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PPP and Califonria

Max W
Level 1

This is for California specifically and Federal generally.  PPP loan on books at 12-31-2020 and not yet forgiven.  Loan is $300,000.  California is  not going to allow related expenses if forgiven for amounts over $150,000.  How are you reporting this situation on 2020 California and Federal if you know.

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2 Replies 2
abctax55
Level 15

1040?

1065?

1120-S?

1120?

990?

1041?

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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Max W
Level 1

My question is not form specific.  For California I don't know how to treat the expenses that are to be used to forgive PPP loan if the loan is not yet forgiven but most likely will be.  Do we add back all the expenses to California income for 2020; or just those over 150K in anticipation that the law will pass allowing the 150K deduction? 

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