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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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PPP forgiveness
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gamacpa
Level 3
03-21-2022
05:56 PM
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I filed a 1065 with PPP amount included as income. (thinking loan forgiveness, and deducting ALL expenses.)
I think I erred if PPP forgiveness is NOT taxable even though expenses are deductible?
What should I should I have NOTED on lacerte orginally, if PPP forgiveness is not taxable income.?
Thank you in advance.
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qbteachmt
Level 15
03-21-2022
06:08 PM
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Here is the help article:
It matters if this is 2020 or 2021, it matters if the expectation of the forgiveness was in 2020, but forgiven in 2021. It matters which State, as well. It's all been another moving target.
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