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PPP Loan forgiveness and 1120

CH_CPA
Level 1

How should PPP loan forgiveness be handled on 1120? Should it be an M-1 Book-Tax adjustment or M-2 Other increases to RE?

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3 Replies 3
IRonMaN
Level 15

Where do you normally put amounts that are treated differently for tax than they are for books?

Fast food was too difficult. Collecting aluminum cans seems to be the right fit. Call me if you have any - 867-5309.
CH_CPA
Level 1

M-1 adjustment. Just asking if there has been any IRS guidance on the issue that I have not seen yet.

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IRonMaN
Level 15

M-1 would be the correct route.

Fast food was too difficult. Collecting aluminum cans seems to be the right fit. Call me if you have any - 867-5309.