Corporation Tax 1120 form

[ramraor]

whether do I have to add Miscellaneous statement along with  Corporation Tax Return 2019-20 for the

PPP loan amount being adjusted , show amount of PPP received and its adjustment , while filing

Corporation Tax 1120 form with IRS?

[sjrcpa]

No one knows yet.

[Ephesians3-14 · Accepted solution]

I'm just going to include a line item on the Other Deductions: "Non-Deductible PPP Loan Expenses"

[rbynaker]

Personally I would hold off filing anything until closer to the extended deadline.  I suspect there are still rules to be written, no point in rushing to file something just so you can amend later.

If nothing gets changed and the IRS ruling stands, I would be inclined to report a negative expense to get the taxable income correct.  I could pretty easily be talked into reducing individual expense categories though.  From a QC standpoint, salaries are already going to be a PITA to reconcile for 2020 with COVID pay thrown into the mix, I'd rather avoid having NDE as an additional reconciling item.  But they don't let me make the rules.