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D
DJNC
Level 2
March 15, 2021
Question

1120 S

  • March 15, 2021
  • 1 reply
  • 9 views

Hi.  Is it required to complete Schedule M2 when gross receipts are less than $250k?

 

Also, where are you recommending reporting the PPP Forgiveness as non-taxable income?

This topic has been closed for replies.

1 reply

I
IntuitMark304
Level 6
March 15, 2021

Please refer to applicable instructions for the form that is being completed to determine if the Schedule M-2 should be completed.  For example, corporations with receipts and total assets less than $250,000 are not required to complete the Schedule M-2.  

Related to the PPP loan forgiveness treatment, please refer the follow article for assistance.

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-in-proseries/00/119460

 

 

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