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- S Corp-PPP Loan Expense to be Report under OAA
S Corp-PPP Loan Expense to be Report under OAA
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bkolenda
Level 2
01-20-2022
02:43 PM
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Per 2021 Form 1120-S draft instructions (page 45)- PPP Loan Expense associated with PPP Loan Forgiveness Income are to be reported on line 5 of OAA. Most tax software programs by default reported 2020 expense under AAA. IRS did not provide guidance in 2020.
How do we get the 2021 Form 1120-S ProSeries program to report payroll expenses, etc. to report PPP Loan Expenses on line 5 of OAA and not on AAA?
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jolander
Level 1
02-08-2022
02:38 PM
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Has anyone found a way to enter the expenses related to PPP Loan Forgiveness information to 1120S in accordance with the IRS preliminary instructions? Or do we need to wait for final IRS instructions?
