Re: I have a client that is on Fiscal Year (6/30/20) On the 2019 Tax return, in ProConnect there was no place to put the forgiveness amount. How should I have handled that?

Ditto1 · ‎09-10-2021

I am now doing the FYE 2020 return and i see there is a place for forgiveness she had received during this FY, but I still have not done anything with the FY2019 forgiveness. Should I amend FY2019 and if so where should the forgiveness amount go?

sjrcpa · ‎09-10-2021

What type of return?

Forgiveness of what?

The more I know the more I don’t know.

George4Tacks · ‎09-11-2021

I am guessing PPP foregiveness. When was the debt forgiven?
What type of return?

Answers are easy. Questions are hard!

Ditto1 · ‎09-11-2021

They are a C - Corp and it was for the PPP.

Ditto1 · ‎09-11-2021

Yes, PPP forgiveness.

Funds given on 5/12/20 - so this was on the balance sheet as a liability on the 2019 FYE tax return.

Forgiven on 5/17/21 - so this was forgiven for the 2020 FYE tax return.

Just not sure now how to treat the liability being forgiven on the 2020 FYE tax return in Proconnect.

Thanks

George4Tacks · ‎09-11-2021

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...

Answers are easy. Questions are hard!

Ditto1 · ‎09-11-2021

Thanks