S Corp-PPP Loan Expense to be Report under OAA

[bkolenda]

Per 2021 Form 1120-S draft instructions (page 45)- PPP Loan Expense associated with PPP Loan Forgiveness Income are to be reported on line 5 of OAA. Most tax software programs by default reported 2020 expense under AAA. IRS did not provide guidance in 2020.

How do we get the 2021 Form 1120-S ProSeries program to report  payroll expenses, etc. to report PPP Loan Expenses on line 5 of OAA  and not on AAA? 

[jolander]

Has anyone found a way to enter the expenses related to PPP Loan Forgiveness information to 1120S in accordance with the IRS preliminary instructions?  Or do we need to wait for final IRS instructions?

[bkolenda]

IRS instructions are final. I am waiting for ProSeries to address the issue and solution.