New
Rev Proc 2021-48 prior year disclosure
Facts: PPP loan forgiveness in 2020 and reflected on 2020 tax return (fiscal year). No Rev Proc 2021-48 disclosure given timing of issuance and filing tax return. Lacerte 2021 critical diagnostic regarding disclosure for a prior year. Lacerte 2021 program provides for Rev Proc 2021-48 statement disclosure for 2020 PPP forgiveness on 2021 tax return.
Query: should the 2020 return be amended or is it acceptable to report the tax year 2020 Rev Proc 2021-48 statement on the 2021 tax return?
