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From an accounting perspective, this is simple. But I'm confused a bit about the 1120S instructions and recent developments. The client's S-Corp did not participate in PPP1, but obtained a $90k PPP2 loan in March 2021. They spent all the funds as appropriate within the required time in 2021, so fully forgivable. Full loan forgiveness was obtained in May 2022. Seems to me the $90K is simply a "Loan Payable" on the 2021 return with no other entries on the 1120S. Then the loan forgiveness, along with appropriate entries on the K, K-1, and M-1 will be reported on the 2022 Form 1120S. Am I right, or do I need to make any entries on the 2021 return other than the "Loan Payable" entry?

I think the unlimited subscription has the best bang for the buck. Most you can do self study, webinar, etc. A word of caution. Some have in small print that they will auto renew the next year. You need to set a reminder on your calendar to cancel that before it happens.

The 19,560 only pertains to income subject to FICA tax, not investment income. The 19,560 is also per person, not tax return. If a 15 wage/ 10 investment return split is reasonable is another matter.

The link from the IRS below may help. New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act | Internal Revenue Service (irs.gov)