Do we have to enter a client's PPP loan and forgiveness info in ProSeries? I have basic & professional. I have a sch c client who received a PPP loan and completed their forgiveness. I know the expenses can be deductible but I don't see anywhere that we need to enter the loan info.
@Dottie Fauci I believe the answer is no... Loans received and loan principal paid are generally not reportable transactions on form 1040... the schedule C and the form 1040 do not have a balance sheet... Other types of returns like 1120 for Corporation do have balance sheets... Hope this helps and as you know it is just my opinion...
I suggest you check on the message board at Spidell (THE source of info for CA things).
CA passed/Newsom signed AB80 late April which deals with PPP loans/related deductions for CA purposes. It's complicated.