Wisconsin is currently adopting the IRS Revenue Ruling 2020-27, which is now outdated for federal purposes and was replaced by the law signed into effect December 29th. This is the current verbiage about treatment of PPP loans in the state of Wisconsin.  I'm not wondering about the tax treatment of the loan, but how I can get Proseries to process what should be happening.

"A taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the CARES Act may not deduct those expenses in the taxable year in which the expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness of the covered loan on the basis of the expenses it paid or accrued during the covered period, even if the taxpayer has not submitted an application for forgiveness of the covered loan by the end of such taxable year."

Thank you!