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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- PPP Loan Forgiveness Schedule 'C'
PPP Loan Forgiveness Schedule 'C'
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triman
Level 1
03-27-2022
09:55 PM
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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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Just-Lisa-Now-
Level 15
03-28-2022
08:52 AM
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If UT taxes forgiven PPP loans, then yes, youd have to file a state return.
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