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alexlevincpa1
Level 1
January 25, 2021
Question

How to report the anticipated loan forgiveness amount on the 1120S as tax-exempt income?

  • January 25, 2021
  • 2 replies
  • 9 views
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2 replies

IRonMaN
IRonMaN
Level 15
January 25, 2021

If it is "anticipated", it isn't income.  When it actually is forgiven, then you have tax exempt income ------- at least for federal purposes.

Slava Ukraini!
    itonewbie
    itonewbie
    Level 15
    January 25, 2021

    This discussion may also help, when it is actually forgiven?

    https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/ppp-loan-taxability-is-it-an-m-1-adjustment/00/114702

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