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    • Created with Sketch. See what's trending for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    VA PPP loan forgiveness

    mschiavo14
    Level 2
    ‎03-21-2021 01:24 PM

    In Virginia, SB 1146 was signed into law on March 15. This law excludes forgiven PPP loans from taxable income but decouples from the federal expense deduction allowance, instead offering a state-specific deduction for up to $100,000 in expenses paid for using forgiven PPP loans. Is there going to be a software update to accommodate this?

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    2 Comments 2
    sjrcpa
    Level 15
    ‎03-21-2021 01:25 PM

    Probably.

    The more I know, the more I don't know.
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    BobKamman
    Level 15
    ‎03-21-2021 02:19 PM

    Eventually

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