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How to report the anticipated loan forgiveness amount on the 1120S as tax-exempt income?

alexlevincpa1
Level 1
 
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2 Comments 2
IRonMaN
Level 15

If it is "anticipated", it isn't income.  When it actually is forgiven, then you have tax exempt income ------- at least for federal purposes.


Ukraine - hang in there
itonewbie
Level 15

This discussion may also help, when it is actually forgiven?

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/ppp-loan-taxability-is-...

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