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H
havasu
Level 1
March 15, 2021
Question

PPP loan

  • March 15, 2021
  • 0 replies
  • 3 views

Client received PPP loan in May 2020 and the loan was forgiven in December 2020.  The amount forgiven is showing up on client books as other income per GAAP treatment.  On the 1120S, how do your treat this amount since book income and tax income will be different?  

   

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