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    • Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    PPP Loan forgiveness and 1120

    CH_CPA
    Level 1
    ‎01-07-2021 11:16 AM

    How should PPP loan forgiveness be handled on 1120? Should it be an M-1 Book-Tax adjustment or M-2 Other increases to RE?

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    3 Comments 3
    IRonMaN
    Level 15
    ‎01-07-2021 11:23 AM

    Where do you normally put amounts that are treated differently for tax than they are for books?


    Slava Ukraini!
    CH_CPA
    Level 1
    ‎01-07-2021 11:34 AM

    M-1 adjustment. Just asking if there has been any IRS guidance on the issue that I have not seen yet.

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    IRonMaN
    Level 15
    ‎01-07-2021 11:35 AM

    M-1 would be the correct route.


    Slava Ukraini!
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