I have a client that is on Fiscal Year (6/30/20) On the 2019 Tax return, in ProConnect there was no place to put the forgiveness amount. How should I have handled that?

Forum|Forum|4 years ago
September 11, 2021
2 replies
2 views

I am now doing the FYE 2020 return and i see there is a place for forgiveness she had received during this FY, but I still have not done anything with the FY2019 forgiveness. Should I amend FY2019 and if so where should the forgiveness amount go?

ProConnect Tax

This topic has been closed for replies.

sjrcpa

Level 15

What type of return?

Forgiveness of what?

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

D

Ditto1Author

Level 2

They are a C - Corp and it was for the PPP.

George4Tacks

Level 15

I am guessing PPP foregiveness. When was the debt forgiven?
What type of return?

Answers are easy. Questions are hard!

D

Ditto1Author

Level 2

Yes, PPP forgiveness.

Funds given on 5/12/20 - so this was on the balance sheet as a liability on the 2019 FYE tax return.

Forgiven on 5/17/21 - so this was forgiven for the 2020 FYE tax return.

Just not sure now how to treat the liability being forgiven on the 2020 FYE tax return in Proconnect.

Thanks

George4Tacks

Level 15

https://proconnect.intuit.com/community/business-income-taxes/help/how-to-enter-forgiven-ppp-loans-in-proconnect-tax/00/118897

Answers are easy. Questions are hard!

Sign up

Login with SSO

Let's get you signed in

Login with SSO