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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 M1 and M2
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SOPS
Level 2
02-15-2022
10:34 AM
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How are you handling the PPP Loan Forgiveness on the M2. We've found that if you use the "automatically calculate M2" block it does not but the amount of the forgiveness in what we believe are the correct places (3a, 3d and 5d). It only appears in 3d.
If you choose not to have M2 automatically calculate in addition to having to enter the figures throughout the M2 you also have to adjust your retained earnings on the balance sheet.
We've contacted support and they've escalated the issue, but no response as of yet.
Thanks.
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dkh
Level 15
02-15-2022
11:49 AM
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I bookmarked a couple of posts see if they help you
How to enter the PPP forgiveness on 1120S Sch M-2 - Intuit Accountants Community
1120s ppp loan forgiveness entries - Intuit Accountants Community
