qbteachmt
Level 15

It was always considered not taxable income; it's the expense deduction that changed.

"I don't think it might be wrong to report it as forgiven in 2020 and not record the liability."

But they have to apply for forgiveness, and they have 3 years to do so. That's a pretty big assumption on your part for that client.

*******************************
"Level Up" is a gaming function, not a real life function.