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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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- Re: Where to enter taxable PPP loan forgiveness in California (S corp) in Proseries?
Where to enter taxable PPP loan forgiveness in California (S corp) in Proseries?
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iizukaakemi
Level 1
07-20-2021
09:04 AM
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On Federal (1120S), I enter non-taxable PPP loan forgiveness (M-1 5a tax exempt income). I like this forgiveness to be taxable on 100S as I didn't meet 25% income decrease in the pervious quarter.
Where should I adjust the PPP forgiveness income to be taxable on 100S returns?
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a-zbookkeeping
Level 1
11-17-2021
05:29 PM
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I faced this problem on my own 2020 tax return and the easiest way for me it was: to add the P.P.P. loan forgiveness amount back to California income by reporting it as other addition on 100-S Page-1 Line-7 and make the adjustment necessary on CA Sch M-1.
I intended to not decrease the payroll expenses by the forgiveness amount because it was already reported to the state and I did not want to create any confusion.
