PPP Loan Forgiveness - treatment wrong in Business/California ???

[ARetiredCPA]

The business edition for state of CA seems to treat PPP forgiveness incorrectly.  The questionnaire asks if the forgiveness is after March 31, 2021:

But the date of forgiveness doesn't matter - it's whether the PPP loan was obtained under the PPP "Extension Act" - the PPPEA, after March 31, 2021.  Here's a link to the relevant FTB page:

https://www.ftb.ca.gov/about-ftb/newsroom/covid-19/paycheck-protection-program-loan-forgiveness.html...

Am I missing something here?

[ARetiredCPA]

See also this post regarding CA form 565 - 

https://ttlc.intuit.com/community/business-taxes/discussion/california-ppp-loan-exclusion-from-incom...

Anybody at Intuit paying attention?

[glenn6770362]

You aren't missing anything. Intuit is missing the clear meaning of the statute.

[ARetiredCPA]

Thanks - it seemed so straightforward I found it hard to believe TT got it wrong!

[glenn6770362]

If I were a business tax customer and erroneously increased my taxable income due to Intuit's negligence, I would go after intuit for damages. Intuit put out bad information based upon sloppy reading of the statute. And they've know about this problem as of late February 2022 because I told their customer service people. 

At least everyone should demand a refund for the $50 (yikes!) California partnership return.

[ARetiredCPA]

I also contacted customer service near the end of Feb.  But you got a lot further with them than I did.  This is going to cost people money - and they won't know it's because of TT!

[PatriciaV]

Thank you for bringing this to our attention. We have forwarded your comments to tech support for investigation.

[ARetiredCPA]

Intuit - you've fixed the wording in the questionnaire, but not in the review section:

[PatriciaV]

Thanks! We'll pass this along to tech support.