Sorry let me say it another way. It should reduce expenses? Therefore it should be a reduction/income in the tax return when forgiven? Is this correct? In fact you spent the money so the net is zero. However the books will have to show this money as cash in the books and offset as what? That was the question. Will the IRS try and match this on the tax return?

qbteachmt

Level 15

@James Cavalaris

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte , and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Thanks.

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