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C
celine389
Level 3
June 5, 2021
Question

How to report PPP loans and EIDL grants on corporate returns

  • June 5, 2021
  • 2 replies
  • 11 views

PPP loans are forgiven.  Deductions are allowed.  Do I need to show forgiven loan amounts.  My financial reflects non taxable income, the PPP loan.   Do I need to show the forgiven PPP loan on the corporate tax return.

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2 replies

IRonMaN
IRonMaN
Level 15
June 5, 2021

You need to show it on the return as a reconciling item between book income and taxable income.

Slava Ukraini!
    C
    celine389Author
    Level 3
    June 7, 2021

    Got it

    Thanks.

    qbteachmt
    qbteachmt
    Level 15
    June 5, 2021

    Here is your Help article:

    https://proconnect.intuit.com/community/corporation/help/how-to-enter-forgiven-ppp-loans-in-lacerte/00/118854

     

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