PPP LOANS AND FORGIVING

[TAXMAN]

On page 23 of the 1040 inst it says attach a statement if your loan was forgiven. I have had several preparers tell me they didn't do it last year and was not doing this year. I feel like it is required. What is your take?

[RitaB]

All I know is it's covered on page 23 of 2021 Instructions for Form 1040, but I don't see it in the 2020 Instructions.  Admittedly, the only place I looked in the 2020 Instructions was the same general place I found it in 2021.   All mine who took these funds got them in 2020 and as far as I know they were forgiven in 2020.  My clients didn't talk about it much after busting my chops to get their Sch Cs done.  It was astonishing how habitual October filers were suddenly on the ball. 

Anyway, I feel like we're supposed to report the forgiveness that occurred in either 2020 or 2021 on the 2021 return.  One more thing.   Hugs.  

 

[RitaB]

On 2/17/2022 at 8:31 PM, TAXMAN said:

On page 23 of the 1040 inst it says attach a statement if your loan was forgiven. I have had several preparers tell me they didn't do it last year and was not doing this year. I feel like it is required. What is your take?

See this thread:  No reporting of PPP loan forgiveness on 1040/Sch C - General Chat - ATX Community