misskeiko
Level 4
02-10-2022
05:03 PM
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I don't think it means forgiven year.
If the loan is forgiven in 2020, it should be treated as tax-exempt income in 2020 tax return, not 2021.
We can treat PPP as tax-exempt income:
1=as expenses are paid or incurred
2=when forgiveness is applied for
3=when forgiveness is granted