bkolenda
Level 2
01-20-2022
02:43 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Per 2021 Form 1120-S draft instructions (page 45)- PPP Loan Expense associated with PPP Loan Forgiveness Income are to be reported on line 5 of OAA. Most tax software programs by default reported 2020 expense under AAA. IRS did not provide guidance in 2020.
How do we get the 2021 Form 1120-S ProSeries program to report payroll expenses, etc. to report PPP Loan Expenses on line 5 of OAA and not on AAA?
Labels
jolander
Level 1
02-08-2022
02:38 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Has anyone found a way to enter the expenses related to PPP Loan Forgiveness information to 1120S in accordance with the IRS preliminary instructions? Or do we need to wait for final IRS instructions?
bkolenda
Level 2
02-08-2022
02:50 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
IRS instructions are final. I am waiting for ProSeries to address the issue and solution.
