But if a loan is forgiven, why would it go on the balance sheet? It is book income to the business and nontaxable for federal tax purposes.
Not being a ProSeries user, I don't know.
I gave the Lacerte answer here https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/can-and-how-to-input-ppp-...
There is an area on the ProSeries schedule K worksheet for other tax exempt income that affects shareholder basis. I would assume that would be its final resting place but I haven't tried it to see what happens.
The expenses are deductible. (fixed)
"Level Up" is a gaming function, not a real life function.