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Best answer by rcherenson

Taxable? Proseries has the click through box on the info page to report PPP loans and status and it is not taxable. 

3 replies

R
rcherensonAnswer
Level 5
February 23, 2022

Taxable? Proseries has the click through box on the info page to report PPP loans and status and it is not taxable. 

    C
    CJR
    Level 3
    February 23, 2022

    Notice 2020-32 was deemed obsolete by Rev Ruling 2021-2 (link below) PPP forgiveness is non-taxable income

     

    https://www.irs.gov/pub/irs-drop/rr-21-02.pdf

      dkh
      dkh
      Level 15
      February 23, 2022
      @bm87_2 wrote:

      PPP Loan Income is taxable as other income in 2021. 

      As Dwight Schrute would say..... FALSE.       

        IRonMaN
        IRonMaN
        Level 15
        February 23, 2022

        You can find out a million things on the internet.  However, unless you find the most recent million things, you might be looking at outdated information.  So I will second Dwight's motion.

        Slava Ukraini!
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