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    PPP Loan Forgiveness Schedule 'C'

    triman
    Level 1
    ‎03-27-2022 09:55 PM

    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
    Just-Lisa-Now-
    Level 15
    Level 15
    ‎03-28-2022 08:52 AM
    If UT taxes forgiven PPP loans, then yes, youd have to file a state return.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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