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

[Just-Lisa-Now-]

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.

[garman22]

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

[dkh]

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]

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

[Camp1040]

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

[Camp1040 · Accepted solution]

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

[Just-Lisa-Now-]

I dont see any tabs in Professional...gawd, Im probably looking right at it and not seeing it!

[Just-Lisa-Now-]

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

[Camp1040]

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

[TaxGuyBill]

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.

[Frustrated-in-IL]

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

[dkh]

Mine says 2021-48

[Camp1040]

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]

mine is 2021-48

[dkh]

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]

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

[RR Reed]

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?

[dkh]

@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]

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!

[dkh]

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]

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

[OHCPA109]

Mine was rejected for "other" attachment...

[IRonMaN]

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

[WDC]

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]

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

[RR Reed]

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

[The_AntiTax_Man]

@WDC  Thank you for finding this.

[Nadz]

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

[The_AntiTax_Man]

@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]

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. 

[sjrcpa]

I wouldn't.

[TaxGuyBill]

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.