Question
S Corp-PPP Loan Expense to be Report under OAA
Per 2021 Form 1120-S draft instructions (page 45)- PPP Loan Expense associated with PPP Loan Forgiveness Income are to be reported on line 5 of OAA. Most tax software programs by default reported 2020 expense under AAA. IRS did not provide guidance in 2020.
How do we get the 2021 Form 1120-S ProSeries program to report payroll expenses, etc. to report PPP Loan Expenses on line 5 of OAA and not on AAA?
