CH_CPA
Level 1
01-07-2021
11:16 AM
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How should PPP loan forgiveness be handled on 1120? Should it be an M-1 Book-Tax adjustment or M-2 Other increases to RE?
IRonMaN
Level 15
01-07-2021
11:23 AM
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Where do you normally put amounts that are treated differently for tax than they are for books?
Slava Ukraini!
CH_CPA
Level 1
01-07-2021
11:34 AM
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M-1 adjustment. Just asking if there has been any IRS guidance on the issue that I have not seen yet.
IRonMaN
Level 15
01-07-2021
11:35 AM
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M-1 would be the correct route.
Slava Ukraini!