I saw the article about PPP Loans and loan forgiveness for partnerships and corporations, but what about the self-employed? Can anyone point me in the right direction?
If forgiven by the bank then no issue. On a 1065/1120/1120S return it would be a M-1 adjustment. On a Schedule C there is no reporting that is required. Some people are attaching a note to the return, but again, not required.
If forgiven by the bank then no issue. On a 1065/1120/1120S return it would be a M-1 adjustment. On a Schedule C there is no reporting that is required. Some people are attaching a note to the return, but again, not required.
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