the 150K deduction?
