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- Are you applying 2021-48 in 2021 for tax year 2020?
Are you applying 2021-48 in 2021 for tax year 2020?
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Aaron
Level 3
03-02-2022
07:19 AM
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Hello all,
I treated all PPP loans as income in the year they were forgiven. In 2021 we have the Rev. Proc. 2021-48 diagnostic about a "PPP loan in a prior year, a statement may need to be attached...is applying Rev Proc 2021-48..."
I treated all expenses as incurred and PPP loan income in the year forgiven. Do I still added the 2020 PPP statement to the 2021 return? I have read through the IRS document many times and can't get to a comfortable conclusion. Any help is greatly appreciated.
Aaron
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