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Dean2
Level 2
March 1, 2021
Question

How do I show tax-exempt forgiven PPP

  • March 1, 2021
  • 6 replies
  • 38 views
The tax-exempt income does not flow through to Schedule M, line 3
This topic has been closed for replies.

6 replies

itonewbie
itonewbie
Level 15
March 2, 2021

Has it been forgiven?

---------------------------------------------------------------------------------Still an AllStar
Dean2Author
Level 2
March 2, 2021

Yes, the loan has been forgiven.

Dean2Author
Level 2
March 2, 2021

Where does it go, then?  The LA balance sheet does not balance because Earned Surplus is understated by the amount of the PPP & EIDL grant.

    lifeisgood
    Level 2
    April 13, 2021

    Did you find a solution?

    Heazie
    Level 2
    May 12, 2022

    Any updates on this?  I'm having the same issue.

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