TAXMAN Posted August 2, 2022 Report Share Posted August 2, 2022 Does anybody know where in ATX we can report the PPP loan forgiveness? For some reason I can't find it. Quote Link to comment Share on other sites More sharing options...
Bart Posted August 2, 2022 Report Share Posted August 2, 2022 What type of entity got the PPP forgiven? 2 Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted August 2, 2022 Author Report Share Posted August 2, 2022 Sole Proprietor filing Sch C only. Quote Link to comment Share on other sites More sharing options...
Bart Posted August 2, 2022 Report Share Posted August 2, 2022 No reporting necessary Quote Link to comment Share on other sites More sharing options...
TAG Posted August 3, 2022 Report Share Posted August 3, 2022 Wht are the reporting requirements for the PPP forgiveness for a partnership ie, form 1065? Quote Link to comment Share on other sites More sharing options...
Bart Posted August 3, 2022 Report Share Posted August 3, 2022 It is an schedule M-2 adjustment. Income on the books not included in the tax return. 2 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted August 3, 2022 Report Share Posted August 3, 2022 @Bart You are very wise. Tom Longview, TX 2 Quote Link to comment Share on other sites More sharing options...
Lee B Posted August 3, 2022 Report Share Posted August 3, 2022 5 hours ago, Bart said: It is an schedule M-2 adjustment. Income on the books not included in the tax return. By your wording I assume you mean a Schedule M - 1 Adjustment? 1 Quote Link to comment Share on other sites More sharing options...
Bart Posted August 4, 2022 Report Share Posted August 4, 2022 Yes. Sorry. M-1 1 Quote Link to comment Share on other sites More sharing options...
RitaB Posted August 4, 2022 Report Share Posted August 4, 2022 On 8/2/2022 at 10:47 AM, TAXMAN said: Does anybody know where in ATX we can report the PPP loan forgiveness? For some reason I can't find it. Add "Elections" form. Then the fourth tab over (tabs are at the bottom on mine) is "PPP Loan." 2 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted August 4, 2022 Report Share Posted August 4, 2022 How many phone calls have you received from bankers that see the PPP loan in the M1 and don't understand why it's reported there? Quote Link to comment Share on other sites More sharing options...
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