Marie Posted February 20, 2022 Report Posted February 20, 2022 does ATX have an election form for the information regarding PPP loan forgiveness? Quote
Lee B Posted February 20, 2022 Report Posted February 20, 2022 Are you suggesting that some taxpayers might elect to have it taxed? 1 Quote
grandmabee Posted February 20, 2022 Report Posted February 20, 2022 There is a form that must be filed with the return giving the amount and amount forgiven. Nothing to do with being taxed. 1 Quote
Lee B Posted February 20, 2022 Report Posted February 20, 2022 15 minutes ago, grandmabee said: There is a form that must be filed with the return giving the amount and amount forgiven. Nothing to do with being taxed. And what Form is that? Quote
jklcpa Posted February 20, 2022 Report Posted February 20, 2022 2 hours ago, Marie said: does ATX have an election form for the information regarding PPP loan forgiveness? If you are asking about the statement that must be attached, it was discussed in this topic that also includes links to the instructions and sample attachment: Quote
Marie Posted February 20, 2022 Author Report Posted February 20, 2022 i guess you attach it as a PDF? Quote
Marie Posted February 21, 2022 Author Report Posted February 21, 2022 I believe I might have a few clients already filed that may have had PPP. Some did it on their own and knew it wasnt taxable, but didn't realize it was reportable. What do I do about them. Surely not an amended return? Quote
ILLMAS Posted February 21, 2022 Report Posted February 21, 2022 21 hours ago, cbslee said: And what Form is that? Why do you always have to be snarky with your replies, there is no need to be a JERK. 1 Quote
Abby Normal Posted February 21, 2022 Report Posted February 21, 2022 There is a statement built into ATX. Another preparer showed it to me, but I haven't gone looking for it. 7 Quote
Marie Posted February 21, 2022 Author Report Posted February 21, 2022 Great , thank you. I found it . WHat about the ones I missed? Amended returns? Quote
Abby Normal Posted February 21, 2022 Report Posted February 21, 2022 31 minutes ago, Marie said: Great , thank you. I found it . WHat about the ones I missed? Amended returns? It would be best to amend, although the IRS is probably just collecting info. I doubt they'd waste precious resources on something that has zero chance of generating revenue. 1 Quote
Marie Posted February 21, 2022 Author Report Posted February 21, 2022 HOW DO I KNOW WHAT BOX TO CHECK. ? I HAVE BEEN STUDYING, BUT STILL CONFUSED. I HAVE CLIENTS THAT APPLIED, RECEIVED MONEY, AND HAVE BEEN FORGIVEN. Quote
WITAXLADY Posted February 23, 2022 Report Posted February 23, 2022 1040 - it is under elections - PPP 1120s - has a line on the bottom - PPP fyi 2 Quote
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