Hello tax expert,
Hope you can please provide some tax guidance.
This is my Final tax return ('22) . Need to efile 1120S (yes, put extension) I don't know how to report SBA outstanding loan on K1? Closed my biz in Dec '22 with zero balance, NOL and the SBA gave me a $25K Loan not able to pay back. I think, I'm still under obligation to report on Balance Sheet or how? TT shows there's no need for Balance S, if less than $250K and that is me. I thank you in advance for your insight. Using TT Desktop business edition... [PII REMOVED]
