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C
CH_CPA
Level 2
January 7, 2021

PPP Loan forgiveness and 1120

  • January 7, 2021
  • 1 reply
  • 3 views

How should PPP loan forgiveness be handled on 1120? Should it be an M-1 Book-Tax adjustment or M-2 Other increases to RE?

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    1 reply

    IRonMaN
    IRonMaN
    Level 15
    January 7, 2021

    Where do you normally put amounts that are treated differently for tax than they are for books?

    Slava Ukraini!
      C
      CH_CPAAuthor
      Level 2
      January 7, 2021

      M-1 adjustment. Just asking if there has been any IRS guidance on the issue that I have not seen yet.

      IRonMaN
      IRonMaN
      Level 15
      January 7, 2021

      M-1 would be the correct route.

      Slava Ukraini!
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