sjrcpa
Level 15
04-19-2021
04:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes, but once it is forgiven it is nontaxable income.
I haven't had any Sch C PPP loans forgiven in 2020. But I would not put them on the Sch C.
For CA, I'd wait until they make up their mind, but prepare the client for the worst case-that the amount of the PPP loan is an addback to CA income.
The more I know the more I don’t know.