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G
guymguglielmi
Level 1
December 31, 2020
Question

How do you report Covid PPP loans and their forgiveness? Where is information entered on 1120S tax returns?

  • December 31, 2020
  • 1 reply
  • 3 views
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1 reply

sjrcpa
sjrcpa
Level 15
December 31, 2020

Until it's forgiven it is a liability on the balance sheet. Once it is forgiven, it is nontaxable income and goes on the M-1 and in OAA.

The more I know the more I don’t know.
    L
    lctoomey
    Level 2
    November 11, 2021

    I'm doing an amended 1120S return for 2020 due to the ERTC. The client received PPP forgiveness in 2021 for draw 1 taken in 2020. Should I amend the return to show the PPP as tax exempt income or wait and claim it on 2021 return?

    sjrcpa
    sjrcpa
    Level 15
    November 11, 2021

    I'd wait. At 12/31/20 it was still a liability.

    The more I know the more I don’t know.
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