southparkcpa wrote:warnickcpa wrote:southparkcpa wrote:So... based on this thread, many of us filed S Corps without this disclosure. Is that a fair statement?
I cant seem to date the Rev Proc but it appears to have been drafted after we would have filed.
These are instructions to the 1040, so my thinking is that this is meant for Sole Props & SMLLC taxed as a Sole Prop. The PPP forgiveness is reported on the S Corp on the tax exempt lines and in OAA. No where on the 1040 was there a place to report it before.
Agreed… but if you read above, many are under the impression this is disclosure for the 1120S as well.
I had a full day, so ill read it later but I’m just amazed how they issue this stuff after the filing deadline
What a country.
I think the new S-Corp Instructions have the statement requirement too now that I've dug into the issue...
Paycheck Protection Program (PPP)
reporting. Report tax-exempt income
resulting from the forgiveness of a PPP
loan on this line. Attach a statement to the
S corporation return for each tax year in
which the S corporation is applying Rev.
Proc. 2021-48, sections 3.01(1), (2), or
(3). The statement should also include the
following information for each PPP loan.
1. The S corporation’s name,
address, and EIN;
2. A statement that the S corporation
is applying section 3.01(1), (2), or (3) of
Rev. Proc. 2021-48, as applicable;
3. The amount of tax-exempt income
from forgiveness of the PPP loan that the
S corporation is treating as received or
accrued during the tax year; and
4. Whether forgiveness of the PPP
loan has been granted as of the date the
return is filed.