PPP Loan Forgiveness

Forum|Forum|4 years ago
January 21, 2022
4 replies
2 views

How has everyone been handling the statement required in Rev Proc 2021-48?

Where are you entering it in pro series or are you attaching a pdf statement? Would like to be able to complete some of the corporate returns.

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

The statement is in Sch C, I'm guessing they've included in the entity returns somewhere as well.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

tsenterprisesAuthor

Level 3

Can you tell me where on schedule C it is

T

tsenterprisesAuthor

Level 3

Found it

PATAX

Level 12

I have only read that it applies to schedule C of form 1040. I have not read anywhere where it applies to any other type of entity. We will have to wait and see. Just my opinion

sjrcpa

Level 15

It was in the Draft 1120S Instructions.

The more I know the more I don’t know.

PATAX

Level 12

Just received Kiplinger tax letter. In regards to this, it says to see instructions for form 1040, 1065, 1120, or 1120s. Based on that, it appears it applies then to these entities. Just my opinion.

taxiowa

Level 8

PPP loans forgiven should be added to AGI for purposes of arriving at MAGI. So maybe that is why the government is asking for something that is readily available here:

https://projects.propublica.org/coronavirus/bailouts/search?q=%22%22

At least this is something we can look up for clients.