A couple of questions: 1. Where do I input PPP loan forgiveness proceeds and make it go to Other Adjustments account. 2. I have a client that wrote-off their treasury stock to retained earnings - any way to show on ProSeries? Perhaps show as accumulated tax/book timing differences? 3. How to input PPP fund expenditures - my understanding is that they also reduce Other adjustments account. 4. Where would a non-deductible loss due to related party rules go - to AAA or OAA?
Thanks
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1. Read the Help articles, such as: https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-i...
2. Huh?
3. See 1.
4. Whose loss? What loss?
By doing this, it takes the income and puts it nowhere on the M2 worksheet. PPP forgiveness is supposed to go into other adjustments account and then the ppp funds utilized for proper expenses is supposed to be a subtraction from other adjustments account.
If you fill out the M2 worksheet, there is no place to put these amounts in - it's like every line is linked to nowhere.
Below, I overrode the M2 schedule for the PPP funds expended which offset the PPP forgiven 12/31/20.
But the override did not impact the M2 worksheet.
If you try override on this worksheet, it doesn't carryover very well. And I really can't locate any place to actually enter in anything.
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