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K
kkumar2673
Level 2
March 11, 2021
Question

CA state reporting for PPP Loan Forgiveness

  • March 11, 2021
  • 1 reply
  • 12 views

Hello, 

I am trying to report CA PPP loan forgiveness for a S-Corporation Tax Returns. I was able to correctly record the Federal, how should I record the same for CA state as the expenses are not deductible. 

Thank you

This topic has been closed for replies.

1 reply

D
dfa
Level 4
March 11, 2021

Spidell is recommending that we hold off on filing CA returns until the state approves AB 80 or AB 281. There's a possibility that they'll waive $150K, all of it, or maybe none at all. If you want to take your chances, you can make adjustments on Screen 44. There's a PPP section.

C
CL2
Level 2
March 31, 2021

Hi, any recommendations on "Spidell is recommending that we hold off on filing CA returns until the state approves AB 80 or AB 281?" since the California legislature seems to put AB 80 on hold for now? Should I wait to file still? 

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