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PPP Loan Forgiveness Schedule 'C'

Level 1

I have a client that received PPP Loan forgiveness on a closed Schedule 'C' Business with no 2021 expenses.  How is this reported?  My client is located in Utah which is a non-conforming state.  Must that be reported as State Income? 

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1 Comment 1
Level 15
Level 15
If UT taxes forgiven PPP loans, then yes, youd have to file a state return.

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