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RevProc 2021-48 Statement to be attached for forgiven PPP loans

Just-Lisa-Now-
Level 15
Level 15

Wonder if ProSeries is going to give us this statement or if we've got to attach as a PDF.  Applies to Sch Cs as well as business entities.

recproc48.png

 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
1 Best Answer

Accepted Solutions
Camp1040
Level 11

Schedule C it is a QuickZoom tab, below the sch c two year comparison worksheet.

View solution in original post

31 Comments 31
garman22
Level 13
Level 13

I'd be willing to bet "A big fat no".

dkh
Level 15

I'm sure we all know the answer to that.....highly unlikely.   Or not until after mid-March, when they've cleared the backlog of forms waiting to be finalized. 

IRonMaN
Level 15

At least not until after tax season starts on 3/27.


Slava Ukraini!
Camp1040
Level 11

It is in basic, I'll get the details in a few.

Camp1040
Level 11

Schedule C it is a QuickZoom tab, below the sch c two year comparison worksheet.

Just-Lisa-Now-
Level 15
Level 15
I dont see any tabs in Professional...gawd, Im probably looking right at it and not seeing it!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Just-Lisa-Now-
Level 15
Level 15

OHHH, I see it, at the top of Sch C, theres a button!


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Camp1040
Level 11

Sorry bad choice of words, button would be more correct than tab, glad it was found.

TaxGuyBill
Level 15

Wow, I am truly impressed.  I had thought there would have been NO chance that Intuit would have done this.  They actually did something good (and on time).

Well, that is assuming that they actually transmit it with the tax return.

Shouldn't the statement read "Rev. Proc. 2021-48?  It is printing as Rev Proc. 2021-49.

dkh
Level 15

Mine says 2021-48

Camp1040
Level 11

Mine states 2021-49

 

Applying section 3.01(1) of Rev. Proc. 2021-49 for taxable year 2020.

 

Applying section 3.01(1) of Rev. Proc. 2021-49 for taxable year 2021.

garman22
Level 13
Level 13

mine is 2021-48

dkh
Level 15

Now I see what you are talking about - I actually filled in numbers not just pulling up the blank form.

Top left has the correct info  RP2021-48  but the detail in the body of the form says 2021-49

 

Accountant-Man
Level 13

You can override the first line and change the 49 to 48, but I don't know how that might effect e-filing it.

** I'm still a champion... of the world! Even without The Lounge.
RR Reed
Level 3

Any updates on whether Pro Series is giving us this statement or a Quick Zoom button for this pdf attachment like I see in Sch C?

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dkh
Level 15

@RR Reed  are you asking if there will be something similar for 1065 and 1120S ?   If so, supposedly in the works.   If you are asking for Sched C....it is there already.

RR Reed
Level 3

Yes I was asking if there would be something similar for S corps and partnerships. we are about ready to e-file these returns except for this pdf/statement about PPP forgiveness for Rev proc 2021-48. A lot of our small biz owners took these loans. So it will be nice to have it!

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dkh
Level 15

TaxIowa and Ironman have suggestion on how to get the statement until PS has it available.

PPP loan forgiveness statement for S corp returns? - Intuit Accountants Community

RR Reed
Level 3

@dkh Excellent thanks. Will try it out and see if e file goes through.

OHCPA109
Level 2

Mine was rejected for "other" attachment...

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IRonMaN
Level 15

I haven't tried e-filing any of mine yet to see if I will have any issues.


Slava Ukraini!
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WDC
Level 1

I found the statement (for 1120S) on Schedule K just below Line 16 b (QuickZoom here to required PPP loan forgiveness statement to report tax exempt income)

dkh
Level 15

Hooray!  I didn't know it was available....wonder if it has been all along and no one could find it.

RR Reed
Level 3

Thanks for letting us know, been attaching the pdfs up until now.

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The_AntiTax_Man
Level 8

@WDC  Thank you for finding this.

 

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Nadz
Level 1

If a taxpayer did not attach this statement in 2021 Tax return, should he/she submit an amendment to attach this statement?

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The_AntiTax_Man
Level 8

@Nadz  Why do you even know that the PPP Forgiveness statement was not attached to the return?

I would print the statement out and place it into the client's 2021 file.  The IRS is still 7 million returns behind on processing previously filed returns, can it wait?   

Nadz
Level 1

Thank you for your reply, 

he was not my client, and he came for a consultancy and I noticed that he didn't file the statement with the return. 

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sjrcpa
Level 15

I wouldn't.


Ex-AllStar
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TaxGuyBill
Level 15

Will it matter when it is applies (accrued, paid, etc.)?  If not, I wouldn't do it.

If it is one of the rare times where it actually matters (which year it is applies to will make a difference), then yes, I would.