Intuit Community Champion

Solved

RevProc 2021-48 Statement to be attached for forgiven PPP loans

Forum|Forum|4 years ago
January 21, 2022
7 replies
30 views

Wonder if ProSeries is going to give us this statement or if we've got to attach as a PDF. Applies to Sch Cs as well as business entities.

ProSeries Professional

This topic has been closed for replies.

Best answer by Camp1040

Schedule C it is a QuickZoom tab, below the sch c two year comparison worksheet.

G

garman22

Intuit Community Champion

I'd be willing to bet "A big fat no".

dkh

Level 15

I'm sure we all know the answer to that.....highly unlikely. Or not until after mid-March, when they've cleared the backlog of forms waiting to be finalized.

IRonMaN

Level 15

At least not until after tax season starts on 3/27.

Slava Ukraini!

Camp1040

Level 10

It is in basic, I'll get the details in a few.

Camp1040Answer

Level 10

Schedule C it is a QuickZoom tab, below the sch c two year comparison worksheet.

Just-Lisa-Now-

Author

Intuit Community Champion

I dont see any tabs in Professional...gawd, Im probably looking right at it and not seeing it!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

F

Frustrated-in-IL

Level 8

Shouldn't the statement read "Rev. Proc. 2021-48? It is printing as Rev Proc. 2021-49.

dkh

Level 15

Mine says 2021-48

Camp1040

Level 10

Mine states 2021-49

Applying section 3.01(1) of Rev. Proc. 2021-49 for taxable year 2020.

Applying section 3.01(1) of Rev. Proc. 2021-49 for taxable year 2021.

R

RR Reed

Level 3

Any updates on whether Pro Series is giving us this statement or a Quick Zoom button for this pdf attachment like I see in Sch C?

dkh

Level 15

@RR Reed are you asking if there will be something similar for 1065 and 1120S ? If so, supposedly in the works. If you are asking for Sched C....it is there already.

R

RR Reed

Level 3

Yes I was asking if there would be something similar for S corps and partnerships. we are about ready to e-file these returns except for this pdf/statement about PPP forgiveness for Rev proc 2021-48. A lot of our small biz owners took these loans. So it will be nice to have it!

N

Nadz

Level 2

If a taxpayer did not attach this statement in 2021 Tax return, should he/she submit an amendment to attach this statement?

The_AntiTax_Man

Level 7

@Nadz Why do you even know that the PPP Forgiveness statement was not attached to the return?

I would print the statement out and place it into the client's 2021 file. The IRS is still 7 million returns behind on processing previously filed returns, can it wait?

N

Nadz

Level 2

Thank you for your reply,

he was not my client, and he came for a consultancy and I noticed that he didn't file the statement with the return.

Sign up

Login with SSO

Let's get you signed in

Login with SSO