How do you report Covid PPP loans and their forgiveness? Where is information entered on 1120S tax returns?

guymguglielmi · ‎12-31-2020

sjrcpa · ‎12-31-2020

Until it's forgiven it is a liability on the balance sheet. Once it is forgiven, it is nontaxable income and goes on the M-1 and in OAA.

The more I know, the more I don't know.

lctoomey · ‎11-10-2021

I'm doing an amended 1120S return for 2020 due to the ERTC. The client received PPP forgiveness in 2021 for draw 1 taken in 2020. Should I amend the return to show the PPP as tax exempt income or wait and claim it on 2021 return?

sjrcpa · ‎11-11-2021

I'd wait. At 12/31/20 it was still a liability.

The more I know, the more I don't know.

How do you report Covid PPP loans and their forgiveness? Where is information entered on 1120S tax returns?

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